The impact of foreign capital inflows on economic growth in selected West African countries

The West African countries have been identified with inadequate capital for investment, being one of the poorest sub-regions in the world. This study employed panel data from 1980 to 2013 to examine the impact of foreign capital inflows on the economic growth in the selected West African countries using Two Gap Theory. The objective of this study is to examine the nature of relationship between foreign capital inflows and the level of economic growth selected West African Countries and to observe the causality between foreign capital inflows components and economic growth. The study adopts Pedroni cointegration and granger causality test. The result shows the existence of long run relationship between foreign capital inflows and economics growth in selected West African country. All the variables were positive but only foreign direct investment is significant. Net migrant remittance, foreign direct investment and official development assistance cause growth in the short run. The study recommends policies to encourage capital inflows via macroeconomic management, a flexible exchange rate, financial sector supervision, large reserves and diversification of domestic economies

Exchange rate volatility and non-oil exports in Nigeria : An empirical investigation / Sa’ad Babatunde Akanbi...[et al.]

The adoption of a flexible exchange rate system since 1986 in Nigeria has made the country witnessed varying rate of the naira vis-à-vis the U.S dollar. This paper examines exchange rate volatility with ARCH model and its various extensions (GARCH, TGARCH, and EGARCH) using quarterly exchange rate series from 1986-Q1 to 2014-Q4.The impact of exchange rate volatility on non-oil exports was also examined using Error Correction Model (ECM) with two different measures of volatility. The results obtained confirm the existence of exchange rate volatility and also found a significant negative effect on non-oil export performance in Nigeria. Therefore, the Nigerian government should ensure an appropriate policy mix that not only ensures a stable and realistic exchange rate but also conducive atmosphere for production and exportation

Environmental Performance in the West African Economy: MM-Quantile and 2SLS Approach

The 2019 World Bank report on West Africa's coast indicates that over $3.8 billion is lost annually due to environmental issues, like erosion, flooding, and pollution. In this paper, the newly introduced environmental performance index (EPI) is incorporated into the neoclassical growth model to empirically address the impact of environmental performance on economic growth for the Economic Community of West African States (ECOWAS). Using the novel Method of Moments-Quantile Regression methodology and 2SLS models, the empirical investigation finds a positive relationship between environmental performance and economic growth across quantiles for ECOWAS. Empirical results provide evidence supporting bidirectional relationships running from environmental performance to economic growth; from government size to economic growth; and from trade openness to economic growth across all quantiles. Results show that environmental performance, government size, labour, and capital stock have a positive impact on West African Economic Growth, while trade openness decreases economic growth. We find a 48% optimal threshold of environmental performance index (EPI) on economic Growth for ECOWAS countries. Based on the findings, policies to encourage improved environmental performance above the threshold estimated will go a long way to enhance West African economies

Universal newborn hearing screening programme in Nigeria: overview and emerging issues

Although universal newborn hearing screening (UNHS) program is indispensable to improving the health level of newborns, two thirds of the people with simple to extreme hearing impairment live in developing nations including Nigeria. Thus, surveying the current UNHS practices in Nigeria is considered imperative to discern the existing UNHS model and identify the existing issues and challenges facing UNHS implementation in the country. Based on the comprehensive review of reports, published research, and other relevant materials, this paper presented a logic-based and empirically-based conceptual discussion regarding the existing UNHS model in Nigeria. The findings of this research indicate that implementation of the UNHS in Nigeria is still at low ebb. The little success recorded in the implementation of UNHS is mostly noticeable in Lagos, South-western Nigeria. There are however problems and challenges, which include deficiency of the screening equipment and inadequate facilities for training the manpower, hindering the implementation of the program in Nigeria. Although there is no problem that is unsurmountable, some of the ways-out of these problems and issues include: recruitment of more hands to handle the screening, creation of awareness using both print and electronic media to sensitize the parents on the importance of UNHS, and creation of awareness to the expectant mothers by the health providers during the pre- natal periods. Also, government should create more screening centers which should be well-equipped. There should also be periodic seminars and workshops to update the knowledge of the concerned health workers caregivers. In addition, literature review conducted in this paper revealed that there is dearth of research on UNHS in the context of Nigeria. Therefore, future researchers should direct their focus towards UNHS research field as this will expand the scope of the existing body of knowledge

