Education and Economic Growth in the Economic Community of West African States (ECOWAS)
Keywords:
Primary Education, Secondary Education, Tertiary Education, Economic Growth, ECOWAS.
Abstract
The declining level of economic growth in the Economic Community of West African States (ECOWAS) has been attributed to the poor level of educational development in the bloc. Consequently, this study aims to assess the effect of primary, secondary and tertiary educational development on economic growth in the ECOWAS bloc. The study adopted an extended literature review/ desktop research methodology to address three research questions. Findings based on the extended literature review indicated negative and insignificant relationships between primary educational development and economic growth in the ECOWAS bloc. Secondly, findings also established largely positive relationships between secondary educational development and economic growth in the bloc. Lastly, the relationship between tertiary educational development and economic growth was largely mixed in the ECOWAS bloc. The three specific conclusions were, therefore, validated by both the institutional fitness theory and the new theory of growth. Consequently, to improve the contributions of primary, secondary and tertiary educational development to economic growth in the ECOWAS bloc, the present study recommends the promotion of enhanced social programs, integration of existing policies and creation of societal culture executed within a sound institutional framework, reduction in unemployment, regional disparities, defining the active role of non-governmental organizations (NGOs) and other independent institutions, as well as even distribution of political and financial power, especially in Nigeria, the largest country in the bloc.
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References
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simultaneous- equation model, WIDER Working Paper, No. 2013/143, The United Nations University World Institute for Development Economics Research (UNUWIDER), Helsinki
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system-GMM approach “, Covenant Journal of Business and Social Sciences, 5(1), 1-22
Alzoubi, W.K.A., Khasawneh, S.N.D. & Zoubi, O.M.A. (2020) ‘The Relationship between Public Debt and
Economic Growth in Jordan for the Period (1990-2018)”, Journal of Economics and Sustainable Development, 11(12), 62-71
Anyanwu, J.C. and Yameogo, N.D. (2015) ‘What drives Educational investments into West Africa? An
empirical investigation’, African Development Review, 27(3), 199-215.
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Application to Employment Equations. The Review of Economic Studies 58(2), 277-297
Awolusi, O. D. & Mbonigaba, J. (2020), “Economic growth and environmental sustainability within BRICS
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Awolusi, O.D. (2021), “Economic Growth and Socioeconomic Sustainability in BRICS Countries: A Vector
Error Correction Modeling Approach ", Journal of Economics and Behavioral Studies, 13(3), 1-23
Awolusi, O.D. & Jayakody, S.S. (2021) ‘Exploring the Impact of Human Resource Management Practices on
Employee's Retention: Evidence from the Food and Beverage Industry in the State of Qatar’, Journal of Social and Development Sciences, 12(2), 45–64
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Balogun, T. A. & Kezie-Osuagwu, C. N. (2020) ‘Improving Learners’ Oral Proficiency in French Through the
Communicative Approach: Colleges of Education in Oyo in Focus’, Journal of Curriculum and Teaching, 9(1), 55-62
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B?azejowski, M., Kwiatkowski, J. & Gazda, J. (2019). “Sources of Economic Growth: A Global Perspective”,
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Blundell, R. and Bond, S. (1998). “Initial conditions and moment restrictions in dynamic panel data
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Chudik, A and Pesaran, M. (2015): “Common correlated effects estimation of heterogeneous dynamic
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The Journal of Developing Areas, 42(1), 135-153.
Danso, S. A. (2018) ‘Moral education and the curriculum: The Ghanaian experience’, International Journal
of Scientific Research and Management, 6(1), 34-42
Daramola, G.A. & Awolusi, O.D. (2021) ‘Competencies and Development Needs of Physician Managers in
Nigeria: A Case Study of Selected Hospitals in Ibadan City, Oyo State’, Journal of Social and Development Sciences, 12(2), 1–19
Dumciuviene, D. (2015), “The Impact Of Education Policy To Country Economic Development”, Procedia –
Social and Behavioral Sciences, 191 (1 ), 2427 – 2436
Fadila, K.U. & Olure-Bank, A. (2019), "Effect of Human Capital Development on Economic Growth of
ECOWAS Member States”, Advances in Sciences and Humanities, 5(1), 27-42.
