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Richard Itaman

Richard Itaman is a Nigerian economist who holds a PhD from the School of Oriental and African Studies (SOAS) University of London. He is Lecturer in Comparative Political Economy and Development in the Department of International Development at King’s College London. His research interests include Political Economy, Economic Development, Income and wealth Distribution, Financial Development, Industrial Policy, Macroeconomics and African Development.

He serves as Coordinator of the Africa Working Group of the Young Scholars’ Initiative, Institute for New Economic Thinking; where he organizes seminars, webinars, conferences and designs research agenda for a group of vibrant and dynamic young scholars working on Africa’s development. 

Itaman’s doctoral thesis is titled ‘A Critical Analysis of the Revised Finance-Growth Nexus: A case for the exclusion of value added of financial services from GDP’. He undertook a re-examination of the finance-growth nexus following the 2008 financial crisis, by revisiting the empirical methods of the threshold literature and the implications of the conclusions drawn for development in sub-Saharan African countries, focussing on Nigeria. Itaman traced the historical revisions of the computation of financial services in GDP and derived a link between the political economy debate on the productiveness of finance or lack thereof, and the nexus. He then separated financial services value-added from GDP to account for potential non-productiveness of finance given contestations in the Systems of National Accounts (SNA) and re-estimated the relationship between finance and growth. His findings show that financial deepening is not growth intensive.

He contributed to the 2018 Commonwealth Trade Review report, published in the Review of Post-Keynesian Economics and analyzed how private credit affects Nigeria’s premature de-industrialization for the Private Debt Project. Also, he is a regular contributor to the Developing Economics Blog.

Itaman has a wealth of teaching experience that includes courses such as Microeconomic and Macroeconomic Analyses and the Political Economy of Financial Development (SOAS University of London), Emerging Market Economies of East Europe, Russia, China and other Transition Economies, and Macroeconomics of Institutions, Instability and the Financial System (University College London) among others. He brings to the classroom his experience in finance from Barclays Bank, and Microfinance banking in Nigeria. He has also consulted for the Inter-American Development Bank and the Commonwealth.