Impact of Innovation and Trade Participation on Economic Growth Among Selected African Countries

Victor Ushahemba Ijirshar, Isa Jibrin Okpe and Jerome Terhemba Andohol
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Victor Ushahemba Ijirshar: Benue State University, Makurdi
Isa Jibrin Okpe: Benue State University, Makurdi
Jerome Terhemba Andohol: Benue State University, Makurdi

Scientific Annals of Economics and Business (continues Analele Stiintifice), 2024, vol. 71, issue 4, 519 - 546

Abstract: This study examines the impact of innovation and trade participation on economic growth among selected African countries from 1996 to 2021. This study applied nonstationary heterogeneous panel models utilizing pooled mean group estimators, mean group estimators and dynamic fixed effects estimators. Based on the results of the Hausman test, the PMG estimator was considered for the data analysis. The study revealed the significant role of industrial design, patents, trademarks, research and development, exports, and balanced trade policies in driving long-term economic growth in Africa. The synergies between innovation and trade participation are studied, emphasizing their amplified impact on economic growth. The study suggests practical policy recommendations for the selected African countries, urging governments to establish innovation ecosystems, encourage investments in design, strengthen intellectual property protection, prioritize infrastructure development, and develop balanced trade policies. Focusing on SMEs, offering incentives for research and development, and establishing trade promotion agencies are also recommended to create a conducive environment for innovation, trade, and sustained economic growth.

Keywords: economic growth; innovation; trade participation. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:aic:saebjn:v:71:y:2024:i:4:p:519-546:n:3

DOI: 10.47743/saeb-2024-0024

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