Nwani Chinazaekpere, Okezie Benedette Nneka, Nwali Anthony Chukwuma, Nwokeiwu Johnson, Duruzor Gloria Ifeoma, Eze Ogbonna Nweze
Department of Economics and Development Studies, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, Nigeria.
Accountancy Department, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, Nigeria.
Heliyon. 2023 Aug 30;9(9):e19522. doi: 10.1016/j.heliyon.2023.e19522. eCollection 2023 Sep.
Structural transformation is a crucial prerequisite for inclusive and sustainable development. In this context, this study examines the influence of natural resource dependence on the transformation of industrial structure in a panel of 30 Sub-Saharan (SSA) economies from 1995 to 2019, taking into account the role of financial development. The empirical analysis relies on the newly developed bias-corrected method-of-moments estimator. The findings indicate that natural resource dependence leads to a reduction in the output contribution of the manufacturing and service industries. On the other hand, financial development through the institutions channel decreases the output value of extractive industries while increasing the output value of manufacturing and service industries, resulting in a net positive effect on the evolution of industrial structure away from extractive-based industrialization. Considering the complex multidimensional nature of financial development, further findings suggest that the depth and efficiency of financial systems are critical areas for deepening structural diversification in the sub-region. Additionally, the findings reveal a U-shaped relationship between per capita GDP and industrial structure transformation. These findings highlight that natural resource dependence inhibits structural transformation in SSA and emphasize the importance of enhancing the depth and efficiency of financial systems as part of strategies to break the resource curse.
结构转型是包容性和可持续发展的关键前提。在此背景下，本研究考察了1995年至2019年撒哈拉以南非洲（SSA）30个经济体组成的面板中自然资源依赖对产业结构转型的影响，同时考虑了金融发展的作用。实证分析依赖于新开发的偏差校正矩估计方法。研究结果表明，自然资源依赖导致制造业和服务业的产出贡献下降。另一方面，通过机构渠道的金融发展降低了采掘业的产值，同时增加了制造业和服务业的产值，对产业结构从以采掘业为基础的工业化演变产生了净积极影响。考虑到金融发展的复杂多维度性质，进一步的研究结果表明，金融体系的深度和效率是该次区域深化结构多元化的关键领域。此外，研究结果揭示了人均GDP与产业结构转型之间呈U形关系。这些研究结果凸显了自然资源依赖抑制撒哈拉以南非洲地区的结构转型，并强调了提高金融体系深度和效率作为打破资源诅咒战略一部分的重要性。
