Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/241444 
Year of Publication: 
2020
Citation: 
[Journal:] Journal of Open Innovation: Technology, Market, and Complexity [ISSN:] 2199-8531 [Volume:] 6 [Issue:] 3 [Publisher:] MDPI [Place:] Basel [Year:] 2020 [Pages:] 1-13
Publisher: 
MDPI, Basel
Abstract: 
This study scrutinizes the influence of external obligation on the cost of living in Nigeria. In recent times, Nigeria has been tagged as the headquarters of world poverty due to the unaffordable cost of living that has resulted in all manner of crimes prevailing in the country. However, the role of foreign loans being contracted by the government in reducing consumption cost has become a concern, hence this investigation. This study made use of a secondary form of statistical records covering the period 2000-2018. The result of the data analysis has shown that external debt does not improve consumption cost, but rather aids the rising cost of living in Nigeria. In a nutshell, the study suggests that the government should invest a large chunk of the borrowed funds into agriculture and local manufacturing for sufficient food supply and provision of goods and services at reasonable costs. This study recommends support for infant industries and entrepreneurship to reduce the consumption cost in the country. The study also encourages the government to seek debt rearrangement or outright revocation by the lending institutions and countries.
Subjects: 
consumption cost
debt serving
exchange rate
external debt
finances
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

Files in This Item:
File
Size
626.52 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.