Abstract
The paper addresses some of the major issues in external debt management from the point of view of a borrowing country. It has been found that frequent occurrence of debt and debt-servicing problems among less developed countries (LDCs) can be traced to poor debt management. Despite the awareness of the need to develop an effective debt management capability and formulate specific debt management policies, formal debt models have yet to enjoy wide application in many African countries. Whereas there are many debt management systems which debtor countries can adopt, most African countries are not using them because of several constraints. An analytical framework which can be used to formulate sound debt management policies is proposed and applied using Nigeria as a case study.
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