Empirical studies have been conducted around the impact of foreign direct investment on industrialisation; however, while they have produced inconsistent inferences, the impact channel of this relationship has also been ignored. This study focuses on the role of institution on foreign direct investment for industrialisation in a panel of 43 Sub-Sahara African countries for the period 1996 through 2018. This study uses manufacturing value added per capita to capture industrialisation and based its empirical evidence on the pooled ordinary least squares, fixed effects and system generalised method of moments methods of estimation. From our empirical analysis, the following findings are established: First, persistence level of industrialisation determines to a large extent, the current industrialisation in sub-Saharan Africa. Second, foreign direct investment exerts a negative and significant impact on industrialisation. Last, when indicators of institution are imposed on foreign direct investment in our model, the negative impact existing between foreign direct investment and industrialisation remains apparent except for the political index of institution that moderates and averts this negative effect although the magnitude is meagre. On the policy ground, this study advocates for institutional policies and reforms that targets economic, political and institutional forms of governance.

In this paper, we explore the nexus between remittances and Nigeria?s economic growth over the period 1996 to 2020 from the perspective of financial inclusion (FI). The fully modified ordinary least square (FMOLS) and Granger (1969) causality methodologies were employed. The findings of the FMOLS show that the increasing flow of remittances can significantly contribute to the growth of the Nigerian economy. Also, the interaction of financial inclusion and remittances has a significant impact on the country?s development. The study concludes that the interaction of remittances with the measures of financial inclusion will lead to economic growth at a faster rate than when there is no interaction with financial inclusion. Using the Granger causality test, the study revealed that the relationship between financial inclusion and economic growth is a unidirectional one. It shows that the impact of financial inclusion on growth is conditional on remittances. Therefore, Nigeria?s authorities need to work to strengthen all existing institutional weaknesses that allow questionable transactions in financial markets and to promote a more inclusive financial sector that will reduce the number of unbanked individuals in the country.

Enhancing sub-Saharan Africa's manufacturing exports is an imperative necessity, given its numerous economic and developmental benefits. While significant scholarly contributions have explored the factors influencing firms' exporting activities, further research is needed to deepen our understanding of the access to finance perspective. Despite previous studies examining the link between access to finance and exporting activities, a lack of consensus persists in the existing literature. Moreover, the majority of these studies have focused primarily on formal finance, neglecting the role of informal finance. Therefore, this study fills this gap by investigating the impact of access to finance on the exporting activities of manufacturing firms in sub-Saharan Africa. The World Bank Enterprise Survey data for 38 sub-Saharan African countries is utilised to measure firm exporting, employing the extended probit regression model for empirical testing. The findings reveal a direct relationship between access to formal finance and manufacturing firms' exports, indicating that improved access to formal finance increases the likelihood of exporting for firms in sub-Saharan Africa. We found a similar result for the effect of access to informal finance. To ensure the robustness of our results, we employ alternative measures of firm exporting in terms of export value and apply instrumental variable Tobit and Heckman selection two-step regression models. The results remain consistent with our initial findings. Based on these findings, policy recommendations are provided to support and enhance manufacturing exports in sub-Saharan Africa. JEL Classification: C36, D22, F14, G23, L60, M20

The goal of this study is to analyse the role of financial inclusion, governance, andremittances on growth in Sub-Saharan African countries (SSA), as well as themoderating influence of the role of financial inclusion on the remittances-growth nexus,using panel data spanning 1996–2020. Data were collected through secondary sources,including World Bank and IMF reports for the period 1996–2020. By using a principalcomponent analysis method, we constructed composite FI indexes to measure the degreeof FI. Cross-sectional dependence, slope homogeneity, and pooled mean grouping (PMG)are employed to evaluate the stated objectives. The study findings showed thatremittances have a significant positive relationship with economic growth, and thatpositive financial inclusion moderates the remittance-growth nexus in SSA countries.Given the findings that the level of governance has an adverse influence on growth, hencestakeholders should improve financial infrastructure, which provides the underlyinginstrument for financial inclusion, and protect customers by instituting controls andprocedures for reporting, fairness, and resorting to SSA countries. Governments shouldalso promote the larger global remittances agenda, which includes leveragingremittances for better consumer and business financing, and exposure to global financialmarkets through refinancing and the issue of diaspora bonds.JEL Classifications: C1; F6; G2; O4