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    External Financing for Inclusive Growth in Lower - Middle Income West African Countries: Foreign Direct Investment versus Official Development Assistance
    (ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND, 2023) Ibikunle, Joseph Afolabi; Uzoechina, Benedict I.; Olasehinde-Williams, Godwin; Bekun, Festus Victor
    Most developing countries are plagued with harsh economic realities, which motivate them to seek sustainable economic growth and development in line with goal eight of the United Nations Sustainable Development Goals. To this end, this paper investigated the source of external financing that is most helpful for achieving inclusive growth in lower-middle-income West African countries. The study is a panel analysis of annual data extending from 2000 to 2019. The study employed the Emirmahmutoglu and Kose Bootstrap Granger Causality Test, Westerlund Cointegration Test, Common Correlated Mean Group estimation technique, and Augmented Mean Group estimation technique for econometric analyses. The long-run empirical results from the study showed that both foreign direct investment and foreign aid have positive and significant effects on inclusive growth, although the impact of foreign direct investment is greater than that of foreign aid. A bi-directional causality was also found to exist between inclusive growth and foreign direct investment, while no causal relationship was detected between inclusive growth and foreign aid. Given the study’s empirical outcomes, it is recommended that West African countries prioritize macroeconomic policy reforms that provide enabling conditions for foreign direct investment to thrive rather than pursue foreign aid that more often than not are misdirected.
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    Illicit financial outflows, informal sector size and domestic resource mobilization in selected African countries
    (EMERALD GROUP PUBLISHING LTD, HOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND, 2021) Uzoechina, Benedict Ikemefuna; Ibikunle, Joseph Afolabi; Olasehinde-Williams, Godwin; Bekun, Festus Victor
    Purpose –The growth of both the informal sector and illicit financial outflows necessitated this study, in order to investigate how countries in Africa respond to these realities in terms of mobilization of domestic resources. These are the main motivation for the current study to the extant literature in conjunction with the adoption of employing second-generation econometric techniques which take into account cross-sectional dependence and country-specific heterogeneity. Design/methodology/approach – This study therefore examined the capacity of Africa to mobilize domestic resources amidst rising illicit financial outflows and informal sector size in selected African countries between 2000 and 2018. Second-generation econometric techniques such as cross-sectional dependence tests, slope homogeneity tests, Westerlund (2007) long-run co-integration tests, Eberhardt and Teal (2010) augmented mean group estimations and K onya (2006) panel causality testing were employed. Findings – Findings revealed the existence of cross-sectional dependence and slope homogeneity in the data series. Findings also supported the existence of depressing long-run impacts of IFOs and ISS on domestic savings. Causality test results were not uniform across variables among countries. Policy recommendations favour formalizing the largely informal African economies through budgetary policy adjustments and commitment to building stronger institutions. Practical implications – The fragility of the African countries economy and its macroeconomic indicators is suggestive for more policy construction. Originality/value – This economic reality about the nature of the informal sector is one that has negated the traditional view which holds that economic reforms would make the informal sector shrink as it transits to formal sector. Experiences from Latin America and Africa in fact indicate that the informal sector is actually on an expansionary path in the wake of adjustment and policy reforms. It is often called the unobserved, unorganized or unprotected economy. With this sector growing in size, the possibility of a reverse may not be in sight, owing to the increasing poverty levels and unemployment prevalent in most African countries. Uncertain foreign investment and aid inflows coupled with lower export revenues and high levels of indebtedness have created new impetus to examine the capacity of Africa’s fiscal policy regime to mobilise domestic resources for the development of the region. Surprisingly, the last decade witnessed continued rise in Africa’s illicit financial outflows amidst large informal sector size (ISS).