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Summary and ConclusionThis study has discussed the external burden articulated the nearest put in please by government to ameliorate itand assessed the success so far achieved. It also observed that the magnitude of the external debt outstandingmirrors the impact of pressure under which the economy has been function especially since the eruption of the oilcrisis in 1981. Beside rapid accumulation of trade arrears from 1982 the debt problem had been traced to the fallin the crude oil prices, collapse in commodity prices and the protracted softening of the would market since 1981with the resultant decline in foreign exchange earnings and pressure on the balance of payment.Nigeria debt crisis can be attributed to both exogenous and endogenous factors such as the nature of the economy,economic policies, depending on oil, swindling foreign exchange receipt, the origin of Nigeria external debt datedback to 1985. The external debt was low until it rose astronomically in 1978 due to Nigerian’s involvement in theinternational capital market. Debt service payments were within management limits unit 1982 by becameunmanageable in 1983 because of the relative importance of private lending. All the indicators of the extent of theextent of the external debt burden showed the several of the problem. A high proportion of the debt servicepayment, a reflection of the high and indiscriminate increase interest rate problem worsened. During the SAPperiod. Given the heavy burden of external debt and declining trend in world oil prices, Nigerian has been facinga difficult balance of payment prospect in an encouraging growth rate and negative net foreign exchange flows.The brain drain and other form of exploitation are much greater than the external debt contracted by theunderdeveloped countries put together. Therefore, there is the need to struggle for the cancellation of the externaldebts of a country like Nigeria with the limited possibilities of paying them off without putting the burden on thesuffering to heighten the burden debt servicing under the new condition the condition. Like most third worldcountry problem of underdeveloped no poor most third world country can single handedly flight and win thisbattle which falls within the ongoing quest for a new international economic order. So, third world countries needto comes together on this singular difficulties and to present a strong and united front vis-vis western imperialism.
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