ABSTRACT Most countries strive to attract foreign direct investment (FDI) because of its acknowledged advantages as a tool of economic development. Africa – and Nigeria in particular – joined the rest of the world in seeking FDI as evidenced by the formation of the New Partnership for Africa’s Development (NEPAD), which has the attraction of foreign investment to Africa as a major component. This study investigated the empirical relationship between FDI and and Nigeria’s economic impr...
At independence, African leaders demonised capitalism and colonialism, declaring both as evil and exploitative. They thus advocated for an alternative strategy in mobilizing African resources to attain a rapid rate of economic growth and development for the benefit of its people. Socialism was therefore, adopted as the only approach upon which Africa's development is anchored. The socialist ideology garbed in African tradition was widely adopted. Its proponents described it as an Africa...
ABSTRACT Many economies in Sub-Saharan Africa have been experiencing high external debt stocks over the past three or so decades, thereby deepening the problem of debt burden in the Region. Growth performance, however, remains relatively moderate over the years. The relationship between economic growth and external debt as espoused in theoretical and empirical literature remains unclear. Whilst a school of thought postulate that external debt supplements savings and investment, and hence prom...
ABSTRACT Violence in Southern Africa has become a culture where the end result of most conflicts affecting the region lead either to great suffering or destruction of infrastructure, ecosystems and human life. Southern Africa like the rest of the continent is facing a number of problems such as poor declining economy, political instability, poverty, gender based violence, ethnic and racial rivalry among other issues of concern. The existence of regional organizations like the Southern African...
ABSTRACTMost developing nations define industrialization as a central objective of their economic policy they see; industrialization goes with agricultural progress as an integral part of growth and structural change. Some economist and analysts are of the view that industrialization plays a major role in the economic growth and development of any nation.Thus in this research work, effort is made to assess the impact of industrialization on economic growth of Nigeria. Before colonial rule in ...
ABSTRACT Countries in East Asia Central America and the Caribbean basin have successfully used Export Processing Zones as an instrument for economic development. Attempts to do the successful. It has been argued that economic theory should lead us to reject Export Processing Zones as a development option. Some blame Africa's lack of adequate infrastructure and services to support the business community. Others blame the ignorance of investors or the lack of indigenous entrepreneurs. Peter L....
ABSTRACT The contemporary international system is characterised by a heightened tendency of state units to gravitate towards some degree of integration. Regionalism is gradually being inextricably linked to economic development. The establishment of the European Economic Community in 1957 has resulted in the mushrooming of cooperative arrangements the world over including the North American Free Trade Area (NAFTA), the Association of South-Asian Nations and the Caribbean Free Trade Assoc...
The major objective of this study is scrutinizing the impact of government sectoral expenditure on economic growth in East African countries over the period from 1985 to 2015. It focuses on sectoral expenditures on health, education, defence and agriculture segments. The main contribution of this research is examining expenditure components in line with current government categorization to establish these sectoral budget allocations that have impact on economic growth in order to provide a gu...
ABSTRACT Considering the level of inequality (GINI) and its importance in economic performance and the attainments of human development (HD), this paper examines the role of inequality in the translation of economic growth (GDPG) to HD. The study was conducted using 39 African countries from the period of 1980 to 2015. A change in non-income HD measure (△HD) comprising life expectancy at birth and education with a five-year difference was computed. An average for every five-year period cor...
ABSTRACT The importance of the construction industry cannot be overemphasized because of its strong linkages with other sectors of the economy. Despite this, the empirical literature on the non-linear (Bon curve) relationship between construction expenditure and economic growth remains unclear and hence, leave much space for further engagements. Therefore, this study seeks to find answers to these questions: Does construction expenditure matter in economic growth, and does the Bon curve hold ...
Using annual data from 1970-2010, this paper employs a panel fixed-effects model to estimate the effect of external debt, as a share of Gross Domestic Product (GDP), on economic growth in East Africa Community (EAC). This study was based on the Solow growth model augmented for debt. The Levin-Lin-Chu test (LLC) approach was used to investigate the properties of the data with respect to unit roots. The Hausman specification test was used to verify the panel fixed-effects model. The findings su...
ABSTRACT Kenya has witnessed increased financial integration following capital liberalization in the late 1980s which led to increased foreign private capital flows. Financial integration is considered to complement domestic investment, enhance economic growth and reduce macroeconomic volatility by promoting credit and risk diversification. However, private capital can enhance macroeconomic volatility by exposing domestic market to external volatility. Despite Kenya experiencing increased fi...
AbstractDependency and underdevelopment in Africa is our main thrust which we try to relate the above to the Nigerian context. Dependency as we all know is a product of underdevelopment which is prevalent in Africa in general and Nigeria in particular. It is certain that Nigeria is an independent nation, but it does not reflect in all the facts in the society since the super structures that form the society and state are dependent on foreign policy and factors.As we can see in this research w...
ABSTRACT In light of the regional integration efforts, this study sought to find out the impact of regional trade integration on economic growth of East Africa Community. One of the provisions to increase the EAC intra-trade is Article 75 of the Treaty and the Customs Union (CU) Protocol whose implementation would increase the value and volume of trade within the EAC. GDP growth rate analysis shows a major disconnect between deepening integration and achievement of growth within a common mar...
ABSTRACT The importance of economic growth and development for social welfare improvement cannot be overemphasized. For this reason, every country across the globe, especially, the developing and less developed ones, are making every effort necessary to develop and provide their citizens with an improved standard of living. These efforts include opening up their economies more to the rest of the world through international trade, capital flows and cooperation. Therefore, exchange rate policy...