Evaluation of Nigeria's Debt-Relief Experience (1985-1990):
Buoyant oil revenues in the 1970s provided Nigeria with the basis for large but unsustainable increases in incomes and public expenditure. Agriculture was neglected and the economy became heavily dependent on crude oil and more vulnerable to external shocks. These led to fundamental changes in the s...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
1992
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| Schriftenreihe: | OECD Development Centre Working Papers
no.55 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Buoyant oil revenues in the 1970s provided Nigeria with the basis for large but unsustainable increases in incomes and public expenditure. Agriculture was neglected and the economy became heavily dependent on crude oil and more vulnerable to external shocks. These led to fundamental changes in the structure of the Nigerian economy. When the oil revenues collapsed following the glut in international oil market in the early 1980s, the country faced an acute economic crisis. Unable to shift gears in the face of changing economic fortunes the country resorted to external borrowing. Instead of adjusting, the government adopted a policy of deficit financing. The deficits were financed by borrowing from international capital markets (ICM), a drawn-down of external reserves, and by accumulation of arrears on external trade payments. The debt stock grew rapidly from USD3.4 billion in 1980 to USD17.3 billion in 1985 and USD32.9 billion in 1990. In 1986, the government adopted a structural ... |
| Beschreibung: | 1 Online-Ressource (38 p.) 21 x 29.7cm. |
| DOI: | 10.1787/728878867073 |
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| 520 | |a Buoyant oil revenues in the 1970s provided Nigeria with the basis for large but unsustainable increases in incomes and public expenditure. Agriculture was neglected and the economy became heavily dependent on crude oil and more vulnerable to external shocks. These led to fundamental changes in the structure of the Nigerian economy. When the oil revenues collapsed following the glut in international oil market in the early 1980s, the country faced an acute economic crisis. Unable to shift gears in the face of changing economic fortunes the country resorted to external borrowing. Instead of adjusting, the government adopted a policy of deficit financing. The deficits were financed by borrowing from international capital markets (ICM), a drawn-down of external reserves, and by accumulation of arrears on external trade payments. The debt stock grew rapidly from USD3.4 billion in 1980 to USD17.3 billion in 1985 and USD32.9 billion in 1990. In 1986, the government adopted a structural ... | ||
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| spelling | Ogbe, N. E... VerfasserIn aut Evaluation of Nigeria's Debt-Relief Experience (1985-1990) N. E., Ogbe Paris OECD Publishing 1992 1 Online-Ressource (38 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Development Centre Working Papers no.55 Buoyant oil revenues in the 1970s provided Nigeria with the basis for large but unsustainable increases in incomes and public expenditure. Agriculture was neglected and the economy became heavily dependent on crude oil and more vulnerable to external shocks. These led to fundamental changes in the structure of the Nigerian economy. When the oil revenues collapsed following the glut in international oil market in the early 1980s, the country faced an acute economic crisis. Unable to shift gears in the face of changing economic fortunes the country resorted to external borrowing. Instead of adjusting, the government adopted a policy of deficit financing. The deficits were financed by borrowing from international capital markets (ICM), a drawn-down of external reserves, and by accumulation of arrears on external trade payments. The debt stock grew rapidly from USD3.4 billion in 1980 to USD17.3 billion in 1985 and USD32.9 billion in 1990. In 1986, the government adopted a structural ... Development Nigeria FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/728878867073 Volltext |
| spellingShingle | Ogbe, N. E.. Evaluation of Nigeria's Debt-Relief Experience (1985-1990) Development Nigeria |
| title | Evaluation of Nigeria's Debt-Relief Experience (1985-1990) |
| title_auth | Evaluation of Nigeria's Debt-Relief Experience (1985-1990) |
| title_exact_search | Evaluation of Nigeria's Debt-Relief Experience (1985-1990) |
| title_full | Evaluation of Nigeria's Debt-Relief Experience (1985-1990) N. E., Ogbe |
| title_fullStr | Evaluation of Nigeria's Debt-Relief Experience (1985-1990) N. E., Ogbe |
| title_full_unstemmed | Evaluation of Nigeria's Debt-Relief Experience (1985-1990) N. E., Ogbe |
| title_short | Evaluation of Nigeria's Debt-Relief Experience (1985-1990) |
| title_sort | evaluation of nigeria s debt relief experience 1985 1990 |
| topic | Development Nigeria |
| topic_facet | Development Nigeria |
| url | https://doi.org/10.1787/728878867073 |
| work_keys_str_mv | AT ogbene evaluationofnigeriasdebtreliefexperience19851990 |