Fariala, A. & Awolusi, O.D. (2021), “An assessment of Key Success Factors for Construction Projects in the
Democratic Republic of Congo", Information Management and Business Review, 13(2), 16-34
Fofuh, P. & Awolusi, O.D. (2021) ‘Corporate Social Responsibility in Cameroon: Practices and Environmental
Impact’, Journal of Education and Vocational Research, 12(1), 1–18
Gaspar, J.D., Marques, A.C. and Fuinhas, J.A. (2017). “The traditional energy-growth nexus: A comparison
between sustainable development and economic growth approaches”, Ecological Indicators, 75(1), 286-296
Gokmen, G., Vermeulen, W.N. & Vézina, P. (2020), “The imperial roots of global trade”, Journal of Economic
Growth, 25(1), 87–145
Hickel, J. & Kallis, G. (2020) “Is Green Growth Possible?”, New Political Economy, 25(4), 469-486
Jamel, L. & Maktouf, S. (2017). “The nexus between economic growth, financial development, trade
openness, and CO2 emissions in European countries”, Cogent Economics & Finance 5(1), 134-145
Javeria, M., Ashok, M. & Vishal, S. (2017). "C02 Emissions, Energy Consumption and Economic growth in
BRICS: An empirical analysis”, IOSR Journal of humanities and social science, 22(2), 53-58.
Jamel, L. & Maktouf, S. (2017). “The nexus between economic growth, financial development, trade
openness, and CO2 emissions in European countries”, Cogent Economics & Finance 5(1), 134-145.
Johansen, S. and Juselius, K. (1990). ‘Maximum likelihood estimation and inference on Cointegration–
with application to the demand for money’, Oxford Bulletin of Economics and Statistics, 52 (2), 169-210
Kanneh, A.A. & Awolusi, O.D. (2021) ‘Staff Assignment Rotation and Project Sustainability in South Sudan’,
Journal of Education and Vocational Research, 12(1), 38-56
Kwiatkowski, D., Phillips, P.C.B., Schmidt, P. and Shin, Y., [KPSS], (1992), 'Testing the Null Hypothesis of
Stationary against the Alternative of a Unit Root’, Journal of Econometrics, 54(1), 159-178
Lamar, S. C. B. & Awolusi, O.D. (2021) ‘Computer-Mediated communication use and Employees’ Incivility in
a historically Black University: An Action Research Perspectives’, Journal of Business and Social Science Review, 2(9), 1–24
Lee, H. H. and Tan, H. B. (2006). “Technology transfer, FDI and economic growth in the ASEAN Region”,
Journal of the Asia Pacific Economy, 11(4), 394–410
Lin, T. (2016) ‘Alternative measure for education variable in an empirical economic growth model: Is
primary education less important?’, Economics Bulletin, 15(5), 1-6
Menon, A.A. (2017). “Performance of Economic Growth in BRICS Countries”, International Journal of
Informative & Futuristic Research, 4(5), 6200-6203
Mikulewicz, M. & Taylor, M. (2020) “Getting the Resilience Right: Climate Change and Development Policy
in the ‘African Age’”, New Political Economy, 25(4), 626-641
Mosteanu, N.R. (2019). “Regional development and economic growth approach in Europe and GCC
countries”, ECOFORUM, 8(2), 1-12
Newey, W.K. & West, K.D. (1994), Automatic lag selection in covariance matrix estimation. Review of
Economic Studies, 61(1), 631-653
Nosheen, M., Iqbal, J. & Hassan, S.A. (2019) “Economic growth, financial development, and trade in
nexuses of CO2 emissions for Southeast Asia”, Environ Sci Pollut Res, 26(1), 36274–36286
Okrah, A. K., Ampadu, E. & Yeboah, R. (2020) 'Relevance of the Senior High School Curriculum in Ghana in
Relation to Contextual Reality of the World of Work’, Journal of Curriculum and Teaching, 9(1), 1-14
Olayisade, A. & Awolusi, O.D. (2021), “The effect of Leadership Styles on Employee’s Productivity in the
Nigerian Oil and Gas Industry", Information Management and Business Review, 13(1), 47-64
Onuonga, S. M. (2020) “The Impact of Financial Development and Economic Growth on Environmental
Quality of Kenya”, Journal of Economics and Sustainable Development, 11(12), 15-26
Pelinescu, E. (2015). The impact of human capital on economic growth, Procedia Economics and Finance,
22(1), 184-190
Pesaran, M.H., Shin, Y. & Smith, R.J. (2001), Bounds testing approaches to the analysis of level relationship.
