Browsing by Author "MESHIOYE, Damilola Ajoke"

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    Clean Energy and Financial Development as Determinant of Sustainable Development in Sub Saharan Africa
    (Bells University of Technology, 2024-05-30) MESHIOYE, Damilola Ajoke; Dr. Wisdom Okere
    This study investigated the relationship between clean energy access, financial development, and sustainable development in Sub-Saharan Africa, aiming to address critical research gaps. By analyzing using panel data and employing panel Fully Modified Least Squares (FMOLS) regression after determining all the variables are stationary at I(1) except one which stationary at 1(0), Financial Development exhibited a positive & significant relationship with gross domestic product per capita, suggesting that a well-developed financial sector positively impacts economic growth by facilitating access to capital. Also, Renewable Energy Consumption demonstrated a negative association with gross domestic product per capita, possibly due to initial investment costs and technological constraints. The interaction effect between financial development and renewable energy also showed a negative impact on gross domestic product per capita, indicating a mitigating influence when both factors are considered together. Additionally, Trade Openness and Foreign Direct Investment exhibited notable impacts on gross domestic product per capita, with higher levels of trade openness and foreign direct investment potentially leading to lower economic growth. The policy recommendations of this study based on the findings are to strengthen financial sector with efficient credit allocation, promote clean energy adoption despite challenges, mitigate trade openness impacts through diversification and evaluate FDI for sustainable development alignment, enhancing local benefits.