This paper builds on Okun's law and Phillips curve theoretical frameworks to analyse the relationship between macroeconomic aggregates and unemployment in the Economic Community of West African States (ECOWAS). Fixed and random effects, as well as fully modified ordinary least squares (FMOL) panel data estimation techniques are employed on annual data covering 1991 to 2014. Empirical analyses are performed at both aggregate ECOWAS data level and sub‐regional levels, that is, Francophone and Anglophone country levels. Results show that gross domestic product (GDP) growth has a reducing but insignificant effect on unemployment rate, which indicates low employment elasticity of growth in the region. Inflation has an overwhelming positive impact on unemployment, indicating invalidity of the Phillips curve hypothesis. Another important finding of the paper is the positive impact of labour productivity on unemployment rate, reflecting a trade‐off between labour productivity and employment. Further, FDI and external debt exert a weak negative impact on unemployment, while population growth has an increasing effect. The paper suggests the need for enabling macroeconomic environment that promotes employment generation in the ECOWAS region.

This paper examined the effects of the financial liberalization strategy adopted on the African continent over 25 years ago in promoting new business entry using data from 22 sub-Saharan African (SSA) countries in 2006-2017. Results from the dynamic generalized method of moments models show that: financial development via a policy of financial liberalization does not have a uniform effect on entrepreneurship; the interest rate gap significantly undermines the How to cite this article: Ogbeide FI, Adeboje OM. Effects of financial reform on business entry in sub-Saharan African countries: Do resource dependence and institutional quality matter?

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This study examines the empirical relationship between financial development and merchandise trade in Nigeria using annual data from 1981 to 2014. The empirical analysis is also carried out on the disaggregated components of the trade, that is, merchandise export and import, for robust analysis. Estimation results based on error correction model show that there exists significant long run positive relationship between financial development and export in Nigeria over the period under study. There is need for government to therefore provide enabling environment for financial sector to thrive through sound macroeconomic policies for effective economic diversification through export.

This study investigated the effects of trade integration on economic growth and employment in West Africa from 2005 to 2019. Using a two-step panel GMM estimation technique, results showed that trade between West Africa member states and other SSA countries has more reinforcing growth propelling effect. That is, trade deepening between West African countries and other SSA countries has the tendency to boost growth more than when trade is just among the West African countries. Results also showed that although trade integration has not led to expansion in employment in the West African region, increased volume of trade among countries would foster more employment generation. The policy import of the study is threefold. First, when West Africa countries trade among themselves, the benefits of trade in enhancing economic growth and employment generation is small. Second, with trade between West Africa and other countries and regions in SSA, West Africa stands better chance of harnessing more growth and employment benefits from trade integration. Third, there is therefore the need for West Africa to key into the AfCFTA implementation as deeper trade within Africa has great potentials of fast-tracking growth and more employment generation for the region.