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

Author

Listed:
  • Victor Ushahemba IJIRSHAR

    (Benue State University, Makurdi, Nigeria)

  • 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)

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.

Suggested Citation

  • Victor Ushahemba IJIRSHAR & Isa Jibrin OKPE & Jerome Terhemba ANDOHOL & Philip Terhemen ABACHI & Solomon GBAKA, 2024. "Revolutionising Trade: Exploring how Innovation in Selected African Countries Shapes Economic Relations with Key Regions," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 5(5), pages 51-70, May.
    • Handle: RePEc:ahd:journl:v:5:y:2024:i:5:p:51-70
    DOI: 10.37945/cbr.2024.05.06
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    References listed on IDEAS

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    More about this item

    Keywords

    African countries; economic regions; innovation; trade participation;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • P45 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - International Linkages
    • F10 - International Economics - - Trade - - - General
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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