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An ARDL Analysis of External Debt Servicing, Debt Stock, and Signalling Effects on Investment Growth Rate in Nigeria.

This study examines the relationship between external debt and investment growth in Nigeria from 1986 to 2022, recognizing that the country's growing debt profile has become a source of concern for policymakers and investors alike. While Nigeria has borrowed heavily over the years to finance development, the critical question is whether this debt has helped or hindered the kind of investment that drives economic progress and focuses on three key dimensions of external debt: debt service relative to government revenue, debt service relative to export earnings, and the total debt stock relative …

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