External Loan: One Step Forward, Many Step Backward for Socio-Economic Development in Nigeria

Authors

  • Auwalu Musa Mubi North Education Department, Mubi North Local Government, Adamawa State, Nigeria

Keywords:

Debt, economy, development, capitalism, underdevelopment

Abstract

The paper focuses attention on the negative impact of external loan on the Nigerian socio-economic development. The desire for rapid socio-economic development at independence forced the leaders of the first republic to collect one form of loan or the other in order to improve the nation’s infrastructure. In the 1970’s the oil boom re-positioned Nigeria as one of the rich and potential countries destined for rapid socio-economic development. Unfortunately, the national wealth was not utilized judiciously and the nation began to take foreign loans that are unjustifiable. In the end Nigeria’s debt stockpiled and became a serious nemesis for the country. Debt repayment and servicing drain national resources to the detriment of socio-economic development projects in the country. In spite of the 2005 debt relief, the country is gradually sliding back to another debt burden. The paper utilizes the secondary source of data and critical analysis of documents as its methodology. The findings of the paper indicate that corruption, ineptitude and collusion are the bane of Nigeria’s debt situation. It is recommended that the Nigerian Government should stop further collection of loans and that the country has potentials to develop without going for loans. Keywords: Debt, economy, development, capitalism, underdevelopment

Author Biography

  • Auwalu Musa, Mubi North Education Department, Mubi North Local Government, Adamawa State, Nigeria
    teacher

Downloads

Published

2015-01-06

Issue

Vol. 4 No. 3 (2014)

Section

Review Articles

License

Declaration and Copyright Transfer Form

(to be completed by authors)

 

I/ We, the undersigned author(s) of the submitted manuscript, hereby declare, that the above manuscript which is submitted for publication in the STM Journals(s), is not published already in part or whole (except in the form of abstract) in any journal or magazine for private or public circulation, and, is not under consideration of publication elsewhere.

·         I/We will not withdraw the manuscript after 1 week of submission as I have read the Author Guidelines and will adhere to the guidelines.

·         I/We Author(s ) have niether given nor will give this manuscript elsewhere for publishing after submitting in STM Journal(s).

·         I/ We have read the original version of the manuscript and am/ are responsible for the thought contents embodied in it. The work dealt in the manuscript is my/ our own, and my/ our individual contribution to this work is significant enough to qualify for authorship.

·          I/We also agree to the authorship of the article in the following order:

Author’s name                                    

 

1. ________________

2. ________________

3. ________________

4. _______________

 

We  Author(s) tick this box and would request you to consider it as our signature as we agree to the terms of this Copyright Notice, which will apply to this submission if and when it is published by this journal.