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https://doi.org/10.22610/jebs.v8i2(J).1251

has been cited by the following article:

• TITLE: Factors Driving Industrialization in Africa: A Panel Two-Stage Least Square Approach

  AUTHORS: Cosmos Amoah, Josephine Jehu-Appiah

  KEYWORDS: Human Capital, Industrialization, Financial Development, Foreign Direct Investment, Trade Openness

  JOURNAL NAME: Modern Economy, Vol.13 No.2, February 24, 2022

  ABSTRACT: The study examined the factors that influence industrialization in Africa using annual panel data from 1990 to 2018. To avoid problems of endogeneity, we employed the Two-Stage Least Square (TSLS) approach to estimate the significant determinants of industrialization. We found that foreign direct investment, total natural resources, and financial development significantly and positively predicted industrialization. Trade openness had a significant and negative effect on industrialization. Human capital and inflation were not significant determinants of industrialization. We also demonstrate that a significant aspect of an economy’s ability to industrialize is the synchronization of public policies in its external engagements. To leverage the importance and contributions of industrialization, governments of various African economies should strive to augment foreign direct investment, preserve and explore more natural resources, and intensify financial development.