Foreign Borrowing and Economic Growth in an Emerging Economy: The Nigerian Case

9 Pages Posted: 14 Aug 2009

See all articles by Patrick L. Akpan

Patrick L. Akpan

Cross River University of Technology (CRUTECH); NNAMDI AZIKIWE UNIVERSITY,AWKA

Atim E. Esang

Cross River University of Technology (CRUTECH)

John J. Etim

affiliation not provided to SSRN

Date Written: August 12, 2009

Abstract

The focus of this paper is on foreign borrowing and economic growth of an emerging economy with Nigeria as a case of reference. It examines the linkages between foreign borrowing and selected macroeconomic indices such as Gross Domestic Product, (GDP), poverty, private investment, government investment, export/income ratio, vis-à-vis external debt to income ratio. The ordinary least square technique (OLS) was adopted through the use of time series data on the variables. Data were sourced from central bank of Nigeria statistical bulletin, International Monetary Fund (IMF), Human Development Reports International financial statistics year book and World Bank global finance. The study advocates that government investment in education, health, export and international trade should be adequately improved and encouraged by government so as to step up the standard of giving devoid of foreign borrowing. A negation of this, the paper opines, makes foreign debt a source of economic woes to the economies.

Keywords: borrowing, economic growth, savings, investment, poverty, export

Suggested Citation

Akpan, Patrick L. and Esang, Atim E. and Etim, John J., Foreign Borrowing and Economic Growth in an Emerging Economy: The Nigerian Case (August 12, 2009). Available at SSRN: https://ssrn.com/abstract=1447910 or http://dx.doi.org/10.2139/ssrn.1447910

Patrick L. Akpan (Contact Author)

Cross River University of Technology (CRUTECH) ( email )

P.M.B 1123
Calabar,
Cross River State, WA Cross River 234
Nigeria

NNAMDI AZIKIWE UNIVERSITY,AWKA ( email )

NNAMDI AZIKIWE UNIVERSITY .AWKA, NIGERIA
AWKA, AZ
Nigeria

Atim E. Esang

Cross River University of Technology (CRUTECH) ( email )

P.M.B 1123
Calabar,
Cross River State, WA Cross River 234
Nigeria

John J. Etim

affiliation not provided to SSRN

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