Overrated? The Impact of Oil Revenue on Nigeria's Creditworthiness, Debt Profile & Sustainability, 1973-2004

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Abstract/Contents

Abstract: One of the biggest challenges for an oil-producing country is how to use its oil wealth strategically to promote sustainable development. Almost fifty years after oil was discovered at Oloibiri in South Eastern Nigeria and after the country’s mostly-bitter romance with creditor organizations: How do we assess the debt crisis in which Nigeria found itself? What are the lessons to be learned? Certainly, these are some of the most important questions to be studied as the country embarks with a clean slate with private and bilateral lenders after the long soughtafter debt restructuring deal that came in April 2006. This thesis analyzes the lessons to be learned from Nigeria’s debt history, looking especially at the phenomenon of oil-led spending and borrowing that occurred during 1973-2004. Its objective is to determine whether Nigeria received a higher credit-rating than its domestic and macroeconomic fundamentals would have otherwise justified due to its oil revenues, and whether the debt-repayment crisis arose because oil windfalls from the early 1980s were not used to retire its debt.

Type of resource	text
Date created	May 2007

Author	Rewane, Misan
Primary advisor	Hope, Nick
Degree granting institution	Stanford University, Department of Economics

Subject	Stanford Department of Economics
Subject	External Debt
Subject	Creditworthiness
Subject	Debt-servicing capacity
Genre	Thesis

Location	https://purl.stanford.edu/nr320vn0433

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Preferred Citation: Rewane, Misan. (2007). Overrated? The Impact of Oil Revenue on Nigeria's Creditworthiness, Debt Profile & Sustainability, 1973-2004. Stanford Digital Repository. Available at: https://purl.stanford.edu/nr320vn0433

Stanford University, Department of Economics, Honors Theses

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