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The Analysis of Human Capital Development, Economic Growth and Longevity in West African Countries

Author

Listed:
  • Bosede Olanike Awoyemi

    (College of social and Management Sciences, Afe Babalola University Ado-Ekiti)

  • Aderonke Abisola Makanju

    (Lagos Business School, Lagos State)

  • Chidera Duru

    (College of social and Management Sciences, Afe Babalola University Ado-Ekiti)

Abstract

Human capital is critical in directing all resources to serve people and influencing the productivity of an economy. Human capital can be increased through good health and education. This research examined the effects of human capital development on economic growth and longevity in West Africa. This study was concentrated on four West African countries: Nigeria, Ghana, Burkina Faso, and the Benin Republic. We used panel ordinary least squares (POLS), fully modified ordinary least squares (FM-OLS), and dynamic ordinary least squares (DOLS) for robust analysis to look at how human capital development affects economic growth and longevity over the long term. Life expectancy at birth was employed to evaluate longevity. Before the estimate, correlation, unit root, and cointegration tests were run. According to the findings of this study, human capital development has a 347.5% favorable and significant long-term effect on economic growth. This indicates that enhancing human capital can stimulate economic growth. According to the data, human capital development has a 26.8 percent positive and significant long-term effect on life expectancy at birth. Based on the findings, this study concluded that human capital development has a favorable impact on economic growth and life expectancy at birth in West Africa, demonstrating that developing human capital is advantageous to both growth and life expectancy. As a result, West African governments must increase health and education budgetary expenditures to strengthen human capital.

Suggested Citation

  • Bosede Olanike Awoyemi & Aderonke Abisola Makanju & Chidera Duru, 2024. "The Analysis of Human Capital Development, Economic Growth and Longevity in West African Countries," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 71(3), pages 399-416, September.
    • Handle: RePEc:aic:saebjn:v:71:y:2024:i:3:p:399-416:n:1
    DOI: 10.47743/saeb-2024-0008
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