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ABSTRACT
This research work presented an analytical look at the external debt on Nigeria’s economic growth over the period of 30 years, to this effect, an empirical analysis was carried out in an attempt to identify factors which affect current economic growth both directly and indirectly in Nigeria in the framework of co-integration analysis and error correction model. Results obtained suggested that external debt and capital stock play significant roles in determining economic growth of Nigeria. The CUSUM stability test also showed that a long run stable relationship exist between the variables studied. For continuous growth and stability of Nigeria economy to be encouraged and sustained the government through the judicious use of proceeds of external debt should ensure that the productive capacities are improved upon to encourage more export and reduce import thereby diversifying the economy and reducing foreign dependence.
