Abstract
This paper investigates the determinants of external debt in Nigeria from 1970 through 2013 using Autoregressive Distributed Lag (ARDL) approach. The empirical results indicate that oil price, debt service and gross domestic savings play a significant role in determining external debt in Nigeria. The study also found an evidence that the exchange rate and fiscal deficit contributes to external debt build-up. The paper advocates for reviving of non-resource tradable sectors and an appropriate fiscal policy that will curtail the high spending effect and subside unnecessary expenditures.
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