ABSTRACT

The study investigated the impact of external debt on Nigeria economic growth ! during the period of 1981-2017. This study was carried out against the background of crucial role that external debt can play to influence the performance of the economy. One of the problem statement of this study was that, given the number of years since Nigeria has been in debt and substantial debt it has incurred coupled with the existing institution, one can claim that the entire spectrum of the country has not been sufficiently active, especially when compared with the economy of similar or lesser aged developing countries. The study also examined the impact of external debt service stock, exchange rate and economic growth, to achieve this objectives, multiple regressions were used in analyzing the data. This regressions include unit root testing, OLS estimation, statistical test and test for autocorrelation. The empirical results shows that exchange rate was significant to economic growth and others are statistically insignificant to Nigerian economic growth. due to this, some recommendations were made which include The modalities of incurring external debt and their application should be technically and tactically analyzed prior to accessing the debt, as external debts in the first year of receipts tends to have a negative impact on the Nigerian economy