Abstract: | This paper examines the macroeconomic aspects of external debt in Nigeria. It analyses trends in and causes of debt accumulation and servicing, determines debt service ratios and debt servicing capacities, calibrates a debt viability model and provides appropriate scenarios, and draws policy implications from the analysis. Specifically, it examines the size of Nigeria's debt, the indices for measuring the debt burden and debt servicing capacity, distinguishes between the internal and external factors influencing external debt accumulation, identifies the changes in the international environment necessary for an alleviation of the debt burden, and examines the relationship between export performance and the debt burden. |