Innovation and Human Development Perspectives in West Africa

Babatunde A Ayanda,Jeremiah O Ejemeyovwi,Queen Adiat,Dominic E Azuh

doi:10.1177/2158244020983277

Abstract

Innovation during this era of globalization plays a crucial role in the growth and development of an economy. This study empirically investigates the role of research and development (innovation) on human development in West Africa (2004—2014). The estimation techniques utilized to carry out the objective are the standard variations of the Generalized least squares—Panel Fixed and Panel Random effects estimation techniques. The empirical results show that research and development in West Africa has a statistically significant positive impact on human development which emphasizes the potentials of human development to be harnessed by consistent research and development. The study recommends increased research and development (innovation) through adequate research and development funding and university-industry partnership for real human development problems to be solved.

Highlights

The African continent is the second largest and second most populous continent in the world, endowed with rich natural resources and yet the poorest
The rule of thumb for deciding the most appropriate generalized least squares (GLS) model states that: Having run the fixed effect technique before the random effect technique, if the Chi-Square probability value is less than .05, the fixed effect estimation (FEM) is most appropriate and if the Chi-Square probability value is greater than .05, the REM is most appropriate for estimation
This study was motivated by the debate on the role of innovation as a significant contributor to human development, and it provides an empirical investigation on the effects of innovation on human development for the period 2004 – 2014 using robust fixed and random effect estimation technique

Summary

Introduction

The African continent is the second largest and second most populous continent in the world, endowed with rich natural resources and yet the poorest. Majority of the world’s poor countries, living on $1 a day or less are in Africa (Caesar et al, 2018) Causes of these ironies include lack of research and innovation, poor domestic and external market shocks, production of non-competitive goods, and non-diversification of the economic base of these nations. Research creates knowledge that can be used to improve workplace organization and provide very large payoffs in terms of productivity which further spurs economic growth (Bello et al, 2020). It is a major driver of information and communication technology (ICT) that influence people’s opinion, culture and widen the advantage of globalization. Research builds up knowledge which is an intangible human capital that increases productivity in business operations which significantly improves growth in turn

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