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The rationale for this paper is to establish the relationship between economic growth, external debt and domestic debt in Nigeria. Debt has become inevitable phenomenon in Nigeria, despite its oil wealth. Cleaning up third world debt without getting to the cleaners.
Another policy implication of the study is that most developing countries contract debt for selfish reasons rather than for the promotion of economic growth through investment in capital formation and other social overhead capital.
Thus, the paper also recommends that government should rely more on domestic debt in stimulating growth rather than external debt. The Macroeconomics of Fiscal Deficits in Nigeria, Nigerian J.
The effects of debt burden on economic growth in heavily indebted Nations.
Debt relief and social services expenditure: The African experience 1989-2003.
A structural analysis of external debt and economic growth: Some evidence from selected countries in Asia and the pacific.
Large external debt and slow domestic growth: A theoretical analysis.
Public debt in developing countries: Has the market- based model worked?
The impact of external debt reduction on economic growth in Nigeria: Some simulation results.
Helping the Poor to Help Themselves: Debt Relief or Aid?
Debt overhang, debt reduction and investment: The case of Philippine.