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Motivated by the persistent fall in oil prices due to incessant uncertainty-inducing events in recent
years, this study empirically examined if economic growth in Africa’s top five oil exporters
(Algeria, Angola, Egypt, Libya, and Nigeria) is responding asymmetrically to changes in global
economic uncertainty as well as uncertainties from U.S., Europe and China using nonlinear ARDL
framework from 1997Q1 to 2021Q4. We find that rising global uncertainty hampers economic
growth in these economies, while declining global uncertainty significantly enhances growth
in Nigeria, Angola and Libya in the short run, but becomes growth-retarding in the long run.
Thus, economic growth responds asymmetrically to global uncertainty, especially in the short run.
The findings are robust to U.S., Europe, and China uncertainties, except that economic growth
in Libya and Algeria remained unresponsive to U.S. and China uncertainties respectively. We
concluded that Africa’s oil exporters should embrace policies that can strengthen their resilience
to global economic uncertainty as well as uncertainties from U.S., Europe, and China.
