In contemporary years, African economies have experienced a period of rapid economic change to the sustainable growth of economic development. Although the existing literature has confirmed that investment and foreign business are two central growth engines of African's economy, examinations on the impacts of financial development (FD)-economic growth (EG) nexus using a comprehensive structure are still unusual. This paper examines the dynamic nexus between financial development-Economic growths using a country data set covering the period 1980 to 2017 by using panel vector autoregressive and the panel quantile regression technique. The empirical results confirm that significant cointegration relationships among FD-EG exist, no matter in the sub-sample for the countries. At the same time the granger causality test, report that foreign direct investment (FDI) and trade granger cause per capita gross domestic product. The motivation of the empirical investigation lies in reviewing the broad effect of financial development-economic growth nexus and providing precise recommendations to policymakers. Also, to make the conclusion more relevant, we discussed the results for the subsamples for the developing African countries (Western, Southern, Northern, Central, and Eastern). Distinctive indicators for financial development are applied to affirm the stability and robustness of the estimation outcomes. Further restructuring the financial system and accelerating the change of the economic structure are dynamic for African's sustainable economic growth.

The Sub-Saharan African region is considered to be the most susceptible to the effects of climate change. The region's climate is influenced by several factors, the most notable of which is increased variation in development. The conglomerate between the financial sector and environmental quality (EQ) has been a priority for policymakers and analysts. This study looked at the complex relationships between financial development (FD) and environmental quality, as well as the position of economic growth (EG), from the perceptions of the five sub-national economies, from 1980 to 2017. The study tested the EKC hypothesis across the sub-regions. We employed the panel vector autoregressive (PVAR) model in a generalized method of moment framework to investigate the topic. The PVAR result showed that (i) financial development had a negative impact on CO₂ in four geographical regions (Western, Southern, Northern, and Central). As a result, FD in these countries minimizes carbon emissions and enhances the atmosphere. (ii) Also, FD had a positive impact on carbon emissions in Western Africa. As a result, FD in these countries increases CO₂ rather than improving environmental quality. The EKC hypothesis was validated in the Western African sub-region but was rejected in Central and Eastern (u-shape relationship) African sub-regional economies indicating variations in growth and environmental outcomes among the sub-regional economies. The Granger causality results in the West and Central African republics was a two-way causal connection between EG and CO₂ . The results demonstrate how "EG and CO₂ " and "CO₂ and EG" are intertwined in Western and Central, while most of the relationships were unidirectional. Detailed sub-regional policy recommendations are deliberated.