Macroeconomic Vs. Resource Determinants of Economic Growth in Africa: A COMESA and ECOWAS Study

Aladejare, Samson Adeniyi

doi:10.1080/10168737.2019.1663439

Cited by 21 publications

(20 citation statements)

References 27 publications

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“…Aside from Africa's overwhelming agrarian wealth, its extractive sector is estimated to account for about 30% of the world's minerals reserves (UNEP, 2022). Africa is home to 40% of the world's gold deposits and about 90% of the world's chromium and platinum (Aladejare, 2020;and UNEP, 2022). Similarly, Africa's rich oil and natural gas reserves constitute about 12% and 8% of the world's total reserves, respectively (UNEP, 2022).…”

Section: Introductionmentioning

confidence: 99%

Natural resource rents, globalisation and environmental degradation: New insight from 5 richest African economies

Aladejare

2022

Resources Policy

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Section: Introductionmentioning

confidence: 99%

Natural resource rents, globalisation and environmental degradation: New insight from 5 richest African economies

Aladejare

2022

Resources Policy

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“…Furthermore, the ability to service prior debts and pay the principal lies on revenue generated. Nigeria's main source of revenue is from crude oil sales, constituting about 96 percent of her total foreign exchange earnings (Aladejare, 2020). Tax revenues have not been adequate due to the weak tax system in the country.…”

Section: Estimated Long-run Ardl Resultsmentioning

confidence: 99%

Macroeconomic Volatility and its Significance to the Rising External Indebtedness of Nigeria

Aladejare¹

2021

jpfs

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The motivation of this study has been to identify the effects of the multidimensional perspectives of macroeconomic volatility on the growth of external debt in Nigeria from 1970 to 2018. Methodologically, the Auto-Regressive Distributed Lag (ARDL) model and the Toda-Yamamoto causality approach were adopted. For the purpose of understanding the multidimensional perspective of macroeconomic volatility, macroeconomic volatility was disaggregated into three different perspectives which are: volatility from macroeconomic outcomes, domestic sources, and external sources. Findings from the study suggest that while volatility from macroeconomic outcomes exclusively affects external debt in the long-term, effects from the three sources were very substantial in the short-term. Furthermore, the causality result indicates bidirectional nexus between volatility from macroeconomic outcomes and external debt. Also, the irregular variations in the Nigerian political space, unanticipated disease outbreaks, and the effects of the 1986 recession in the country all significantly worsened the country's external debt situation. Thus, the study recommended amongst others that since developing countries such as Nigeria cannot do away with the demand for external debt to finance its economic growth, it is also important to count the cost such financing provides even if faster growth is actually realise.

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“…used the seemingly unrelated regression (SUR) procedure to indicate that FDI and government expenditure signi cantly impacted China's GDP and GDP per capita. Aladejare (2020) applied the pool mean group (PMG) method and submitted that long-run GDP per capita growth in the ECOWAS region is determined by the gross xed capital formation and exchange rate. While in the COMESA region, exchange rate and degree of openness are determinants of long-run GDP per capita growth.…”

Section: Empirical Reviewmentioning

confidence: 99%

Macroeconomic Factors and the Prospects of Economic Prosperity in a Developing Economy: Evidence from Dynamic ARDL Simulations and KRLS Techniques

Aladejare¹

2022

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Policymakers have continued to be fascinated with the combinations of macroeconomic indicators that can drive long-term wealth in different countries. Consequently, this study investigated the effects of inflation and exchange rates, deficit financing, foreign investment, and financial development on economic prosperity measured by GDP per capita for Nigeria from 1970 to 2020. Empirical inferences were derived by applying the autoregressive distributed lag (ARDL), dynamic ARDL (DYNARDL), and the Kernel-based regularised least squares (KRLS) models. It was observed that inflation rate and deficit financing adversely impacted economic wealth in the short and long term. At the same time, the exchange rate and financial development only benefited economic prosperity in the long term. In contrast, foreign investment was reported to be prosperity-decelerating in the long term. Applying the DYNARDL and KRLS techniques enabled the response of economic prosperity to future counterfactual shocks to the inflation and exchange rate variables. While inflationary shocks may have long-term beneficial effects on economic prosperity, shocks to the exchange rate will slightly erode these benefits. The study proposed several policy measures.

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Macroeconomic Vs. Resource Determinants of Economic Growth in Africa: A COMESA and ECOWAS Study

Cited by 21 publications

References 27 publications

Natural resource rents, globalisation and environmental degradation: New insight from 5 richest African economies

Natural resource rents, globalisation and environmental degradation: New insight from 5 richest African economies

Macroeconomic Volatility and its Significance to the Rising External Indebtedness of Nigeria

Macroeconomic Factors and the Prospects of Economic Prosperity in a Developing Economy: Evidence from Dynamic ARDL Simulations and KRLS Techniques

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