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AN EVALUATION OF THE EFFICACY OF THE DEBT CONVERSION SCHEME AS A STRATEGY FOR EXTERNAL DEBT MANAGEMENT IN NIGERIA.
Abstract
Debt Management primarily involves five basic functions: policy, regulatory, operational, accounting and statistical analysis. The policy involves co-ordination among agencies with prime responsibility for the economic management of a country in the formulation of national debt policies and strategies. The regulatory aspect of debt management concerns the establishment of a well defined institutional arrangement for recording and monitoring all external debt, monitoring new debt incurred by domestic agents (public and private) and the comprehensive recording of maturing debt. The accounting function requires collecting detailed information on debt on a loan-by-loan basis and providing for an efficient payment mechanism. The analytical aspect explores future structure of external debt and options available. Beyond academic interest, examining historical origins of the debt problem contributes to greater understanding of its seriousness and the prospects and direction for its resolution. The origin of Nigeria’s external debt dates back to the pre-independence era. Sources from the Federal Ministry of Finance indicate that Nigeria contracted her first loan from the World Bank in 1958. The loan which was about USD 28 million went into extending railway network. Generally the level of the country’s debt remained relatively low until the end of the oil boom years in 1977. The reverses in the country oil fortunes during the glut years brought a lot of pressure on government finances and subsequently it became absolutely necessary to borrow for balance of payment support. This led to the first major borrowing from the International Capital Market(ICM) of USD 1 billion in 1978. Many more ICM loans were raised especially as funds from bilateral and multilateral institutions became increasingly inadequate to the needs of government. Consequently, ICM loan rose rapidly from USD 1 billion in 1978 to USD 5.5 billion in 1982. The single most insidious source of the increase was accumulated trade arrears which emerged in 1982. A large part of the debt also came from credits granted between 1980 and 1983 when Nigeria experienced favourable exchange position. Most of the loans were used to finance social white elephant projects while some never got into the country.
ABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
