Economic Globalization, Entrepreneurship and Welfare in African Oil Exporting Countries

Main Article Content

Kenneth Kemneti Olise
Olalekan Aworinde
Olusegun Ajibola

Abstract

The desire of policymakers in developing countries is to achieve rapid and sustainable economic growth. This is because achieving such growth will open diverse opportunities for people to be creative and productive. The need for these policies to accelerate the level of growth is not unconnected to the high unemployment rates, ravaged poverty, and rising inequality that led to low inclusive growth. To achieve the needed growth, there is a need for a resurgence in entrepreneurial activities and increased economic globalization. On this basis, the study examined the effect of economic globalization and entrepreneurship on GDP per capita in oil-exporting African countries. The research used ex-post facto research design. The study comprised 16 oil-exporting countries in Africa. The sample period is from 2006–2021. The study revealed that there is evidence that economic globalization and entrepreneurship significantly influence GDP per capita (Wald-test (6, 249) = 18.32, p < 0.05). The study concluded that economic globalization and entrepreneurship have a significant influence on GDP per capita in the selected oil-exporting countries in Africa. The study recommends that oil exporting African countries policy makers should change their centrally planned economies and hand more responsibility over to private sector players, with the government performing regulatory roles.

Article Details

How to Cite
Olise, K. K., Aworinde, O., & Ajibola, O. . (2024). Economic Globalization, Entrepreneurship and Welfare in African Oil Exporting Countries. Applied Journal of Economics, Management and Social Sciences, 5(2). https://doi.org/10.53790/ajmss.v5i2.95
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