Industrialisation, Finance, and Urbanisation in Africa

Oluwatosin Adeniyi () and Oludele Folarin ()
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Oluwatosin Adeniyi: University of Ibadan, Nigeria
Oludele Folarin: University of Ibadan, Nigeria

No 23/065, Working Papers from European Xtramile Centre of African Studies (EXCAS)

Abstract: This study investigated two key questions: what is the impact of industrialisation on urbanisation in Africa? and to what extent does financial development affect this industrialisation- urbanisation nexus? To elicit answers to these questions, data from thirty-three (33) African countries over a period of twenty-eight (28) years were analysed using a dynamic panel estimator. The findings showed that industrialisation had positive and significant effects on urbanisation. Further, the study shows that financial development had a positive effect on urbanisation, although it lowers the positive effect of industrialisation on urbanisation. Hence, industrial policies, particularly those with marked job creation possibilities, should be accompanied by well-designed urban planning policies in order to sidestep the adverse socio-economic consequences connected with the development of slums in urban areas.

Keywords: Urbanisation; Industrialisation; Financial Development; Africa (search for similar items in EconPapers)
JEL-codes: G2 L16 N17 O18 (search for similar items in EconPapers)
Pages: 24
Date: 2023-01
New Economics Papers: this item is included in nep-fdg
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Forthcoming: Journal of African Development

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