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Table 3. A summary statistics of the results. Variables Growth Mean Std dev. Max. 3.7 3.2 Government consumption -1.92 0.34 -1.10 Trade openness -0.656 0.53 0.58 LLY 60.31 FDI Inflation Urban agglomeration DCP 6.8 0.14 0.29 58.11 University of Queensland, 2010. Cattaneo N, Ezeoha AE (2011). FDI Flows to Sub-Saharan Africa: The Impact of Finance, Institution and Natural Resource Endowment. Paper Submission for the CSAE Conference 2011: Economic Development in Africa. Demetriades P, Hussein K (1996). Does financial development cause economic growth? J. Deve. Econ. 15:385-409. Girma S (2003). Absorptive Capacity and Productivity Spillovers from FDI: A Threshold Regression Analysis.” Eur. Economy Group Working Paper. 1-35 Hansen B (2000). Sample splitting and threshold estimation. Econometrica 68:575-603. Hansen H, Rand J (2006). On the Causal Links between FDI and Growth in Developing Countries. The World Econ. 29(1):21-41. Hermes N, Lensink R (2003). Foreign direct investment, financial development and economic growth. J. Deve. Stud. 40:142-163. 4.6 0.16 0.39 58.34 55.43 8.1 10.3 Min. 1.3 4.4 -2.77 0.83 0.023 1.69 0.02 130.36 90.33 1.80 10.82 35.07 Sala-I-Martin X, Subramanian A (2003). Addressing the Natural Resource Curse: An Illustration from Nigeria. IMF Working Paper WP/03/139. UNCTAD (2009). Transnational Corporations, Agricultural Production and Development. UNCTAD (2003) World Investment Report: FDI Policies for Development: National and International Prospective. New York: United Nations. Wang M, Wong S (2009). Foreign Direct Investment and Economic Growth: The Growth Accounting Perspective. Econ. Inquiry 47(4):701-710. Zadeh HA, Madani Y (2012). FMD, FDI and Economic Growth in Iran.J. Basic Appl. Scientific Res. 42(1):228-230. Zeng LD, Tong QS, Wnag L, Qian W (2002). On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different?. World deve. 30(1): 107-119 Kabalyk M (2009). FDI and Productivity: Financial Openness Thresholds. Thesis submitted to Oregun State university 1- 50. King RG, Levine R (1993). Finance and Growth: Schumpeter Might Be Right. Q. J. Econ. 108(3):717–37. Kose MA, Prasad ES, Taylor AD (2011). Thresholds in the process of international financial integration. J. Intl Money Finance. 30(1):147- 179. Liao H, Huang B (2009). Does Financial Openness Spur Economic Growth? A Panel Regression Approach. pp1-28 Levine R (2000). International Financial liberalization and economic growth. Rev. Int. Econ. 9:688-702. Omran M, Bolbol A (2003). Foreign Direct Investment, Financial Development, and Economic Growth: Evidence from Arab Countries. Rev. Middle East Econ. Financ. 1(3):231-49 The African Financial Review | 49