The Assessment of Trade Openness, Foreign Direct Investment and Economic Growth in the Non-West African Economic Monetary Union (Non-WAEMU)

Many countries' growth performance has been linked to the dynamic roles of trade and foreign direct investment (FDI) inflows. This study evaluates the impact of trade openness and foreign direct investment on economic growth in non-West African Economic Monetary union using time series data from the period 1994 to 2019.The data for the study where sourced from World development index (WDI). Co-integration test was employed to determine the existence of co-integration among the variables and from the result the hypothesis of no cointegration was rejected as there is cointegration among the variables. The Auto regressive distributed lag (ARDL) technique was used to examine the short and long run effects of trade share and foreign direct investment on economic growth. And the result shows that FDI_GDP will increase GDP per capita by 0.1% in the long run while TS and CTS will reduce GDP per capita by 11.2% and 0.36% respectively. there exist a long run dynamic relationship between trade share and foreign direct investment on economic growth. From the estimation result the conclusion was drawn that foreign direct investment positively and significantly influences economic growth in the long run in non-WAEMU. And the study recommended that non-WAEMU countries should productively control trade openness through increased investment in local production of manufactured and agricultural goods so as to reduce importation