| Abstract: | This article considers the multi-objective nature of external debt management using a multi-objective macroeconomic model based on goal programming, and regression analysis for planning external debt and formulating external debt management policies. Applying the model to the Nigerian situation generates the level and composition of new borrowing, disbursement, debt service, and other macroeconomic aggregates that are consistent with Nigeria's development objectives. For the purposes of external debt management, the results suggest that the government may have to stretch out debt service payments through negotiations with the Paris Club, encourage both domestic and foreign investment, control foreign borrowing, agitate for substantial debt relief, and embark on growth-oriented economic reform. The overall objective is to improve Nigeria's debt servicing capacity. App., bibliogr., sum. |
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