Journal of Applied Economics, 16(1), 289-326
Phong, L.H. (2019) “Globalization, financial development and environmental degradation in the presence
of environmental Kuznets curve: Evidence from ASEAN-5 countries”, International Journal of Energy Economics and Policy, 9(2), 40-50
Reza, F. & Widodo, T. (2013), “The impact of education on economic growth in Indonesia”, Journal of
Indonesian Economy and Business, 28(1), 23 – 44
Toda, H.Y. & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated
processes. Journal of Econometrics, 66(1), 225-250
Tsai, P. (2016) ‘Determinants of Educational development and its impact on economic growth’, Journal of
Economic Development, 19(1), 137-163
Tsaurai, K.(2019) “Impact of Financial development on CO2 in Africa”, International Journal of Energy
Economics and Policy, 93(1), 144-153
Usman, A. and Ibrahim, W. (2017) ‘Education and monetary union in ECOWAS sub-region: Lessons from
abroad’, Journal of Applied Finance & Banking, 2(4), 185-192
Wheeler, D. and Mody, A. (2018) ‘Educational investment locational decisions: The case of US Firms’,
Journal of International Economics, 33(2), 57-76
Wilhelms, S. K.S. (1998). Foreign Direct Investment and its determinants in emerging economies, African
Economic Policy Paper Discussion Paper Number 9, July.
Wyk, J.V. and Lal, A.K. (2019) ‘Risk and FDI flows to developing countries’, South African Journal of
Economic and Management Sciences, 11(4), 511-528
Yasin, M. (2019) ‘Official development assistance and education investment flows to sub-Saharan Africa’,
African Development Review, 17(1), 23-40
Younsi, M. & Bechtini, M. (2018). Economic Growth, Financial Development and Income Inequality in
BRICS Countries: Evidence from Panel Granger Causality Tests, Munich Personal RePEc Archive (MPRA) Paper No. 85249
Zha, J., Tan, T., Yuan, W., Yang, X. & Zhu, Y. (2019). “Decomposition analysis of tourism CO2 emissions for
sustainable development: A case study of China”, Sustainable Development,10(1), 1-18
simultaneous- equation model, WIDER Working Paper, No. 2013/143, The United Nations University World Institute for Development Economics Research (UNUWIDER), Helsinki
Ajayi, E. (2015) ‘The impact of human capital on economic growth’, Procedia Economics and Finance,
22(1), 184-190.
Ajegbelen, A.J. (2016) ‘The use of ICT to enhance University education in Nigeria’, International Journal of
Education, Learning, and Development, 4(5), 1-11
Akaike, H. (1974). “A new look at statistical model identification”. IEEE Transactions on Automatic Control,
19(1), 716-723.
