Stephen P. Riley’s research while affiliated with University of Staffordshire and other places

Assessing both the macro- and micro-economic levels of the contemporary African Debt Crisis, this book, first published in 1989, begins by looking at the origins of the world debt crisis, and then looks closely at the problem as it affects Sub-Saharan Africa. The effects of debt on Africa's position in international relations are considered, and the roles played by organisations such as the International Monetary Fund and the World Bank are assessed. The authors also examine the local effects in a series of case studies of various states including Nigeria, Ghana and Sierra Leone, the Francophone States and Zaire. © 1989 Trevor W.Parfitt and Stephen P.Riley. All rights reserved.

Nigeria is an important test case of the socio-political effects of debt in Sub-Saharan Africa. First, its level of debt is greater than that of any other nation on the continent. Second, its oil wealth bought it a degree of influence in international relations as evidenced by the leading role played by Nigeria in negotiating the first Lomé Convention. It seems possible that Nigeria may also have a leading influence in determining the reaction of other African states to the debt crisis. Third, Nigeria has taken an ‘independent’ line in dealing with its debt obligations, preferring to keep the IMF at arm's length. Fourth, Nigeria has helped to pioneer the use of techniques such as countertrade and partial default in the management of its debt crisis. This paper surveys the politics of Nigerian debt with a view firstly to assessing what light it throws on the merits and demerits of the IMF medicine for indebtedness and, secondly, to determine whether or not it has produced any viable alternatives to this medicine.

At the October 1985 meeting in Seoul of the International Monetary Fund and the World Bank, African delegates insisted that ‘the economic situation is the worst in recent history’.Indeed, it is now widely accepted that the states and peoples of sub-Saharan Africa are in the midst of a crisis of unprecedented magnitude that has been caused by both short-term and long-range factors. Domestic food production has been declining, whilst food imports have increased, and this has exacerbated the televised disasters of drought and famine. The recession in western countries has led to a decline in the external demand for African primary products. Export volumes and values have decreased overall, producing significant fiscal problems, and the resulting foreign-exchange shortages have meant industrial stoppages, an inability to replace infrastructures, and a decline in the gross domestic product.