Keyword : External debt, Capital flight, Economic growth, Interest rate, and ARDL. JEL Classification: A1, E22, J24
Author(s) : Saheed Aliu, ALADEJANA, C.O EHINOMEN, Ph.D, And Cyril OBOMEILE
Abstract :
Capital flight from the Nigerian economy has been a great developmental concern in the country which includes tax avoidance, accumulated debt, and erratic macroeconomic policies. This study investigated the impact of external debt and capital flight on the economic growth rate in Nigeria from 1986 to 2020. The study relied on time series data which were collected from the Central Bank of Nigeria (CBN) Statistical Bulletin and World Bank Development Indicator using Pair-Wise Granger Causality and ARDL Bound test for the period of study. The unit root problem was tested by using Augmented Dickey-Fuller and Johanson Co-integration for the study. Finding the pairwise granger causality established both uni-directional and bi-directional relationships in the estimated model. However, ARDL the Bound test showed that a long-run relationship existed between external debt, capital flight, exchange rate, and interest rate in Nigeria within the study. The long-run finding also revealed that a positive but insignificant relationship existed between capital flight and economic growth rate. The implication is that a well-managed external debt that is efficient and effective can be repaid while also lowering the import-export ratio of the nation. The study consequently, recommended that the government should implement policies to encourage domestic investment and deter capital flight, as well as adopt appropriate measures to manage borrowed funds, such as an institutional framework for analysis, to ensure that borrowed funds are used for productive sectors and capital projects that will generate income.
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