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Enhancing Economic Diversification in West Africa: The Transformative Potential of Urbanization and Digitalization

In: Proceedings of the Global Conference on Economic Diversification 2024

Author

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  • Joshua Adeyemi Afolabi

    (Technische Universität Ilmenau, Institute of Economics)

Abstract

The discourse surrounding urbanization and digitalization, and their roles in powering economic diversification merits careful consideration. While urbanization and digitalization have catalyzed structural transformation in developed regions, their impact on economic diversification in developing regions remains underexplored. This paper underscores the effect of digitalization and urbanization on economic diversification and its sub-indexes (trade, revenue, and output diversification). Utilizing data from five West African countries from 2010 to 2022, the paper employs robust analytical methods, such as Panels Corrected Standard Errors and System Generalized Method of Moments. Findings reveal overwhelming evidence that digitalization and urbanization stimulate trade, output and overall economic diversification but have insignificant effects on revenue diversification. Further analyses revealed that output diversification precedes trade and revenue diversification. The findings suggest the urgent need for comprehensive and forward-thinking policies that can harness the transformative potential of urbanization and digitalization to diversify and build a more resilient West African economy.

Suggested Citation

  • Joshua Adeyemi Afolabi, 2026. "Enhancing Economic Diversification in West Africa: The Transformative Potential of Urbanization and Digitalization," Springer Proceedings in Business and Economics, in: Keertana Subramani & Hamid Saeed & Fadi Salem (ed.), Proceedings of the Global Conference on Economic Diversification 2024, chapter 0, pages 77-100, Springer.
    • Handle: RePEc:spr:prbchp:978-981-95-2022-0_4
    DOI: 10.1007/978-981-95-2022-0_4
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    Keywords

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    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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