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Oil Wealth and Economic Growth in Oil Exporting African Countries

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  • Olomola Philip Akanni

    (Obafemi Awolowo University)

Abstract

This study analyses the effect of oil rents on economic growth in oil exporting African countries. It also attempts to provide both theoretical and empirical analysis of the channels of transmission of resource curse of natural resources on growth in these countries. It adopts a panel data regression analysis for the period 1970 to 2000 for 47 oil exporting countries including Africa, and 13 non-oil exporting countries. The majorfindings are that there was evidence of resource curse in oil exporting countries, including oil exporting African countries, exchange rate and the Dutch disease syndrome do notexplain the resource curse in these countries, including Africa, the absence of democracy in oil exporting countries hinders economic growth, and the despicable state of institutions in oil exporting countries encourage grabbing of public resources and oil rents throughrent seeking hence retarding economic growth. The basic conclusion from this study is that for oil exporting African countries, as for other oil exporting countries, oil rentshave failed to promote growth.

Suggested Citation

  • Olomola Philip Akanni, 2007. "Oil Wealth and Economic Growth in Oil Exporting African Countries," Working Papers 170, African Economic Research Consortium, Research Department.
    • Handle: RePEc:aer:wpaper:170
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    Cited by:

    1. Omolade Adeleke & Nwosa Philip & Ngalawa Harold, 2019. "Monetary Transmission Channel, Oil Price Shock and the Manufacturing Sector in Nigeria," Folia Oeconomica Stetinensia, Sciendo, vol. 19(1), pages 89-113, June.
    2. SAIBU, Olufemi Muibi, 2012. "Energy Resources, Domestic Investment and Economic Growth: Empirical Evidence from Nigeria," MPRA Paper 34392, University Library of Munich, Germany.
    3. Patrick Ologbenla, 2019. "Fiscal Policy and External Shocks in Nigeria," Journal of Economics and Behavioral Studies, AMH International, vol. 11(1), pages 129-138.
    4. Mohammadi, Teymour & Jahangard, Fateme & Khani Hoolari, Seyed Morteza, 2014. "The relationship between reserves of oil endowment and economic growth from the resource curse viewpoint: a case study of oil producing countries," MPRA Paper 56092, University Library of Munich, Germany.
    5. Clovis Wendji Miamo & Elvis Dze Achuo, 2022. "Can the resource curse be avoided? An empirical examination of the nexus between crude oil price and economic growth," SN Business & Economics, Springer, vol. 2(1), pages 1-23, January.
    6. Aderemi Timothy Ayomitunde & Alaka Adedayo & Ebere Chidinma Edith, 2020. "Nexus between Foreign Direct Investment and Oil Exports in Nigeria: An Empirical Perspective," International Journal of Business and Administrative Studies, Professor Dr. Bahaudin G. Mujtaba, vol. 6(3), pages 150-156.
    7. Adewale Samuel Hassan & Daniel Francois Meyer & Sebastian Kot, 2019. "Effect of Institutional Quality and Wealth from Oil Revenue on Economic Growth in Oil-Exporting Developing Countries," Sustainability, MDPI, vol. 11(13), pages 1-14, July.
    8. Emanuel Bergasse & Wojciech Paczyński & Marek Dąbrowski & Luc De Wulf, 2013. "The Relationship Between Energy and Socio-Economic Development in the Southern and Eastern Mediterranean," CASE Network Reports 0112, CASE-Center for Social and Economic Research.
    9. Guevara, Zeus & Sebastian, Antonio & Carranza Dumon, Fabian, 2022. "Economy-wide impact of conventional development policies in oil-exporting developing countries: The case of Mexico," Energy Policy, Elsevier, vol. 161(C).
    10. Yating, Yang & Mughal, Nafeesa & Wen, Jun & Thi Ngan, Truong & Ramirez-Asis, Edwin & Maneengam, Apichit, 2022. "Economic performance and natural resources commodity prices volatility: Evidence from global data," Resources Policy, Elsevier, vol. 78(C).
    11. Okoye, Lawrence Uchenna & Adeleye, Bosede Ngozi & Okoro, Emmanuel E. & Okoh, Johnson I. & Ezu, Gideon K. & Anyanwu, Felicia A., 2022. "Effect of gas flaring, oil rent and fossil fuel on economic performance: The case of Nigeria," Resources Policy, Elsevier, vol. 77(C).
    12. Mathew Ekundayo Rotimi & Harold Ngalawa, 2017. "Oil Price Shocks and Economic Performance in Africa’s Oil Exporting Countries," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 13(5), pages 169-188, OCTOBER.
    13. D. O. Olayungbo & Chisom Umechukwu, 2022. "Asymmetric oil price shocks and the economies of selected oil-exporting African countries: a global VAR approach," Economic Change and Restructuring, Springer, vol. 55(4), pages 2137-2170, November.
    14. Chirwa Ephraim W., 2007. "Sources of Technical Efficiency among Smallholder Maize Farmers in Southern Malawi," Working Papers 172, African Economic Research Consortium, Research Department.

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