Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Abstract This study investigated the impact of financial sector development on domestic investment in selected countries of the Economic Community of West African States (ECOWAS) for the years 1985–2017. The study employed the augmented mean group procedure, which accounts for country-specific heterogeneity and cross-sectional dependence, and the Granger non-causality test to test for causality in the presence of cross-sectional dependence. The results show that (1) The impact of financial sector development on domestic investment depends on the measure of financial sector development utilised; (2) Domestic credit to the private sector has a positive but insignificant impact on domestic investment in ECOWAS, whereas banking intermediation efficiency (i.e., ability of the banks to transform deposits into credit) and broad money supply negatively and significant influence domestic investment; (3) Cross-country differences exist in the impact of financial sector development on domestic investment in the selected ECOWAS countries; and (4) Domestic credit to the private sector Granger causes domestic investment in ECOWAS. The study recommends careful consideration in the measure of financial development that is utilised as a policy instrument to foster domestic investment. We also highlight the importance of employing country-specific domestic investment policies to avoid blanket policy measures. Domestic credit to the private sector should be given priority when forecasting domestic investment into the future

<I>Sōteria</I> [salvation] in Christianity and <I>Ụbandu</I> [wholeness] in Igbo traditional religion: Towards a renewed understanding

This study affirmed the fact that there is the idea of salvation in all religions whether revealed or indigenous. This applies categorically to Christianity and Igbo traditional religion (ITR). The basis for this comparative study of sōteria [salvation] and ụbandu [wholeness] in both Christianity and ITR is to juxtapose the two religions’ intrinsic value and distinctive heritage for wider readership and shared knowledge. The aim of this study is to carry out a critical comparative study of the concepts of sōteria and ụbandu in both Christianity and ITR locating their nexus and point of departure. This study is therefore comparative in approach. The methodology applied to this effect is, firstly, the lexical analysis which involves a critical study of the uses of sōteria in the New Testament Greek Bible. Secondly, in the context of ITR, our discussions on ubandu and sōteria as form and expression of doctrine of salvation call for the application of a phenomenological lens; through this, we used oral interviews as source of primary data. This study discovered that both Christianity and ITR define soteria and ubandu from a physical standpoint to include God’s providence, protection and preservation. It is on eschatological experience of sōteria and ụbandu that both religions have points of nexus and divergences. It deciphers the fact that eschatological experience of sōteria in Christianity is highly dependent on the belief in Jesus and his mediatory role which can be either accepted or refused by humans. Eschatological experience of ubandu in ITR is ancestorhood which is highly dependent on the use of coercive force through the enforcement of omenala [Igbo moral codes] in ensuring its experience on the part of practitioners when they transit to the ancestral world