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The Effect of Human Capital Investment on Sustainable Development: A Case of Selected West African Countries

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  • Kayode David Toluhi

    (Department of Economics, Veritas University Abuja, Nigeria)

  • Prof. Sumaila A. Joseph Obansa

    (Department of Economics, Veritas University Abuja, Nigeria)

  • Modestus Chidi Nsonwu

    (Department of Economics, Veritas University Abuja, Nigeria)

Abstract

The clamour for sustainable development in countries around the world has elicited intense researches on its important determinants with many researchers pointing to human capital investment as a key determinant. This study investigated the effect of human capital investment on sustainable development in West Africa using a panel data of four (4) selected West African countries. The study covered the period 2015 to 2022. The variables adopted for the study were the sustainable development proxied by the sustainable development index, government health expenditure proxied by the government total expenditure on health as a percentage of GDP, government education expenditure proxied by government total expenditure on education as a percentage of GDP and literacy rate proxied by the education index of the selected West African countries. Using the PMG model, the research found a positive relationship between government education expenditure and sustainable development both in the short run and long run. Government health expenditure was negatively related to sustainable development in the short run but showed positive connections to sustainable development in the long run. Education index was negatively related to sustainable development in the short run but was positively related to sustainable development in the long run. Based on the findings of the research, the study recommended increased investment by the government and private sector in the education and health sector West African countries to improve education and health outcomes and increase the chances of achieving the sustainable development goals.

Suggested Citation

  • Kayode David Toluhi & Prof. Sumaila A. Joseph Obansa & Modestus Chidi Nsonwu, 2024. "The Effect of Human Capital Investment on Sustainable Development: A Case of Selected West African Countries," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(11), pages 3310-3321, November.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:11:p:3310-3321
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    References listed on IDEAS

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    1. Muhamadu Awal Kindzeka Wirajing & Tii N. Nchofoung & Felix Mejame Etape, 2023. "Revisiting the human capital–economic growth nexus in Africa," SN Business & Economics, Springer, vol. 3(7), pages 1-29, July.
    2. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    3. Mingqi Zhu, 2023. "The role of human capital and environmental protection on the sustainable development goals: new evidences from Chinese economy," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 36(1), pages 650-667, December.
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