Energy security, renewable, non-renewable energy and economic growth in ASEAN economies: New insights

This study examines the linkages between energy security (ES), renewable and non-renewable energy on economic growth for ASEAN countries within a neo-classical growth framework. The econometric techniques account for cross-sectional dependence and structural breaks by undertaking a dynamic common correlation effect analysis unlike previous studies. The study finds a long-run relationship between ES, renewable, non-renewable energy and economic growth for ASEAN economies between 1980 and 2018. Our results also confirm a feedback relationship between renewable energy and economic growth in the ASEAN. Thus, the ASEAN governments must prioritize renewable energy funding and investments. The results are robust to different estimations and methods

Sustainable economic development in OECD countries: Does energy security matter?

Given its versatility, energy security\u27s importance to economic growth cannot be overstated. Existing empirical research has not, however, taken into account the significance of energy security in achieving sustainable economic and financial development. The objective of this study is to provide an empirical response to the question, “How can we exploit energy potentials without compromising the sustainable development agenda?”. Our research indicates that energy security enhances economic and financial sustainability. However, the influence varies between quantiles. Initially, energy security inhibited sustainable economic development; this may have been due to excessive reliance on fossil fuel as a source of energy generation; however, the energy transition to renewable energy mitigated this negative impact, thereby fostering sustainable economic development. Likewise, energy security promotes long-term sustainable financial development. Energy security is the heart of sustainable economic and financial development hence, the need for diversification of energy sources by promoting the adoption of renewable energy technologies became necessary. Encourage investments in solar, wind, hydro, geothermal, and other renewable sources to reduce dependence on fossil fuels and mitigate environmental impacts

What Have Reforms Delivered So Far?-A Quantitative Analysis of Power Sector Reform Impacts in the ASEAN Economies

The importance of the power sector to the ASEAN economies in delivering improved socio-economic prosperity is undeniable. Therefore, reforms in the power sector and their role in guiding the energy policy trilemma of affordability, sustain-ability, and security of supply should be studied properly. This chapter quantitatively examines the socio-economic and technical impacts of power sector reforms in the 10 ASEAN member countries, relying on the novel data set spanning 1990-2018. We capture the effects of power sector reforms across the economic, technical, and welfare dimensions. Our findings suggest that the impacts of power sector reforms are mixed and heterogeneous even though reforms successfully improved the technical performance of the power sector by minimising network losses. Furthermore, the absence of proper institutions supporting market-based reforms meant that reforms also did not generate the anticipated effects across the economic, technical, and welfare dimensions. We also find that the ASEAN economies should not solely rely on power sector reforms to boost electricity consumption in the region but accelerate policies to improve electricity access. Our results are insightful since we control for the effects of cross-sectional dependence, which many prior empirical studies on power sector reforms failed to do so

Does renewable energy promote energy security and economic growth in the Association of Southeast Asian Nations?

Achieving the twin objectives of energy sustainability and economic development is central to global economic regions like the Association of Southeast Asian Nations (ASEAN). However, ASEAN economies suffer from energy supply shortages and are unable to match energy demand and supply, resulting in energy insecurity that can adversely affect the sustainable growth of the region. The purpose of this chapter is to examine the role played by renewable energy in delivering the twin objectives of energy security and economic growth in the ASEAN region. The panel data econometrics technique based on the Westerlund cointegration and Granger causality tests is used to examine long-run equilibrium relationships and causality among eight ASEAN countries from 1980 to 2018. The study finds a long-run relationship between renewable energy, energy security, and economic growth for ASEAN economies, and the results confirm a feedback relationship between renewable energy and economic growth, as well as a bidirectional causality relationship between energy security and economic growth. Therefore, we suggest that the ASEAN governments improve the supply of renewable energy by expanding channels for renewable energy funding to enhance energy security and achieve long-run sustainable economic growth in the region. Our results are consistent across different estimators and account for cross-sectional dependence, heterogeneity, and endogeneity