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This study empirically examined the impact of external debt on economic growth. Also, the interactions of governance, external debt and external debt volatility were further investigated with emphasize on the interective effect of governance as proxied by Kaufmann, D., (2007) quality governance measures such as; government effectiveness, political stability, voice and accountability, regulatory quality and corruption control on economic growth. The study utilized annual time series data, focusing on thirty selected Sub-Saharan African (SSA) countries for the period 1997 to 2020. The Dynamic System Generalised Method of Moments estimation technique was adopted while controlling for conventional sources of economic growth. Empirical findings from the study reveal that external debt and external debt volatility have a negative and significant impact on economic growth in SSA. Furthermore, the interaction of governance indicators, external debt and its volatility, had a positive impact on economic growth in SSA. This study recommends that SSA government should endeavor to avoid excessive external debt to promote the regions’ capacity to invest in her financial prospects, and to circumvent the danger of repayment of loans using her small income. The SSA governments should also improve the quality of governance by ensuring political stability, minimising corruption, implementing sound policies and regulations that can permit and promote economic growth through the development of the private sector. The governments must ensure that every borrowed debt is properly supervised and utilised for its purposes to spur economic growth. More so, the Guidotti-Greenspan rule of Reserve adequacy should be applied to keep excess borrowings in check.

The study focuses on repositioning the manufacturing sub-sector in order to revive Nigeria from the problem of “growthelessness”. The expository study examined the situation of the Nigerian economy and overview of the industrial policies employed to encourage development since after independence. Many challenges such as lack of indigenous technology, excessive reliance on foreign raw materials and manpower, inconsistence regarding policies and programmes, lack of linkages of production with domestic inputs among others were articulated to be responsible for the inability of the country to establish a reliable manufacturing sub-sector that is capable of harnessing idle resources, reduce unemployment and develop the economy. The study also examined an overview of industrial policies employed by South Korea which gave the country its success story. Lessons considered to play significant role to change Nigerian manufacturing sub-sector were drawn there from, among which include: reviving the economic environment with infrastructure and public service system so as to make the country industrial production compliance; consistent, persistent and perseverance on the part of resource controllers in spite of all odds toward goal attainment, adoption of appropriate indigenous technology, monitoring, evaluation and restrategising to improve the sector. This study has shown that Nigerian situation is capable of changing for better if what worked in South Korea manufacturing sub-sector is applied in Nigeria.

The study investigated the impact of capital flight on the economic development of Nigeria. Following the behavioural pattern of the variables on the basis of time series property test involving Augmented Dickey-Fuller (ADF), we adopted Autoregressive Distributed Lagged model (ARDL) due to Pesaran and Shin (1999) in the study. The result of the Auto Regressive Distributed Lagged (ARDL) model showed that capital flight has negative but significant impact on economic development. It further showed that programmes and policies in the economy in previous period also enhance the economic situation in the current period. The CUSUM and CUSUMSQ tests showed evidence of long run stability of the parameters of the model. We, therefore, made the following recommendations, among others: Government should take concerted steps to improve security of life and property in the country because security lapse is a threat to investment as well as business; the public resource managers should sincerely partner with anti-graft agencies to ensure that all the channels through which public office holders launder money abroad are stopped; besides, the international anti-corruption law should be implemented to reduce the quantum of launder money and efficient public finance management discipline should be adhered strictly.