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Financing Sustainable Development in Africa: Taking Stock and Looking Forward
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Author(s): Oluwabunmi Opeyemi Adejumo (Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, Ile-Ife, Nigeria & Centre for Economic Policy and Development Research (CEPDeR), Nigeria), Uchenna R. Efobi (College of Business and Social Sciences, Covenant University, Ota, Nigeria & Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, Ile-Ife, Nigeria & Centre for Economic Policy and Development Research (CEPDeR), Nigeria & Merian Institute for Advanced Study in Africa, University of Ghana, Ghana)and Simplice A. Asongu (African Governance and Development Institute, Cameroon)
Copyright: 2021
Pages: 13
Source title:
Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa
Source Author(s)/Editor(s): Evans S. Osabuohien (Covenant University, Nigeria), Emmanuel A. Oduntan (Covenant University, Nigeria), Obindah Gershon (Covenant University, Nigeria), Olaronke Onanuga (Covenant University, Nigeria)and Oluyomi Ola-David (Covenant University, Nigeria)
DOI: 10.4018/978-1-7998-4817-2.ch009
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Abstract
Actualizing sustainable development in Africa will require enormous economic resources. This implies that there must be a clear balance of prioritization of financing options on what works best for development in this region without further escalating other societal problems. The authors argue in the chapter that though there has been some benefit from the traditional means of financing development in Africa, some drawbacks still exist considering the rising rate of inequality and poverty head-count in the region. On this note, this present study examines financing options that have previously been advocated for in financing development in the African region (i.e., taking stock), such as development assistance and foreign investment, by considering its implication on development outcomes like poverty, inequality, and aggregate human development indicator in the region.
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