THE CRISIS OF EXTERNAL DEBT MANAGEMENT IN NIGERIA: ISSUES AND CHALLENGES

Since the early 1980’s when the debt crisis emerged, the country has found itself in what has been described as the debt trap. This paper discuses the crosscutting issues in the management of Nigeria’s external debt crisis. Drawing from experiences of countries in similar circumstances, it posits that much of Nigeria’s problem has been occasioned Oy the absence of an effective debt management strategy- one that is geared towards a significant reduction in the debt stock. Using some debt burden indicators, it highlights the enormity of the challenges posed by the debt overhang. The paper concludes with the assertion that these challenges can be surmounted, not by the on-going efforts at obtaining debt relief, but through a conscious and determined effort bv the Nigerian people and government to systematically repay what is being owed.