Department of Economics

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Browsing Department of Economics by Author "Adenuga, J.I."

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    Abundant natural resources, ethnic diversity and inclusive growth in sub-Saharan Africa: A mathematical approach
    (Applications and Applied Mathematics: An International Journal, 2021) Adenuga, J.I.; Ajide, K.B.; Odeleye, A.T.; Ayoade, A. A.
    The sub-Saharan African region is blessed with abundant natural resources and diverse ethnic groups, yet the region is dominated by the largest number of poor people worldwide due to in- equitable distribution of national income. Existing statistics forecast decay in the quality of lives over the years compared to the continent of Asia that shares similar history with the region. In this paper, a five-dimensional first-order nonlinear ordinary differential equation was formulated to give insight into various factors that shaped dynamics of inclusive growth in sub-Saharan Africa. The validity test was performed based on ample mathematical theorems and the model was found to be valid. The model was then studied qualitatively and quantitatively via stability theory of non- linear differential equations which depended on the policy success ratio and classical fourth-order Runge-Kutta scheme implemented in Maple, respectively. The results from the analysis showed that inclusive growth from abundant natural resources and ethnic diversity in sub-Saharan Africa was a function of policy reform whereby an increase in both equitable distribution of national in- come and accessibility of common man to the goods and services provided by the state to narrow inequality gap was accompanied with a low level of nepotism.