This study  (research work ) is an  attempt to appraise  the  securitzation (Equalization or capitalization )  of debt (debt  equity swap)  as  the latest  international  debt management strategy geared towards solving Nigeria’s  debt problem.

In doing this the study  will delve to the genesis,  structure, growth and  management  of the  2000-2005  external debt in Nigeria. 

Debts securitization or what is now know as “debt equity  swap” is a form of debt  conversion in which part or all of a country’s external  public debt is converted into Equity shares or securities  in government or publicly owned companies , agencies and parastatals and  these are discounted to their present  values because  of their different maturity dates. 

Securitization  is  also a substitution of market oriented intermediation for institution based intermediation, therorctically, it involves  the establishment  of financial  assests and liabilities and the provision of financial services, and  can occur in two ways, one by banks acting as intermediary accepting deposits, and advancing  loans with some form of  contractual agreement, and      secondly  through traded markets where borrowers sell debt contracts some of which include commercial papers, banks acceptance certificate of deposits, euro notes etc.

This research will be based solely on secondary  data collection from Hounrals, CBN. Financial Journals CBN monthly, quarterly reports. Different  edition of CBN bullion and economic and financial  review  played a vital role on this regard. Again personnel interview  yielded positive result   to this work. 

Finally  based on the data collection, Analysis  were  made  which was preceded  by recommendation and  conclusion of  this project. 

During the period of this study  there were confiding figures of Nigeria external debt outstanding. The  central  banks published  figures differs from  the figure of federal office of statistics and  world debt table.

There were  expensive short and medium term   borrowings from  the international capital market (ICM)within Nigeria debt  profit which proper debt  management could have avoided. There were also huge accumulated trade arrears in Nigeria’s  debt structure. 

Now  based on the above finding, the following  recommendation  were made.

Securitization of debt in view of our present economic  situation should be undertaker in a – one to one  basis or indirectly in the form of portfolio investment through the establishment of mutual funds i.e (unitrust  type of organization to which creditor belong. 

There is urgent need for the compilation of Nigeria’s debt profile in order to know the exact amount of her debt, it’s structure and ownership and determine which of the debts could be subjected to the ongoing  conversion programme.           

TITLE PAGE 

APPROVAL PAGE 

DEDICATION 

ACKNOWLEDGEMENT 

ABSTRACT 

TABLE OF CONTENT 

1. BACKGROUND  OF THE STUDY 

2. OBJECTIVE  OF STUDY

3. RESEARCH HYPOTHESIS 

4. STATEMENT  OF THE  PROBLEMS 

5. SIGNIFICANCE OF THE  STUDY 

6. SCOPE  OF THE STUDY 

7. DEFINITION OF TERMS 

2.1 CONCEPT OF WORLD DEBT CRISIS 

2.2 CONDITION UNDER WHICH SECURITIZATION CAN OCCUR 

2.3 GENESIS, STRUCTURE AND MANAGEMENT OF NIGERIA EXTERNAL DEBT.  

2.4 FACTORS THAT CONTRIBUTED TO NIGERIA EXTERNAL   DEBT PROBLEM. 

2.5 DEBT CONVERSION AS AN INTERNATIONAL  STRATEGY OR OPTION.

2.6 FORMS OF DEBT CONVERSION THEIR CONCEPT AND  RELEVANCE 

2.7 IMPLICATION OF DEBT SECURITIZATION  TO THE NIGERIA ECONOMY 

2.8 COST, BENEFITS OF DEBT  SECURITIZATION 

2.9 THE  NIGERIA EXPERIENCE SO FAR 

2.10 FACTORS MILITATING AGAINST THE PROGRAMME IN NIGERIA 

3.2 INSTRUMENT  FRO DATA COLLECTION 

3.3 POPULATION OF STUDY 

3.4 SAMPLE SIZE 

3.5 SAMPLE SIZE PROCEDURE 

3.6 METHOD OF DATA COLLECTION 

3.7 METHOD OF DATA ANALYSIS 

4.1 TEST FOR HYPOTHESIS 

4.1A FOR HYPOTHESIS I 

4.1B FOR HYPOTHESIS II 

41C FOR HYPOTHESIS III

5.1 RECOMMENDATION

5.2 RECOMMENDATIONS 

5.3 CONCLUSION 

5.4 LIMITATIONS OF THE STUDY 

REFERENCE