Osemwengie K. Presly

This study empirically examined the impact of external debt burden on infrastructural growth in Nigeria from 1981-2018. Being a time series data, and to avoid spurious regression result in our model, a test for stationary of the data using Augmented Dickey-Fuller unit root test was carried out. The variables; infrastructural growth, domestic debt, external debt, exchange rate, and interest rate were found to be stationary at their first differences. Then, an ARDL Bound Co-integration technique was used to establish if the stationary variables are co-integrated in the long-run. The finding indicates that the variables were found to be co-integrated in the long run. Further, an ARDL was employed to obtain long run coefficients of the respective regressors. The ARDL result revealed that Domestic Debt (negative impact), Exchange Rate (negative impact), and Interest Rate (positive impact) exerts a significant influence on infrastructural growth while External Debt (positive impact) was found to be insignificantly related to the growth of infrastructures in Nigeria. It recommends amongst others, that the government should as a matter of priority create more favourable institutional policy and regulatory framework to meet up these challenges. On the whole, there is need for the policymakers to adopt policy framework consistent with availability of external finance that is credibly maintained. Conclusively, infrastructure growth is one of major elements of structural reforms in developing economy like Nigeria because of its expected large economic and social impact.

This study empirically examined the impact of external debt burden on infrastructural growth in Nigeria from 1981-2018. Being a time series data, and to avoid spurious regression result in our model, a test for stationary of the data using Augmented Dickey-Fuller unit root test was carried out. The variables; infrastructural growth, domestic debt, external debt, exchange rate, and interest rate were found to be stationary at their first differences. Then, an ARDL Bound Co-integration technique was used to establish if the stationary variables are co-integrated in the long-run. The finding indicates that the variables were found to be co-integrated in the long run. Further, an ARDL was employed to obtain long run coefficients of the respective
regressors. The ARDL result revealed that Domestic Debt (negative impact), Exchange Rate (negative impact), and Interest Rate (positive impact) exerts a
significant influence on infrastructural growth while External Debt (positive impact) was found to be insignificantly related to the growth of infrastructures in Nigeria. It recommends amongst others, that the government should as a matter of priority create more favourable institutional policy and regulatory framework to meet up these challenges. On the whole, there is need for the policymakers to adopt policy framework consistent with availability of external finance that is credibly maintained. Conclusively, infrastructure growth is one of major elements of structural reforms in
developing economy like Nigeria because of its expected large economic and social impact.

This study empirically examined the impact of external debt burden on infrastructural growth in Nigeria from 1981-2018. Being a time series data, and to avoid spurious regression result in our model, a test for stationary of the data using Augmented Dickey-Fuller unit root test was carried out. The variables; infrastructural growth, domestic debt, external debt, exchange rate, and interest rate were found to be stationary at their first differences. Then, an ARDL Bound Co-integration technique was used to establish if the stationary variables are co-integrated in the long-run. The finding indicates that the variables were found to be co-integrated in the long run. Further, an ARDL was employed to obtain long run coefficients of the respective regressors. The ARDL result revealed that Domestic Debt (negative impact), Exchange Rate (negative impact), and Interest Rate (positive impact) exerts a
significant influence on infrastructural growth while External Debt (positive impact) was found to be insignificantly related to the growth of infrastructures in Nigeria. It recommends amongst others, that the government should as a matter of priority create more favourable institutional policy and regulatory framework to meet up these challenges. On the whole, there is need for the policymakers to adopt policy framework consistent with availability of external finance that is credibly maintained. Conclusively, infrastructure growth is one of major elements of structural reforms in developing economy like Nigeria because of its expected large economic and social impact.

This study empirically examined the impact of external debt burden on infrastructural growth in Nigeria from 1981-2018. Being a time series data, and to avoid spurious regression result in our model, a test for stationary of the data using Augmented
Dickey-Fuller unit root test was carried out. The variables; infrastructural growth, domestic debt, external debt, exchange rate, and interest rate were found to be stationary at their first differences. Then, an ARDL Bound Co-integration technique was used to establish if the stationary variables are co-integrated in the long-run. The finding indicates that the variables were found to be co-integrated in the long run. Further, an ARDL was employed to obtain long run coefficients of the respective regressors. The ARDL result revealed that Domestic Debt (negative impact), exchange Rate (negative impact), and Interest Rate (positive impact) exerts a significant influence on infrastructural growth while External Debt (positive impact) was found to be insignificantly related to the growth of infrastructures in Nigeria. It recommends amongst others, that the government should as a matter of priority create more favourable institutional policy and regulatory framework to meet up these challenges. On the whole, there is need for the policymakers to adopt policy framework consistent with availability of external finance that is credibly maintained. Conclusively, infrastructure growth is one of major elements of structural reforms in developing economy like Nigeria because of its expected large economic and social impact