Akinola G. W. & Bokana K. G. (2017). “Human Capital, Higher Education Enrolment and Economic Growth
in the SSA Countries (Panel Model Approach)”, Journal of Economics and Behavioral Studies, 9(6), 215-226
Alege, P.O. & Ogundipe, A. A. (2014), “ Foreign direct investment and economic growth in ECOWAS: a
system-GMM approach “, Covenant Journal of Business and Social Sciences, 5(1), 1-22
Alzoubi, W.K.A., Khasawneh, S.N.D. & Zoubi, O.M.A. (2020) ‘The Relationship between Public Debt and
Economic Growth in Jordan for the Period (1990-2018)”, Journal of Economics and Sustainable Development, 11(12), 62-71
Anyanwu, J.C. and Yameogo, N.D. (2015) ‘What drives Educational investments into West Africa? An
empirical investigation’, African Development Review, 27(3), 199-215.
Arellano, M. & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an
Application to Employment Equations. The Review of Economic Studies 58(2), 277-297
Awolusi, O. D. & Mbonigaba, J. (2020), “Economic growth and environmental sustainability within BRICS
countries: A comparative analysis ", International Journal of Green Economics, 14(3), 207–246
Awolusi, O.D. (2021), “Economic Growth and Socioeconomic Sustainability in BRICS Countries: A Vector
Error Correction Modeling Approach ", Journal of Economics and Behavioral Studies, 13(3), 1-23
Awolusi, O.D. & Jayakody, S.S. (2021) ‘Exploring the Impact of Human Resource Management Practices on
Employee's Retention: Evidence from the Food and Beverage Industry in the State of Qatar’, Journal of Social and Development Sciences, 12(2), 45–64
Ayres, R.U., Turton, H. & Casten, T. (2007). “Energy efficiency, sustainability and economic growth”,
Energy, 32(5), 634-648
Babatunde, M.A. & Adefabi, R.A. (2015). “Long-Run Relationship between Education and Economic
Growth in Nigeria: Evidence from the Johansen’s Cointegration Approach”, Paper presented at the Regional Conference on Education in West Africa: Constraints and Opportunities Dakar, Senegal, November 1st - 2nd. Cornell University / CREA / Ministèrede l’Education du Sénégal
Balogun, T. A. & Kezie-Osuagwu, C. N. (2020) ‘Improving Learners’ Oral Proficiency in French Through the
Communicative Approach: Colleges of Education in Oyo in Focus’, Journal of Curriculum and Teaching, 9(1), 55-62
Benade, L. (2015) ‘Teachers’ Critical Reflective Practice in the Context of Twenty-first Century Learning’,
Open Review of Educational Research, 2(1), 42-54
Bese, E. & Kalayci, S. (2019) “Testing the environmental Kuznets Curve hypothesis: Evidence from Egypt,
Kenya and Turkey”, International journal of energy economics and policy, 9(6), 479-491
B?azejowski, M., Kwiatkowski, J. & Gazda, J. (2019). “Sources of Economic Growth: A Global Perspective”,
Sustainability, 11(1), 275-288
Blundell, R. and Bond, S. (1998). “Initial conditions and moment restrictions in dynamic panel data
models”. Journal of Econometrics, 87(4), 115-143
Brack, D., Rose, D. & Church, A. (2016) ‘The Evolution and Devolution of 360° Feedback’, Society for
Industrial and Organizational Psychology”, 9(4), 761-794
Breitenbach, M.C., Tipoy, C.K. and Zerihun, M.F. (2017). “Equilibrium Exchange Rates and Misalignments:
The Case of Homogenous Emerging Countries’, Economic Research Southern Africa (ERSA) working paper 713
Chakrabarti, A. (2018) ‘The determinants of Education: Sensitivity analyses of cross country Regressions’,
Kyklos, 54(1), 89-114
Chudik, A., Mohaddes, K., Pesaran, M.H. and Raissi, M. (2015). “Long-Run Effects in Large Heterogeneous
Panel Data Models with Cross-Sectionally Correlated Errors”, Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute, Working Paper No. 223
Chudik, A and Pesaran, M. (2015): “Common correlated effects estimation of heterogeneous dynamic
panel data models with weakly exogenous regressors”, Journal of Econometrics, 188(2), 393–420
Cleeve, E. (2019) 'How effective are fiscal incentives to attract Quality Education to sub-Saharan Africa?’,
The Journal of Developing Areas, 42(1), 135-153.
