Olufemi Aluko

Olufemi Aluko


I am a Ph.D. candidate in the International Business Department of the Leeds University Business School (LUBS). I hold a Bachelor of Science degree in Banking and Finance and a Master of Science degree in Finance. Prior to these degrees, I had studied for a National Diploma degree in Cooperative Economics and Management.  


Leeds University Business School International Business Department Scholarship

Research interests

My research interests are themed on foreign direct investment and emerging markets.

Journal Articles

  • Opoku, E. E. O., Acheampong, O. A., & Aluko, O. A., 2024. Impact of rural-urban energy equality on environmental sustainability and the role of governance. Journal of Policy Modeling. https://doi.org/10.1016/j.jpolmod.2024.01.004 
  • Bukari, C., & Aluko, O. A., 2023. Severity of climate change and deprivation outcomes: Micro-level assessment for sub-Saharan Africa. Environmental Science & Policy, 150, 103593. https://doi.org/10.1016/j.envsci.2023.103593 
  • Aluko, O. A., Opoku, E. E. O, Ibrahim, M. and Kufuor, N. K., 2023. Put on the light! Foreign direct investment, governance and access to electricity. Energy Economics, 119, 106563. https://doi.org/10.1016/j.eneco.2023.106563 
  • Aluko, O. A., Opoku, E. E. O. and Acheampong, O. A., 2022. Economic complexity and environmental degradation: Evidence from OECD countries. Business Strategy and the Environment. https://doi.org/10.1002/bse.3269
  • Opoku, E. E. O., Dogah, K. E. and Aluko, O. A., 2022. The contribution of human development towards environmental sustainability. Energy Economics, 106, 105782. https://doi.org/10.1016/j.eneco.2021.105782
  • Aluko, O. A. and Opoku, E. E. O., 2022. The financial development-impact of financial globalization revisited: A focus on OECD countries. International Economics, 169, 13-29. https://doi.org/10.1016/j.inteco.2021.11.001  
  • Aluko, O. A., Ibrahim. M. and Vo, X. V., 2022. Toward achieving sustainable development: Searching for economic development and globalization thresholds in the foreign direct investment–environmental degradation nexus. Sustainable Development., 30(4), 678-692. https://doi.org/10.1002/SD.2265.
  • Aluko, O. A., Ibrahim, M. and Vo, X. V., 2021. On the foreign direct investment–economic growth relationship in Africa: Does economic freedom mediate this relationship? International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-04-2021-0568
  • Aluko, O. A., Chen, G. S. and Opoku, E. E. O., 2021. Is foreign direct investment globalization-induced or a myth? A tale of Africa. International Journal of Finance and Economics. https://doi.org/10.1002/ijfe.2555
  • Opoku, E. E. O. and Aluko, O. A., 2021. Heterogeneous effects of industrialization on the environment: Evidence from panel quantile regression. Structural Change and Economic Dynamics, 59, pp. 174–184. https://doi.org/10.1016/j.strueco.2021.08.015
  • Aluko, O. A., Opoku, E. E. O. and Ibrahim, M., 2021. Investigating the environmental effect of globalization: Insights from selected industrialized countries. Journal of Environmental Management, 281, 111892. https://doi.org/10.1016/j.jenvman.2020.111892
  • Aluko, O. A., Ibrahim, M. and Atagbuzia, M. O., 2021. On the causal nexus between FDI and globalization: Evidence from Africa. Journal of International Trade and Economic Development, 30(2), pp. 203–223. https://doi.org/10.1080/09638199.2020.1823460    
  • Aluko, O. A. and Obalade, A. A., 2020. Financial development and environmental quality in sub–Saharan Africa: Is there a technology effect? Science of the Total Environment, 747, 141515. https://doi.org/10.1016/jiscitotenv.2020.141515
  • Aluko, O. A. and Adeyeye, P. O., 2020. Imports and economic growth in Africa: Testing for Granger causality in the frequency domain. Journal of International Trade and Economic Development, 29(7), pp. 850-864. https://doi.org/10.1080/09638199.2020.1751870
  • Aluko, O. A., and Ibrahim, M., 2020. Institutions and the financial development–economic growth nexus in subā€Saharan Africa. Economic Notes49(3), e12163.  https://doi.org/10.1111/ecno.12163   
  • Aluko, O. A., Adeyeye, O. P. and Oladele, P. O., 2020. Finance-growth nexus in sub-Saharan Africa revisited: Evidence from a new composite index. Economic Change and Restructuring, 53(2), pp. 333–355. https://doi.org/10.1007/s10644-019-09253-9
  • Ajayi, M. A. and Aluko, O. A., 2019. Testing the validity of the simultaneous openness hypothesis in Nigeria (1990-2015). African Development Review, 31(1), pp. 58–70. https://doi.org/10.1111/1467-8268.12363 
  • Aluko, O. A. and Azeez, B. A., 2019. Effectiveness of legal institutions in stock market development in sub-Saharan Africa. Economic Change and Restructuring, 52(4), pp. 439–451. https://doi.org/10.1007/s10644-018-9233-x
  • Adeyeye, P. O., Aluko, O. A. and Migiro, S. O., 2018. The global financial crisis and stock price behavior: Time evidence from Nigeria. Global Business and Economics Review, 20(3), pp. 373-387. https://doi.org/10.1504/GBER.2018.091712
  • Adeyeye, P. O., Aluko, O. A. and Migiro, S. O., 2017. The nexus between stock price and foreign exchange rate: Validating the portfolio-balance model in Nigeria. Afro-Asian Journal of Finance and Accounting, 7(4), pp. 363–377. https://doi.org/10.1504/AAJFA.2017.087513



  • National Diploma in Cooperative Economics & Management
  • BSc. Banking & Finance
  • MSc. Finance

Research groups and institutes

  • Centre for International Business at the University of Leeds