This study examines how digital trade, technology, and Internet adoption impact financial sustainability across 41 Sub-Saharan African (SSA) countries, using the generalized method of moments (GMM) for precise statistical analysis. It focuses on four major financial indicators: financial development, financial institutions access, financial institutions depth, and financial institutions efficiency indexes. The results indicate that digital trade, technology, and Internet use positively interact to boost financial sustainability in SSA, as measured by the financial development index. In terms of financial institutions access, this study finds that importing ICT goods and non-resident patents improve access, whereas resident patents diminish the benefits of exporting ICT goods. Notably, the combined effect of importing ICT goods and increased Internet usage significantly enhances access to financial institutions in SSA. Regarding financial institutions depth, positive interactions are observed between ICT goods exports and resident patents, highlighting the need for a balanced approach. However, there is a potential trade-off with increasing Internet usage, suggesting the need for a strategy to deepen financial institutions in SSA. Lastly, concerning financial institutions efficiency, positive interactions are particularly noted between ICT goods exports and non-resident patents. Yet, a negative interaction is identified with a potential trade-off between importing ICT goods and increasing Internet usage. Policymakers are advised to consider these complex dynamics when formulating strategies to enhance financial sustainability in SSA.

The objective of this study is to detect which elements act as a key driver of high FDI inflows in Nigeria. It is predictable to help foreign investors to get better understanding in the nature of FDI and support the investment decision. In lieu of the above, extensive hypothesis were developed to identify a suitable model of foreign direct investment for Nigeria. After the hypothesis, data were then collected from various official data base for Nigeria to conduct the empirical research. However, the study foresees the gathering of reliable and consistent secondary information for the retro 1980-2022 from World Development Indicators (WDI) record on the World Bank. Data were composed on variables that were supposed to have the potential in persuading foreign direct investment in Nigeria which was based mainly on the features of the economy. The data collected were analyzed via various econometric techniques. Findings from the study show that the size of the Nigerian market and the level of their economy openness are major determinants of FDI inflows. The result further suggests that high inflation rate is a hindrance to FDI. Several policy recommendations were made as the research will be a practical mean, not only for academic purpose. Its discoveries, if applied will cause for sure a real improvement in the investment climate of Nigeria.

The authors have made the following corrections to the published paper

Most developing countries have been seeking to attract foreign direct investment (FDI) with the aim of increasing capital inflow through technological spillover and transfer of managerial skills. FDI can increase economic growth and development of a country by creating employment, and by doing so, increase economic activities that will lead to growth. Nigeria is one of the countries that strive to attract more FDI inflows so as to improve her economy, and the country has adopted policies that drive the motive to attract FDI inflows. This study explores the effect of FDI on sectoral growth over the period 1990–2022. Vector error correction model (VECM) technique is used to test the effect of FDI inflows on the agriculture, industry and services sectors. The results showed that FDI has a significant positive effect on the services and industry sectors, but a negative effect on the agricultural sector. For policy, Nigeria needs to keep robust bilateral investment treaties with her main FDI partner countries, since those countries are the main sources of FDI inflow to the country. Lowering taxes imposed on businesses and relaxing exchange rate regulations would encourage investors to invest in the country. As FDI flows into different sectors and has a different effect on the sectors, it is recommended to have incentives tailored for these different sectors. Keywords: foreign direct investment, cointegration, vector autoregressive, vector error correction model, agriculture sector, industry sector, services sector. DOI: 10.7176/JESD/14-17-04 Publication date: November 30^th 2023