Danso, S. A. (2018) ‘Moral education and the curriculum: The Ghanaian experience’, International Journal
of Scientific Research and Management, 6(1), 34-42
Daramola, G.A. & Awolusi, O.D. (2021) ‘Competencies and Development Needs of Physician Managers in
Nigeria: A Case Study of Selected Hospitals in Ibadan City, Oyo State’, Journal of Social and Development Sciences, 12(2), 1–19
Dumciuviene, D. (2015), “The Impact Of Education Policy To Country Economic Development”, Procedia –
Social and Behavioral Sciences, 191 (1 ), 2427 – 2436
Fadila, K.U. & Olure-Bank, A. (2019), "Effect of Human Capital Development on Economic Growth of
ECOWAS Member States”, Advances in Sciences and Humanities, 5(1), 27-42.
Fariala, A. & Awolusi, O.D. (2021), “An assessment of Key Success Factors for Construction Projects in the
Democratic Republic of Congo", Information Management and Business Review, 13(2), 16-34
Fofuh, P. & Awolusi, O.D. (2021) ‘Corporate Social Responsibility in Cameroon: Practices and Environmental
Impact’, Journal of Education and Vocational Research, 12(1), 1–18
Gaspar, J.D., Marques, A.C. and Fuinhas, J.A. (2017). “The traditional energy-growth nexus: A comparison
between sustainable development and economic growth approaches”, Ecological Indicators, 75(1), 286-296
Gokmen, G., Vermeulen, W.N. & Vézina, P. (2020), “The imperial roots of global trade”, Journal of Economic
Growth, 25(1), 87–145
Hickel, J. & Kallis, G. (2020) “Is Green Growth Possible?”, New Political Economy, 25(4), 469-486
Jamel, L. & Maktouf, S. (2017). “The nexus between economic growth, financial development, trade
openness, and CO2 emissions in European countries”, Cogent Economics & Finance 5(1), 134-145
Javeria, M., Ashok, M. & Vishal, S. (2017). "C02 Emissions, Energy Consumption and Economic growth in
BRICS: An empirical analysis”, IOSR Journal of humanities and social science, 22(2), 53-58.
Jamel, L. & Maktouf, S. (2017). “The nexus between economic growth, financial development, trade
openness, and CO2 emissions in European countries”, Cogent Economics & Finance 5(1), 134-145.
Johansen, S. and Juselius, K. (1990). ‘Maximum likelihood estimation and inference on Cointegration–
with application to the demand for money’, Oxford Bulletin of Economics and Statistics, 52 (2), 169-210
Kanneh, A.A. & Awolusi, O.D. (2021) ‘Staff Assignment Rotation and Project Sustainability in South Sudan’,
Journal of Education and Vocational Research, 12(1), 38-56
Kwiatkowski, D., Phillips, P.C.B., Schmidt, P. and Shin, Y., [KPSS], (1992), 'Testing the Null Hypothesis of
Stationary against the Alternative of a Unit Root’, Journal of Econometrics, 54(1), 159-178
Lamar, S. C. B. & Awolusi, O.D. (2021) ‘Computer-Mediated communication use and Employees’ Incivility in
a historically Black University: An Action Research Perspectives’, Journal of Business and Social Science Review, 2(9), 1–24
Lee, H. H. and Tan, H. B. (2006). “Technology transfer, FDI and economic growth in the ASEAN Region”,
Journal of the Asia Pacific Economy, 11(4), 394–410
Lin, T. (2016) ‘Alternative measure for education variable in an empirical economic growth model: Is
primary education less important?’, Economics Bulletin, 15(5), 1-6
Menon, A.A. (2017). “Performance of Economic Growth in BRICS Countries”, International Journal of
Informative & Futuristic Research, 4(5), 6200-6203
Mikulewicz, M. & Taylor, M. (2020) “Getting the Resilience Right: Climate Change and Development Policy
in the ‘African Age’”, New Political Economy, 25(4), 626-641
Mosteanu, N.R. (2019). “Regional development and economic growth approach in Europe and GCC
