Debt and Economic Performance in Nigeria (1982 – 2016)

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dc.contributor.authorOgunniyi, M.B.
dc.contributor.authorIwegbu, O.
dc.contributor.authorWomiloju, I.A.
dc.date.accessioned2020-03-19T08:01:16Z
dc.date.available2020-03-19T08:01:16Z
dc.date.issued2019
dc.descriptionStaff publicationsen_US
dc.description.abstractThe rising debt profile of Nigeria after the debt forgiveness of 2006 is at the centre of attention of policy makers and economic analysts especially in the face of Nigeria’s economic malaise. Using Error Correction approach, we investigated the impact of debt on Nigeria’s economic performance and the channels through which debt impacts macroeconomic performance in Nigeria. We affirmed the traditional relationship between debt and economic performance (the direct effect). We validated the overhang hypothesis and from our results, hypothesize a threshold point of just 0.1% suggesting that private investment has minimal tolerance for debt (the crowding out and overhang effect). This means that the foreign direct investment (FDI) component has been very reactive to the external debt level. Given the huge debt profile of Nigeria, efforts should therefore be increasingly directed towards encouraging private sector investment as the prime engine of economic growth.en_US
dc.identifier.citationOgunniyi, M.B., Iwegbu, O. & Womiloju, I.A. (2019). Debt and Economic Performance in Nigeria (1982 – 2016). The Nigerian Journal of Risk and Insurance (NJRI), 9(1), 112 – 124.en_US
dc.identifier.issn0794-8654
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/8144
dc.language.isoenen_US
dc.publisherTHE NIGERIAN JOURNAL OF RISK AND INSURANCE (NJRI)en_US
dc.relation.ispartofseriesThe Nigerian Journal of Risk and Insurance (NJRI);Vol.9(1)
dc.subjectDebten_US
dc.subjectEconomic Performanceen_US
dc.subjectDebt Overhangen_US
dc.subjectDebt Laffer Curveen_US
dc.subjectError Correction Modelen_US
dc.subjectResearch Subject Categories::SOCIAL SCIENCES::Business and economics::Economicsen_US
dc.titleDebt and Economic Performance in Nigeria (1982 – 2016)en_US
dc.typeArticleen_US
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