Volume 17, No. 4, 2020
Democratizing The Economy And The Challenge Of Pervasive Poverty In Africa: A Critical Analysis
Nkwede, J. O. , Udu, L. E., Udeuhele, G. I. , Obona, E. E. , Ibiam, O. E., Nwokike, I. K., Agudiegwu, O. M., Otu, E. C., Okechukwu, G., Nnanyere, C. O., Nwoba, C. C., Akumah, B. I., Nwigwe, C. N. & Nkwede, F. E.
Abstract
Plausible as the democratization of a nation’s economy might be, protection of the national sovereignty and self-preservation are predominant considerations in nations economic and trade policies. The study examines the process of democratizing African economies in the face of nagging poverty which has assumed a pervasive status across the black continent. Content Analytical Approach was adopted as methodology and the “Blame the Victim” and “Blame the system” theory of poverty was adopted as theoretical foundation. Findings reveal that democratizing Africans economics would entail liberalization of economic activities in African states but with the consciousness of freeing the African economics from subservience to foreign economic interests. In doing these, the pervasive poverty in most African states poses a challenging dilemma. To tackle this dilemma, the study recommends amongst others a conscious and sustained inclusive policy on poverty alleviation/reduction, institutions’ capacity development through incremental policies that strengthen the system, vigorous educational pursuit, transparency in governance and zero tolerance to corruption and related vices.
Pages: 182-200
Keywords: Democratization, Economy, pervasive poverty, challenge, Africa.