27 Sub-Saharan African Countries used in the study

Benin

Botswana

Burkina Faso

Burundi

Cameroon

Congo DR

Congo Republic

Cote d’Ivoire

Eswatini

Gabon

Gambia

Ghana

Kenya

Malawi

Mauritius

Mozambique

Namibia

Niger

Nigeria

Rwanda

Sierra Leone

South Africa

Tanzania

Togo

Uganda

Zambia

Zimbabwe

Variable

Measurement

Source

Empirical Support

Industrialization (INDU)

Manufacturing value added (% of GDP)

WDI

(Opoku & Yan, 2019; Shahbaz et al., 2018) .

Foreign direct investment (FDI)

Foreign direct investment, net inflows (% of GDP)

WDI

(Haudi & Cahyono, 2020; Huynh et al., 2020)

Total natural resource (TNR)

Total natural resources rents (% of GDP)

WDI

(Havranek et al., 2016; Amiri et al., 2019)

Trade openness (TO)

Trade (export + import) % of GDP

WDI

(Ngo et al., 2020)

Financial development (FD)

Domestic credit provided by financial sector (% of GDP)

WDI

(Shahbaz et al., 2018; Duarte et al., 2017)

Human capital (HC)

Index of human capital per person, based on years of schooling and returns to education

WDI

(Barro & Lee, 2013; Psacharopoulos, 1994)

Inflation (INF)

Consumer prices (annual %)

IFS

(Sabir et al., 2019; Erdogan & Unver, 2015)