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Energy consumption and inclusive growth in Sub-Saharan Africa: Does foreign direct investment make a difference?

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  • Jinapor, John Abdulai
  • Abor, Joshua Yindenaba
  • Graham, Michael

Abstract

In line with the quest to achieve inclusive and sustainable growth, this paper examines the potential impact of energy consumption and foreign direct investment (FDI) and their interactive effect on inclusive growth for 32 Sub-Saharan Africa (SSA) countries from 2000 to 2019. The results of the two-stage system generalised method of moment (2SGMM) show that energy consumption induces inclusive growth. However, there is evidence of a non-linear relationship between FDI and inclusive growth, where FDI dampens inclusive growth to a certain point and begins to induce it after that point. Notably, the results reveal that FDI can effectively form synergies with both renewable and non-renewable energy consumption to promote inclusive growth in SSA. Also, our empirical results from the GMM is robust to Diskroll and Kraay methodology, which caters for cross-sectional dependence. We recommend that African leaders focus on attracting FDI to finance their energy needs, particularly in the area of low-carbon or renewable energy sources, by leveraging private sector capital investments to achieve inclusive growth and also promote sustainable development.

Suggested Citation

  • Jinapor, John Abdulai & Abor, Joshua Yindenaba & Graham, Michael, 2025. "Energy consumption and inclusive growth in Sub-Saharan Africa: Does foreign direct investment make a difference?," Energy Policy, Elsevier, vol. 198(C).
  • Handle: RePEc:eee:enepol:v:198:y:2025:i:c:s0301421525000072
    DOI: 10.1016/j.enpol.2025.114500
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    Keywords

    SSA; Renewable Energy consumption; Non-renewable Energy consumption; FDI; Inclusive growth;
    All these keywords.

    JEL classification:

    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • F20 - International Economics - - International Factor Movements and International Business - - - General

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