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Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)

Abstract: Foreign aid is considered as a significant source of income for many developing countries. Countries that were facing current account deficit in the 1950s were encouraged to borrow from international financial institutions to boost their economic growth. However, such borrowing created a g...

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Main Authors: Moniruzzaman, Md., Mikail, Shafiu Yahya
Format: Article
Language:English
English
Published: Medwell Journals 2016
Subjects:
HC Economic History and Conditions
Online Access:http://irep.iium.edu.my/45866/1/Politics_of_External_Debt_and_MDG.pdf
http://irep.iium.edu.my/45866/3/45866_Politics%20of%20external_scopus.pdf
http://irep.iium.edu.my/45866/
http://medwelljournals.com/abstract/?doi=ibm.2016.523.533
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spelling my.iium.irep.458662017-01-18T08:26:29Z http://irep.iium.edu.my/45866/ Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015) Moniruzzaman, Md. Mikail, Shafiu Yahya HC Economic History and Conditions Abstract: Foreign aid is considered as a significant source of income for many developing countries. Countries that were facing current account deficit in the 1950s were encouraged to borrow from international financial institutions to boost their economic growth. However, such borrowing created a great obstruction to the economic growth of many developing countries today due to high obligations on external debt. Like many developing countries, Nigeria has been living under horrific debt burden. Servicing this debt has cost the country an average of $2.0 billion annually. This, study aims to examine Nigeria’s external debt and its impact in realizing Millennium Development Goals (MDGs). The central argument of this study is that external debt has severely limited the ability of the government to devote recourses into the MDGs. The negative impact of external debt is measured by comparing the annual debt service with the ratio of government expenditure in eight MDGs, whereby it shows that Nigeria’s government has not been able to allocate sufficient resources towards the realization of MDGs due to its obligation to channel a substantial percentage of its GDP to meet external debt service. Medwell Journals 2016 Article REM application/pdf en http://irep.iium.edu.my/45866/1/Politics_of_External_Debt_and_MDG.pdf application/pdf en http://irep.iium.edu.my/45866/3/45866_Politics%20of%20external_scopus.pdf Moniruzzaman, Md. and Mikail, Shafiu Yahya (2016) Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015). International Business Management, 10 (4). pp. 523-533. ISSN 19935250 http://medwelljournals.com/abstract/?doi=ibm.2016.523.533 10.3923/ibm.2016.523.533
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic HC Economic History and Conditions
spellingShingle HC Economic History and Conditions
Moniruzzaman, Md.
Mikail, Shafiu Yahya
Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
description Abstract: Foreign aid is considered as a significant source of income for many developing countries. Countries that were facing current account deficit in the 1950s were encouraged to borrow from international financial institutions to boost their economic growth. However, such borrowing created a great obstruction to the economic growth of many developing countries today due to high obligations on external debt. Like many developing countries, Nigeria has been living under horrific debt burden. Servicing this debt has cost the country an average of $2.0 billion annually. This, study aims to examine Nigeria’s external debt and its impact in realizing Millennium Development Goals (MDGs). The central argument of this study is that external debt has severely limited the ability of the government to devote recourses into the MDGs. The negative impact of external debt is measured by comparing the annual debt service with the ratio of government expenditure in eight MDGs, whereby it shows that Nigeria’s government has not been able to allocate sufficient resources towards the realization of MDGs due to its obligation to channel a substantial percentage of its GDP to meet external debt service.
format Article
author Moniruzzaman, Md.
Mikail, Shafiu Yahya
author_facet Moniruzzaman, Md.
Mikail, Shafiu Yahya
author_sort Moniruzzaman, Md.
title Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_short Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_full Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_fullStr Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_full_unstemmed Politics of external debt and millennium development goals: a case study of Nigeria(2000-2015)
title_sort politics of external debt and millennium development goals: a case study of nigeria(2000-2015)
publisher Medwell Journals
publishDate 2016
url http://irep.iium.edu.my/45866/1/Politics_of_External_Debt_and_MDG.pdf
http://irep.iium.edu.my/45866/3/45866_Politics%20of%20external_scopus.pdf
http://irep.iium.edu.my/45866/
http://medwelljournals.com/abstract/?doi=ibm.2016.523.533
_version_ 1643612873854812160
score 13.211869

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