This study investigates the impact of foreign loans on Nigeria's economic growth. The study's data was obtained from the Statistical Bulletin of the Central Bank of Nigeria. The variables utilized are Gross Domestic Product (GDP), which measures Nigeria's economic growth, as the dependent variable, The independent variables are inflation rate, foreign debt and exchange rate, which are used to assess the foreign loan. The study's time frame is from 1995 to 2021, and data are evaluated using a multiple regression model and an Econometric approach. The regression model showed that while exchange rate has a little impact on the Nigerian economy, foreign loans and inflation rates has a negative and play a non-significant role in explaining the country's economic expansion. Therefore, the study concludes that the country's currency depreciation, which has to be properly managed, is to blame for the terrible economic state. The government should therefore decrease the amount of foreign loans obtained from various sources and foreign loans should be used for the intended purpose for which it was obtained