Domestic debt burden and human welfare in Nigeria

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Domestic debt burden and human welfare in Nigeria

Abstract

The problem of debt has assumed a crisis proportion in Nigeria. What makes the debt crisis more critical is that Nigeria still has the unenviable distinction of being one of the most impoverished countries in the world. The paper examines the nature and causes of debt burden in Africa in general and Nigeria in particular. It argues that debt crisis has serious implication for the development of Nigerian economy. It noted that debt has affected the proper conduct of monetary policy and affected other macroeconomic variables like inflation, which makes proper prediction in the economy difficult. It therefore suggests that Nigeria needs to devise means of promoting a sustainable debt management strategy through prudent management of resources and invest in entrepreneurial development to boost trade and investment.

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