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ABSTRACT
The study empirically examines the impact of external debt on economic growth in Nigeria using ordinary least square (OLS) method.We utilize aggregate external debt, debt service payment as well as control variables such as inflation rate, government expenditure, exchange rate and interest rate from 2012 – 2021. With RGDP as the dependent variable, we estimate regression estimate of the model. The OLS result reveals that external debt, government expenditure and interest rate has a positive and significant impact on economic growth while debt service payment and exchange rate exhibit positive sign but was not significantly related to economic growth. Inflation rate was negative and was not also significant. The study recommends that government should invest the loans contracted on profitable ventures so as sustain the continuous growth of the Nigeria economy.
