Paper Title
Private Capital Flows and Energy Consumption in Africa: The Role of Local Financial Markets and Institutions

Abstract
This study examines the moderating roles of local financial markets and institutions in the private capital flows and energy consumption framework in Africa. The study used panel data of seventeen African countries over a thirty-year period, spanning from 1990 to 2020. Using multiple regression analysis, our results show that private capital inflows directly influence energy consumption. However, we add here that this relationship is possible when there exist efficient financial market and quality institutional factors. We, therefore, recommend that Africa policymakers need to strengthen various institutions to boost investor confidence. The financial market must be vibrant and transparent enough to attract international operators. Finally, efforts should be made to liberalize and effectively regulate the local financial markets to provide conduits for private capital inflows. Keywords - Energy Consumption, Private Capital Flows, Local Financial Markets, Institutions