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This study however, examines the effect of external borrowing and foreign financial aid (foreign grant) in the form of official development assistance (ODA) on the growth of the Nigerian economy over a period of 34 years from 1980 to 2013. Annual time series data was obtained from the Central Bank of Nigeria ( CBN) statistical bulletin and Organisation for Economic Cooperation and Development (OECD's online). The study employed Ordinary Least Square technique (OLS) multiple regression model indoi:10.6007/ijarbss/v6-i4/2087 fatcat:wz4dcmandzh6bapqgzzbai5kna