A Panel Analysis of Crude Oil Exports and Poverty Reduction in African Oil Producing Countries: Implication for the Sustainable Development Goal One

Lawrence Imeokparia, Olaoye Olusegun Peter, Bahiru Akande Bello, Romanus Osabohien, Timothy Ayomitunde Aderemi, Obindah Gershon, Disi Aaron and Abidemi Alejo
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Lawrence Imeokparia: Department of Economics, Accounting and Finance, Bells University of Technology, Ota, Nigeria
Olaoye Olusegun Peter: Academic Planning Unit and Centre for Economic Policy and Development Research (CEPDeR), Covenant University, Ota, Nigeria.
Bahiru Akande Bello: Department of Business Administration, Bells University of technology, Ota, Nigeria.
Romanus Osabohien: Department of Economics and Development Studies, Covenant University, Ota, Nigeria; & Development Research (CEPDeR), Covenant University, Ota, Nigeria
Timothy Ayomitunde Aderemi: Department of Economics, Accounting and Finance, Bells University of Technology, Ota, Nigeria; & Centre for Economic Policy and Development Research (CEPDeR), Covenant University, Ota, Nigeria.
Disi Aaron: Department of Economics, Accounting and Finance, Bells University of Technology, Ota, Nigeria

International Journal of Energy Economics and Policy, 2023, vol. 13, issue 4, 169-174

Abstract: The objective of this research is to determine the impact of oil exports on poverty reduction in African oil exporting countries. The study spanned over 30 years, from 1991 to 2020, and relied on secondary data extracted from ten (10) highest oil-producing countries in Africa. The human development index (HDI) was used as a proxy for poverty reduction. The Panel ARDL technique was used to analyse the data. According to the findings of this study, the oil exports using revenues from oil exportation and total annual barrels of oil produced had a beneficial impact on human capital development and thus reduced poverty in the selected African oil-exporting countries. The impact of total revenue from oil exports, on the other hand, was statistically insignificant, although the impact of total annual barrels of oil produced was not. As a result of these findings, the study finds that in the long run, oil revenues had a positive impact on poverty reduction in oil-exporting African countries, although not to a significant extent. This implies that the study does not provide empirical evidence to support the existence of resource curse hypothesis. In view of the above findings, this study recommends that the policymakers in African oil exporting countries should utilize the proceeds from the oil exports for the human development oriented programmes that have trickle down effects on poverty reduction in these countries.

Keywords: Oil Exports; Poverty; Human Development Index; SDG 1; African Countries (search for similar items in EconPapers)
JEL-codes: Q15 Q17 Q37 (search for similar items in EconPapers)
Date: 2023
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