Appropriateness of development financing mix of sub-Saharan African economies: evidence from Nigeria

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Periodical article

Title:	Appropriateness of development financing mix of sub-Saharan African economies: evidence from Nigeria
Author:	Ariyo, Ademola
Year:	1999
Periodical:	The Nigerian Journal of Economic and Social Studies
Volume:	41
Issue:	1
Pages:	159-173
Language:	English
Geographic term:	Nigeria
Subjects:	financing economic development
Abstract:	Given the weak economic bases of sub-Saharan African countries (SSAs), the natural resources of these countries are seldom adequate to meet their development needs. They often procure loans from domestic and international sources to implement their economic development programmes. Contrary to expectations, the use of these loans has, in general, not produced the desired growth effects. The resulting debt overhang has become a major problem for the SSAs. This paper examines the mix of various sources of development financing used by SSA countries, especially Nigeria, with a view to identifying the most approriate development financing mix (DEFIM) that will ensure the growth inducing effects of financing. It recommends the use of non-debt resources, if the country is to achieve its long-term economic objectives. Bibliogr, notes, ref., sum. [Journal abstract]