Tag Archives: Developing Economy

Export Diversification Determinants in West African Sub-Region (Published)

This paper empirically studies the export diversification determinants in west Africa sub-region as diversification is critical for the region to promote sustainable development and economic transformation. The study used regression to analyze the data sourced from 17 west African countries from year 1995-2015. The results suggest that per capital income, human capital, investment, geographical location and good governance are significant drivers of export diversification, while terms of trade and population have negative relationship with export diversification in Africa. The evidence shows that export diversification is necessary in managing sustainable development in Africa. The study recommend among other things that the region should come up with an efficient governance that formulate and implement sound economic policies, create investment friendly environment and should pursue an aggressive process of export diversification that will result in buoyant and robust economy which will reduce high dependent on imported goods.

 

Keywords: African continent, Developing Economy, Export diversification, West Africa, economic growth

The Issues and Challenges of Urban Renewal in a Developing Economy (Published)

Urban renewal is most often undertaken to make life safe, more secure and comfortable to the urban dwellers, to attract wealthier individuals to live in that area or to boost economic base or activities in that area. Urban renewal which may be also known as urban redevelopment is a veritable social gentrification technique. The bursting rate of urbanization has been one of the major issues/challenges which many national and local government authorities in developing nations/economies have to grapple with.  The main challenges of urbanization in most urban cities are acute shortage of shelter/housing, waste/garbage disposal, traffic jams or congestion and the deplorable state of the roads in some instances, flooding, crime and other social vices. Others include increase in demand for urban services namely- housing, education, public health and a generally decent living environment, loss of biodiversity and green house, warming, desertification, degradation of agricultural land, air and water pollution, environmental decay, slums, insanitation, overcrowding, housing congestion, crime and violence, etc. Nigeria urban centres are characterized by a dominant feature which is degrading state of the physical environment. The steps involved in urban renewal include planning, sensitization/consultation of the citizens or public hearing, land acquisition (revocation of rights of occupancy), displacement and relocation, site improvement and supporting facilities/infrastructure, disposition of improved land and new construction/development. Effective urban renewal actions are inevitable in our contemporary urban cities if our cities would compare with those of the developed economies or comparable developing economies. To this effect, specific policy issues and strategies should be put in place and conscientiously pursued and implemented. The paper concluded by putting up suggestions  to address the issues and challenges to our urban cities renewal efforts and they include good and effective governance, enhanced infrastructural development, keying into international and national sustainable developmental programme, public-private partnership strategy (PPPS). The leading role of the estate surveyor and valuer involved in the valuation/assessment of the purchase price or the amount of compensation payable to each claimant is also highlighted in ensuring a successful urban renewal programme.

Keywords: Developing Economy, Urban renewal, issues and challenges

UTILIZATION OF SOLAR AND BIOMASS ENERGY- A PANACEA TO ENERGY SUSTAINABILITY IN A DEVELOPING ECONOMY (Published)

This study presents the potentials of solar energy utilisation and other possible pathways that could enhance energy sustainability in a developing economy. Nigeria is a developing country, blessed with abundant natural resources (renewable and non- renewable). However the current energy mix in Nigeria is such that little attention is given to the renewable sources in terms of exploitation and use. Despite the on-going privatisation of the Power Holding Company of Nigeria (PHCN), the current energy demand in Nigeria still far outweighs the supply which is also quite epileptic. The adoption of renewable energy options especially solar-thermal, solar photovoltaics, and biomass technology on a large scale will surely lead to reduced internal consumption of fossil fuel related products, and to boost increased energy availability and sustainability. This study critically examines the factors hindering solar and biomass energy utilisation in a developing economy. It then identifies the impact of unsustainable energy use in the economy and reviews related literature. It also highlights the need for Government to give urgent attention to tapping of the vast renewable resources in the country for increased energy generation and sustainability.

Keywords: Developing Economy, Energy Sustainability, Renewable Energy, Solar Energy, Utilisation.