Abstract:
The study sets out to interrogate the relationships between external debt and crisis of development in Africa within the period 1999-2007 in Nigeria. The aim of the research was to provide a framework that explains the effect of external debt on national development. The theory of post colonial state was adopted as the analytical framework to demonstrate that Nigeria has followed a developmental strategy dictated by the interest of the imperialists and their local allies among the indigenous population. The method of data collection used was the secondary sources of data. Three hypothesis tested were: there is no relationship between debt servicing and shortage of electronic voting machines in Nigeria; debt relief tends to have no effect on the rate of unemployment in Nigeria, and, debt rescheduling tend to deepen external dependence of Nigeria.The findings of the study revealed that there’s no relationship between debt servicing and shortage of electronic voting machine in Nigeria in the 2007 election. Against the background of the national economic crisis, the study recommends that the international economic system should be restructured and unequal term of trade balance with fair economic trade relations so as to encourage enhance foreign exchange for national development.
