Published Paper


Human Capital Development and Economic Growth: Evidence from ECOWAS Countries

Onuogu, Ijeoma Christina, Akanegbu Benedict, and Muhammad Maimuna Yakubu
Nigeria
Page: 1610-1628
Published on: 2023 September

Abstract

This research examines the nexus between HCD and GDP growth of ECOWAS nations. Using panel ARDL the study adapted the Solow Growth Model by including factors such as LE, MYS, EYS, and LF as determinants of economic growth from 1990 to 2021. Panel unit root tests were conducted to ensure that no variable was integrated of order 2. The Hausman test conducted revealed that the pooled Mean Group model was the most efficient and consistent estimator for this study. The estimated PMG model demonstrated a positive long-term relationship between HDC and GDP growth in the ECOWAS countries. However, the labor force variable in the ECOWAS countries had an insignificant impact in the long run. Conclusively, policymakers should formulate and implement appropriate social sector policies and programs to improve healthcare facilities for citizens, reduce adult illiteracy rates, and address undernourishment, thus harnessing the growth potential of human capital development in ECOWAS countries.

 

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