The Nexus among Human Capital Development, Institutions and Economic Growth in ECOWAS Sub-Region, Nigeria

Abstract

This research work examined The Nexus among Human Capital Development, Institutions and Economic Growth in West African Sub-Region. It focused on the impact of human capital development, institutions, and economic growth variables such as human capital, voice of accountability, social security, government effectiveness, rule of law. The study used secondary data obtained from the world development indicator, 2018. The ordinary least square (OLS) econometric techniques were employed. The result of the analysis reveals that human capital exerts a positive and significant influence on economic growth in the region, while the effect of physical capital on GDP is positive, indicating a positive effect of physical capital on economic growth in the region. However, the institutional quality on economic growth is negative and insignificant at the same time. Based on the findings, the study suggests strong investment in Education and Health being significant contributors to economic growth in the sub region to further enhance economic growth and development.