Empirical studies have been conducted around the impact of foreign direct investment on industrialisation; however, while they have produced inconsistent inferences, the impact channel of this relationship has also been ignored. This study focuses on the role of institution on foreign direct investment for industrialisation in a panel of 43 Sub-Sahara African countries for the period 1996 through 2018. This study uses manufacturing value added per capita to capture industrialisation and based its empirical evidence on the pooled ordinary least squares, fixed effects and system generalised method of moments methods of estimation. From our empirical analysis, the following findings are established: First, persistence level of industrialisation determines to a large extent, the current industrialisation in sub-Saharan Africa. Second, foreign direct investment exerts a negative and significant impact on industrialisation. Last, when indicators of institution are imposed on foreign direct investment in our model, the negative impact existing between foreign direct investment and industrialisation remains apparent except for the political index of institution that moderates and averts this negative effect although the magnitude is meagre. On the policy ground, this study advocates for institutional policies and reforms that targets economic, political and institutional forms of governance.

已经围绕外国直接投资对工业化的影响进行了实证研究。然而，尽管它们产生了不一致的推论，但这种关系的影响渠道也被忽略了。这项研究的重点是在1996年至2018年期间由43个撒哈拉以南非洲国家组成的小组中外国直接投资制度对工业化的作用。该研究使用人均制造业增加值来捕获工业化，并基于汇总的经验证据普通最小二乘，固定效应和系统广义矩法的估计。根据我们的经验分析，可以得出以下结论：首先，工业化的持久性水平在很大程度上决定了撒哈拉以南非洲当前的工业化。第二，外国直接投资对工业化产生了负面和重大影响。最后，当在我们的模型中将制度指标强加于外国直接投资时，外国机构直接投资与工业化之间存在的负面影响仍然很明显，除了制度的政治指标能够缓和并避免这种负面影响，尽管幅度很小。在政策基础上，本研究提倡针对经济，政治和体制治理形式的体制政策和改革。外国直接投资与工业化之间存在的负面影响仍然很明显，除了机构的政治指标能够缓和并避免这种负面影响，尽管幅度很小。在政策基础上，本研究提倡针对经济，政治和体制治理形式的体制政策和改革。外国直接投资与工业化之间存在的负面影响仍然很明显，除了制度的政治指标可以缓和并避免这种负面影响，尽管幅度很小。在政策基础上，本研究提倡针对经济，政治和体制治理形式的体制政策和改革。