Abstract: This study empirically investigated the impact of external debt on economic growth in Nigeria between 1981 and 2018 using ARDLECM estimation technique. The variables used in the study were tested for stationarity using the Augmented Dickey Fuller. The result revealed that EDS, DDS, FDI and GOVE were stationary at first differencing while GDPGR was stationary at level. The study revealed that external debt and foreign direct investment positively affect economic growth while domestic debt and government expenditure hinders economic growth in Nigeria.