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Article Title:
THE SOVEREIGN DEBT CRISIS IN AFRICA AND ITS IMPACT ON AFRICAN STATES ECONOMIC GROWTH AND DEVELOPMENT: A CASE STUDY OF NIGERIA
| Abstract: African States, upon the attainment of political independence have continuously been in pursuit of economic growth and development under different administrations. Faced with the economic challenges of low domestic savings and investment, the polities in Africa have had to resort to the fiscal policy option of borrowing short, medium and long term loans from international financial institutions and buoyant economies alike. Years after, a number of these African countries have piled up an unserviceable external debt which consequently has landed them into a sovereign debt crisis. Nigeria for one is an African State to have suffered and still is suffering from the ripple effect of her ballooning foreign debt owed creditors abroad. This paper therefore examines first and foremost the nature, causes, and the remedies thus far adopted at resolving the sovereign debt crisis bedeviling African States from the 1980s till date. The historical and empirical methodologies adopted over this paper were heavily dependent on secondary sources of quantitative data. Of its significance, this paper serves as an eye opener to the reading community on how the protracted debt crisis on the continent has continually stood against the needful economic prosperity and modernization of contemporary African countries. |
| Keywords: Sovereign Debt Crisis, Economic Growth, Economic Development, Gross Domestic Product (GDP), Less Developed Countries (LDCs), Sub-Saharan African Countries, World Bank, International Monetary Fund (IMF |
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