Foreign Loans and Land Transport Infrastructural Development in Nigeria: A Study of the Buhari Administration (2015-2023)

This study on foreign loan and land transport infrastructural development in Nigeria examined the extent to which foreign loans funded and impacted land transport infrastructure (roads and railways) in Nigeria during the Buhari administration (2015-2023), and how the volume, sources and terms of these loans affected debt sustainability in Nigeria. Anchored on modernization theory as the dominant framework and dependency theory as the contrasting lens, the study finds that foreign loans overwhelmingly funded and drove rail modernization, while domestic funds were the primary driver for road and bridge projects. Foreign borrowing contributed moderately to undermining debt sustainability through high debt service burdens and lender concentrations. The study recommends a financing hierarchy that prioritizes domestic sources, diversified multilateral loans and stronger debt sustainability safeguards.

Foreign loans, infrastructure financing, debt sustainability, modernization theory, dependency theory, Buhari administration, Nigeria

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