This study examined the relationship between insurance and economic growth in sub-Saharan Africa over the period 1986-2011. Pooled OLS, Fixed Effect Model and Generalized Method of Moment Panel Model were employed in the estimation. The estimations of the dynamic panel-data results show that insurance has positive and significance impact on economic growth in sub-Saharan Africa. This shows that premium contributes to economic growth in sub-Saharan Africa which means that a well-developed insurance sector is necessary for the economic development, as it provides long-term investments for economic growth and simultaneously strengthening risk-taking abilities. The results also show that human capita has positive significant impact on economic growth. Openness and interest rate have negative and statistical significant on economic growth.

This study was carried out between both authors. Author TA designs the study and wrote the first draft of the manuscript. Author OTA provided the literature materials while the analyses of the study and the spectroscopy analysis were performed by both authors. Both authors read and approved the final manuscript.

This study analyzed both the long and short run relationship between insurance development and economic growth in Nigeria over the period 1986 to 2010. Using error correction model (ECM), the study finds that insurance development cointegrated with economic growth in Nigeria. That is there is long run relationship between insurance development and economic growth in Nigeria. The results also shows that physical capital and interest rate both at contemporary and one lagged value has significant positive effect on economic growth in Nigeria while physical capital and inflation has negative long run relationship with economic growth. The results of this study generally indicate statistically significance contribution of insurance to economic growth in Nigeria.

This study examined the effect of government expenditure on private investment in Nigeria during the period 1980–2016. The error correction model analysis was used in the study to analyze the relationship between the two variables. The study found that there is a long-run relationship among the variables and that the interest rate and inflation have negative but significant impact on private investment in the long run. On the other hand, government expenditure has positive but insignificant impact on private investment in the long run. In the short run, government expenditure and interest rate have a significant positive impact on private investment in Nigeria, while GDP per capita and inflation negatively impact private investment. The study concluded that there is the need for the government to increase its expenditure particularly on the provision of more infrastructural facilities as this will attract more investment from within and outside the country.

This study examined institutions and economic growth in sub-Saharan Africa from 1986 to 2013. Panel data were used for this analysis. Panel pooled ordinary least squares and dynamic generalized method of moment (GMM) models were employed in the estimation of the relationship between institutions and economic growth. This study found that institution has negative impact on economic growth in sub-Saharan Africa as it is positive and statistically significant in both pooled and dynamic GMM. This human capital and money supply also have positive impact on economic growth. Physical capital and interest rates, on the other hand, has negative impact on economic growth in sub-Saharan Africa.