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This research investigates the interactive effect of trade openness and the institutional quality on economic growth in sub-Sahara Africa. The sample consists of 38 sub-Saharan African countries and covers the period 1986-2015. Pooled OLS, fixed effect, and Dynamic GMM were used as estimation techniques. The empirical section used a nonlinear growth regression specification that interacts trade openness with law and order, bureaucratic quality, corruption, government stability, and democratic accountability. The study found that corruption, government stability, law and order, and bureaucratic quality as institutional quality variables harm economic growth. The interaction of trade openness and institutional quality variables positively impacted economic growth. It is an indication that trade openness better impacted economic growth in the presence of high-quality institutional variables.

ABSTRACT: Agricultural financing plays a crucial role in enhancing agricultural productivity, profitability, and sustainability. These factors are essential for achieving food security, reducing poverty, and promoting economic growth in developing countries, such as Nigeria. However, agricultural financing faces various challenges, including high risks, low returns, inadequate infrastructure, weak institutions, and limited access to formal financial services. This study aims to examine the impact of agricultural financing on agricultural growth sustainability in Nigeria from 1985 to 2021, taking into account both domestic and international perspectives. Domestic agricultural financing is measured through commercial bank loans, interest rates, and the Agricultural Credit Guarantee Scheme Fund, while international financing is measured through agricultural foreign direct investment. The study utilizes the ARDL bonding test to analyze the short- and long-term effects of agricultural financing on agricultural growth sustainability in Nigeria. The findings of this study reveal that agricultural financing has both short-term and long-term impacts on agricultural growth sustainability. Domestic financing of agriculture significantly influences agricultural growth sustainability in Nigeria. Bank credit to the agricultural sector stimulates agricultural GDP. Similarly, the interest rates set by banks exhibit a negative relationship with agricultural growth sustainability in Nigeria, both in the short and long term. On the other hand, the Agricultural Credit Guarantee Scheme Fund (ACGSF) positively affects Nigeria's agricultural GDP in both the short and long term. However, international financing adversely affects agricultural GDP in the long run in Nigeria. The negative impact of foreign direct investment on agricultural output may be attributed to increased competition and conflicts over land and resources as foreign investors seek to secure large-scale and long-term land deals, often with the support or involvement of the host government. The significance of this study lies in its contribution to the existing literature on the influence of agricultural financing on agricultural growth sustainability, providing valuable insights for policymakers, researchers, and stakeholders interested in advancing the agricultural sector. By considering both domestic and international perspectives, this study assists the government and policymakers in effectively managing agricultural financing to stimulate agricultural growth and ensure sustainability for overall development.

The study investigates the effect of financial development and trade liberalisation on macroeconomic volatility in Africa between 1980 and 2017. The study employed panel data, de jure and de facto measures of financial openness and three estimation techniques (pooled Ordinary least square method [OLS], fixed effect and dynamic general method of moment [GMM]) to analyse the data. Results show that increased financial openness also leads to increased income volatility for the de jure measure of financial openness while for the de facto measure increased financial openness reduces income volatility. Results also show that financial openness leads to subtle volatility of output growth in Africa. The results contradict the argument that more financial openness leads to lower volatility in consumption in Africa. Furthermore, investment volatility responded to the measures of financial openness in different ways. The study conclude policymakers should focus more on policies that will foster financial system development as it has shown to be very effective in reducing macroeconomic volatility in Africa.

The study examines the effect of military expenditure on output in Nigeria both in the short-run and in the long-run period. In addition, it verified whether military expenditure is an economically non-contributive activity using ARDL bounds testing approach to co-integration. Results showed that military spending has negative and significant effect on output in the short-run but positive and significant effect in the long-run. Labour and capital have positive and significant effects both in the long-run and short-run. In addition, labour has the highest coefficient (3.0709) in the long-run. The study concludes that government should reduce its expenditure on defense and concentrate more on human capital development, since military spending contributes nothing to output in the short-run.