Purpose This research examines the impact of export diversification across various economic sectors on Africa's economic growth from 1990 to 2023, focusing on 18 resource-rich nations. Design/methodology/approach Panel Generalized Method of Moments (GMM) was used for estimation. Findings The Johansen Fisher Panel Co-integration Test revealed long-term relationships among the variables. Results indicate that diversification in agricultural exports negatively affects economic growth, while diversification in manufacturing and service sectors has no significant impact. Originality/value The study recommends that governments adopt mechanized farming, develop industries for raw material transformation, and enhance service sectors to improve economic contributions.
Nwagu et al. (Fri,) studied this question.