Harnessing Globalisation for Sustainable Development in ECOWAS Member States

This paper examines the multidimensional data connecting globalisation and sustainable development in the countries of ECOWAS over the period 2000-2021. It looks at the approach and role of foreign direct investment (FDI), remittances, digital globalisation, Trade Openness, and regional integration to development. Through panel data econometric methods- Fixed Effects, Random Effects, and dynamic System-GMM models- the researchers take endogeneity, persistence, and country heterogeneity into consideration. The results demonstrate that ECOWAS sustainability development is path-dependent, with historic performance having the maximum performance prediction power. Globalisation, remittances, and GDP per capita positively correlate with the static model. However, when perseverance is considered, the effects dwindle, showing that institutions and policy consistency are important. This paper emphasises the necessity of ECOWAS states to embrace intra- and inter-national measures to improve domestic capacities and regional integration and to develop long-term coordinated plans to ensure that global integration leads to sustainable and inclusive development. The results offer theoretical support to institutional and development theories and offer practical advice to policymakers in the region.