Export Diversification and Economic Growth of ECOWAS Member States

Authors

  • Adeyinka Michael Olure-Bank National Open University of Nigeria https://orcid.org/0000-0001-5851-0861
  • Muktar Mustapha Department of Economics, Faculty of Social Sciences, Bayero University Kano, Nigeria
  • Saheed Zakaree Department of Economics, Faculty of Management Science, Nigeria Defence Academy, Kaduna, Nigeria
  • Alexander Abraham Department of Economics, Faculty of Management Science, Nigeria Defence Academy, Kaduna, Nigeria
  • Alfa Yakubu Department of Economics, Faculty of Management Science, Nigeria Defence Academy, Kaduna, Nigeria

DOI:

https://doi.org/10.15408/sjie.v13i1.37999

Keywords:

gravity model, economic integration, trade flows, export diversification

Abstract

Research Originality: Using the data of export diversification index which is excluded in previous studies and most the pervious only look at the relationship between ED and GDP, excluding per capita income as basics for development. Again, previous studies results are contradictory on impact of export diversification performance. Additionally, this paper provides robust empirical evidence of a positive effect of export diversification on per capita income growth.

Research Objectives: This paper has the objective to examines how export diversification (ED) increase economic growth and per capita income.

Research Methods: The paper achieve its objectives using, panel least technique and co-integration test are used on time series data of 1984-2022 for ECOWAS states.

Empirical Results: The paper shows that the export diversification index has a significant influence on GDP growth but inverse, however, manufacturing value-added shows weak but a positive influence on the growth per capita income. Again, the paper reveals that high skewness of ECOWAS region to primary products export which could be responsible for the low growth per capita income. The finding of this is not the volume of exported products that matters, but how dynamic is exported products.

Implications: The paper therefore recommends ECOWAS countries need to develop processing capability for export that comes from endogenous sufficiency.

JEL Classification: C23, F10, O47, O55

Author Biographies

  • Adeyinka Michael Olure-Bank, National Open University of Nigeria
    Olure-Bank, Adeyinka Micheal has over 10 years of working experience in Trade, Trade facilitation, development sector monitoring, and evaluation. He is experienced in the design and implementation of capacity building projects and programs in the area of Economic Policy and Development Management.

    Olure-Bank is an Economist with expertise in capacity building operations, public policy analyses, and strategy, additionally, he is excellent in the application of Results-Based monitoring and evaluation to improve evidence-based decision making in projects and governance. He is highly skilled in all phases of planning, design, and management for organisational performance improvement. In addition, he is experienced in providing technical assistance to senior government officials and policymakers in sub-Sahara Africa.

    He is currently faculty member at the economic department at National Open University of Nigeria (NOUN) and Independent consultant in M&E and Capacity Building in policy/planning and Budgeting for improved public sector performance and trade policy and trade facilitation. Clients served from 2014 to date includes; Universalia Management Group Canada, African Capacity Building Foundation (ACBF) Zimbabwe; Nigeria; National Planning Commission Abuja, Agricultural Pricing and Procurement in Sub-Saharan Africa, National Tariff Technical Committee (TTC) Nigeria, USAID Abuja, Nigeria, GIZ, Abuja Nigeria, Department of Trade, ECOWAS Commission, UNICEF Nigeria, and Economic Community of West Africa State.
  • Muktar Mustapha, Department of Economics, Faculty of Social Sciences, Bayero University Kano, Nigeria
    Mustapha Muktar currently works at the Department of Economics, Bayero University, Kano. Mustapha does research in Econometrics, Environmental/Health Economics and Mathematical Economics. His most recent publication is 'STEM EDUCATION r'.Disciplines
    • Econometrics
    • Environmental Economics
    • Mathematical Economics
    • Quantitative Social Research
    • Agricultural Economics
    • Environmental Science
    • Waste Management
    Skills and expertise
    • Mandibular Fractures
    • FDI
    • Caregivers
    • Policy
    • Cost of Illness
    • Economic evaluation of health care based projects
    • Environmental and Natural Resources Management
    • Applied statistics for policy decisions
    • Waste Management
    • Public Health
    • Health Economics
    • Public Health Practice

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Published

2024-10-27

Issue

Vol. 13 No. 1 (2024)

Section

Articles