ASSESSMENT OF THE ROLE OF CENTRAL BANK OF NIGERIA IN THE NATIONS EXTERNAL DEBT RELIEF AND CANCELLATION
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Date
2006-11-26
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Ahmadu Bello University Zaria
Abstract
The study assessed the role of Central Bank of Nigeria in the nation’s debt relief
and cancellation. The Nigerian economy experienced a rapid growth and
sustainable development in the 70s partly due to successful external sector
performance and relatively sound domestic policies. However, the Nigerian
economy went into deep depression as a result of political, institutional, economic
and social problems in the 80s. The study employed historical, descriptive and
survey methods of research to determine the role played by Central Bank of
Nigeria on external debt relief and cancellation. The study used descriptive
statistics in data analysis and relied majorly on secondary data. The study found
that the Central Bank of Nigeria is confronted with a formidable challenge in the
nation’s debt relief negotiations. It concluded that the nation’s external debt relief
of $18billion will provide the nation enough fund to embark on valuable
development projects with direct bearing on the citizens. The study recommended,
among others, the need to increase the nation’s output when using the debt
conversion programme and a reduction of Nigeria’s debt burden through debt securitization.