INVESTIGATING EDUCATION AND ECONOMIC GROWTH NEXUS IN THE ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS)

The study used annual times series data on gross domestic product, a conventional proxy for economic growth, educational expenditure, the human capital index, and research and development as a control variable from the World Bank development indicators and UNESCO institute of statistics for the period spanning of 1980 to 2021 for 15 ECOWAS member nations. In an attempt to reach the inference that expenditure on education had a substantial impact on the economic growth of ECOWAS member countries over the long and short terms using the panel ARDL. In contrast to the short run scenario, the influence was greater in the long term. In view of the findings it is recommended that the regional government should keep raising the budgetary allotment for education, develop the skills of young and capable minds, and guarantee that teachers receive frequent training and retraining. Finally, Entrepreneurship and innovation courses should also be offered, along with mentorship partnerships.