External Loan: One Step Forward, Many Step Backward for Socio-Economic Development in Nigeria
DOI:
https://doi.org/10.37591/joprm.v4i3.7164Keywords:
Debt, economy, development, capitalism, underdevelopmentAbstract
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.References
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