School of Economics and Management, Harbin Engineering University, Harbin, 150001, China.
Department of Economics and Development Studies, Covenant University, Ota, 112104, Nigeria.
PLoS One. 2023 Oct 31;18(10):e0293582. doi: 10.1371/journal.pone.0293582. eCollection 2023.
In many developing economies, high and increasing public debt profile constitutes an essential means of financial risk. An appropriate debt management is germane for survival of business and good international reputation though its effect on private sector credit mobilization had been seldomly investigated. This study seeks to know whether strategic debt management approach exacts a significant effect on the Nigerian private sector and Africa at large resulting to higher credit availability for sustainable enterprise establishment. The study used a time-series observation spanning from 1981-2021. The method of data analysis employed the unit root test for stationarity. Johansen cointegration and vector error correction approach. The result of the unit root test indicates the series were all stationary after first difference and thus were integrated of order1. The Johansen cointegration test support the existence of a cointegrating series between the private credit and its determinants. More empirical evidence from the study shows that proper debt management and increase revenue generation through net taxes on products accounted for 0.93 and 1.32% increase in private sector credit mobilization, while total external debt stock was responsible for a significant negative influence of 0.60% on private sector credit mobilization. The study recommends that the government should always be proactive in their strategic and innovative approach to debt management, revenue generation and sources of funds. This will help not only to avoid crowding out of the private sector but will enhance adequate credit mobilization for effective operations of the private sector.
在许多发展中经济体中，高额且不断增加的公共债务构成了金融风险的重要因素。适当的债务管理对于企业的生存和良好的国际声誉至关重要，尽管其对私营部门信贷动员的影响很少受到调查。本研究旨在探讨战略性债务管理方法是否对尼日利亚私营部门和整个非洲产生重大影响，从而导致更高的信贷可用性，以支持可持续的企业建立。本研究使用了 1981 年至 2021 年的时间序列观察数据。数据分析方法采用单位根检验来检验数据的平稳性。Johansen 协整检验和向量误差修正模型。单位根检验的结果表明，在一阶差分后，所有序列均为平稳序列，因此它们是一阶单整的。Johansen 协整检验支持私人信贷与其决定因素之间存在协整关系。本研究的更多实证证据表明，适当的债务管理和通过对产品征收净税来增加收入，分别占私营部门信贷动员增加 0.93%和 1.32%，而外债总额对私营部门信贷动员产生了显著的负面影响，为 0.60%。本研究建议政府应始终积极采取战略性和创新性的债务管理、收入增长和资金来源措施。这不仅有助于避免私营部门的挤出效应，还将促进足够的信贷动员，以有效运作私营部门。