countries”, ECOFORUM, 8(2), 1-12
Newey, W.K. & West, K.D. (1994), Automatic lag selection in covariance matrix estimation. Review of
Economic Studies, 61(1), 631-653
Nosheen, M., Iqbal, J. & Hassan, S.A. (2019) “Economic growth, financial development, and trade in
nexuses of CO2 emissions for Southeast Asia”, Environ Sci Pollut Res, 26(1), 36274–36286
Okrah, A. K., Ampadu, E. & Yeboah, R. (2020) 'Relevance of the Senior High School Curriculum in Ghana in
Relation to Contextual Reality of the World of Work’, Journal of Curriculum and Teaching, 9(1), 1-14
Olayisade, A. & Awolusi, O.D. (2021), “The effect of Leadership Styles on Employee’s Productivity in the
Nigerian Oil and Gas Industry", Information Management and Business Review, 13(1), 47-64
Onuonga, S. M. (2020) “The Impact of Financial Development and Economic Growth on Environmental
Quality of Kenya”, Journal of Economics and Sustainable Development, 11(12), 15-26
Pelinescu, E. (2015). The impact of human capital on economic growth, Procedia Economics and Finance,
22(1), 184-190
Pesaran, M.H., Shin, Y. & Smith, R.J. (2001), Bounds testing approaches to the analysis of level relationship.
Journal of Applied Economics, 16(1), 289-326
Phong, L.H. (2019) “Globalization, financial development and environmental degradation in the presence
of environmental Kuznets curve: Evidence from ASEAN-5 countries”, International Journal of Energy Economics and Policy, 9(2), 40-50
Reza, F. & Widodo, T. (2013), “The impact of education on economic growth in Indonesia”, Journal of
Indonesian Economy and Business, 28(1), 23 – 44
Toda, H.Y. & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated
processes. Journal of Econometrics, 66(1), 225-250
Tsai, P. (2016) ‘Determinants of Educational development and its impact on economic growth’, Journal of
Economic Development, 19(1), 137-163
Tsaurai, K.(2019) “Impact of Financial development on CO2 in Africa”, International Journal of Energy
Economics and Policy, 93(1), 144-153
Usman, A. and Ibrahim, W. (2017) ‘Education and monetary union in ECOWAS sub-region: Lessons from
abroad’, Journal of Applied Finance & Banking, 2(4), 185-192
Wheeler, D. and Mody, A. (2018) ‘Educational investment locational decisions: The case of US Firms’,
Journal of International Economics, 33(2), 57-76
Wilhelms, S. K.S. (1998). Foreign Direct Investment and its determinants in emerging economies, African
Economic Policy Paper Discussion Paper Number 9, July.
Wyk, J.V. and Lal, A.K. (2019) ‘Risk and FDI flows to developing countries’, South African Journal of
Economic and Management Sciences, 11(4), 511-528
Yasin, M. (2019) ‘Official development assistance and education investment flows to sub-Saharan Africa’,
African Development Review, 17(1), 23-40
Younsi, M. & Bechtini, M. (2018). Economic Growth, Financial Development and Income Inequality in
BRICS Countries: Evidence from Panel Granger Causality Tests, Munich Personal RePEc Archive (MPRA) Paper No. 85249
Zha, J., Tan, T., Yuan, W., Yang, X. & Zhu, Y. (2019). “Decomposition analysis of tourism CO2 emissions for
sustainable development: A case study of China”, Sustainable Development,10(1), 1-18
Published
2022-11-06
How to Cite
[1]
Awolusi, O.D. 2022. Education and Economic Growth in the Economic Community of West African States (ECOWAS). Journal of Education and Vocational Research. 13, 1(V) (Nov. 2022), 6-20. DOI:https://doi.org/10.22610/jevr.v13i1(V).3247.
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Research Paper
Copyright (c) 2022 Olawumi Dele Awolusi
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