Revolutionising Trade: Exploring how Innovation in Selected African Countries Shapes Economic Relations with Key Regions

Victor Ijirshar (), Isa Jibrin Okpe, Jerome Terhemba Andohol, Philip Terhemen Abachi and Solomon Gbaka
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Isa Jibrin Okpe: Benue State University, Makurdi, Nigeria
Jerome Terhemba Andohol: Benue State University, Makurdi, Nigeria
Philip Terhemen Abachi: Benue State University, Makurdi, Nigeria
Solomon Gbaka: Benue State University, Makurdi, Nigeria

CECCAR Business Review, 2024, vol. 5, issue 5, 51-70

Abstract: This study investigates the impact of innovation on trade participation between selected African countries and key global economic regions. The study used panel data on 25 African countries from 1996 to 2021. Non-stationary heterogeneous panel model of pooled mean group, mean group, and dynamic fixed effect estimators. The results reveal the significance of trademarks, patents, industrial design, and efficient logistics in enhancing trade competitiveness and market presence for African nations. The results suggest that fostering innovation ecosystems, investing in design capabilities, and strengthening intellectual property protection are essential for sustained trade growth. Policy recommendations suggested the need for investment in research and development, promotion of industrial design capabilities, and balanced trade policies to stimulate economic growth. Moreover, incentivizing SME participation in trade activities and prioritizing regional economic integration are crucial steps towards fostering sustainable trade relations. By implementing these recommendations, African countries can harness innovation to propel their economies into the global market, fostering trade relations that are mutually beneficial and sustainable.

Keywords: African countries; economic regions; innovation; trade participation (search for similar items in EconPapers)
JEL-codes: F10 F12 F14 F15 O31 O32 O33 O34 O55 P45 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ahd:journl:v:5:y:2024:i:5:p:51-70

DOI: 10.37945/cbr.2024.05.06

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