External Debt And Crisis Of Development In Africa: Nigerian Experience 1999-2007

ABSTRACT

The study sets out to interrogate the relationships between external debt and crisis of development in Africa

within the period 1999-2007 in Nigeria. The aim of the research was to provide a framework that explains the

effect of external debt on national development. The theory of post colonial state was adopted as the analytical

framework to demonstrate that Nigeria has followed a developmental strategy dictated by the interest of the

imperialists and their local allies among the indigenous population. The method of data collection used was the

secondary sources of data. Three hypothesis tested were: there is no relationship between debt servicing and

shortage of electronic voting machines in Nigeria; debt relief tends to have no effect on the rate of unemployment

in Nigeria, and, debt rescheduling tend to deepen external dependence of Nigeria.The findings of the study

revealed that there’s no relationship between debt servicing and shortage of electronic voting machine in Nigeria

in the 2007 election. Against the background of the national economic crisis, the study recommends that the

international economic system should be restructured and unequal term of trade balance with fair economic trade

relations so as to encourage enhance foreign exchange for national development.