Access to Electricity, Information and Communications Technology (ICT), and Financial Development: Evidence from West Africa

Owolabi, Oluwarotimi Ayokunnu and Oku, Asa-Ruth Oboko and Alejo, A. and Ogunbiyi, Ajibola T and Ubah, Jeremiah Ifeanyi (2021) Access to Electricity, Information and Communications Technology (ICT), and Financial Development: Evidence from West Africa. International Journal of Energy Economics and Policy, 11 (2). pp. 247-259. ISSN 2146-4553

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Abstract

Poor Access to electricity may hinder West African countries from raising levels of financial development with the aid of Information communication Technology (ICT). Using 16 West African countries, and data over the period of 2000 to 2017, this present study analyses the effect of greater access to electricity on financial development through ICT. ICT was measured using mobile use and internet use, while financial development was measured using private bank credit to GDP ratio and Broad Money Supply to GDP ratio. Panel data fixed effect instrumental variables estimation was used for analysis and the study found that access to electricity significantly boosts mobile use and internet use, while resulting from access to electricity mobile use significantly boosted both measures of financial development but internet use significantly reduced the measures. Further categorizing sample countries into Anglophone and Francophone West Africa countries, access to electricity through ICT boosted both measures of financial development for Francophone countries, while only boosting broad money supply to GDP ratio for Anglophone countries. Thus greater access to electricity through for example provision of electricity infrastructure and regulation of electricity charges to households and firms is important to boost levels of financial development in West Africa

Item Type:	Article
Uncontrolled Keywords:	Access to Electricity, Information communication Technology, Financial Development, Mobile Subscription, Internet Use, West Africa
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory
Divisions:	Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Hannah Akinwumi
Date Deposited:	08 Jul 2021 23:37
Last Modified:	08 Jul 2021 23:37
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/15228

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