Economic Development and Mass Poverty in Africa: Assessment of the Nigerian Experience

Abstract

The forces surrounding the emerging economies of underdeveloped world, especially Africa has practically stifled its economic progress, growth, development and sustainability. This economic condition brings to the fore the massive onslaught of rural/urban poverty which the African continent grapples with since the post-world war II era to date. The economic misfortunes and incidence of mass poverty in Africa, vis-à-vis Nigeria is used as a point of departure in this study. The paper underscores the ideological and philosophical undertone of corruption by agents of state characterized by the pervasive activities of domestic bourgeoisie class as well as the international capital manifesting in form of colonialism and imperialism as a major character in the historical process of underdevelopment and mass poverty in peripherial states of Africa, Asia and Latin America, respectively. Of particular interest in this study are the activities of domestic bourgeoisie elite class who have vigorously displayed some degree of visionlessness, corrupt tendencies and abject lack of desires to draw up workable plans to redeem the battered image of African/ Nigerian economic misfortunes. This state of affairs has practically engendered economic underdevelopment, misery and disturbing levels of poverty in the nation-state system. The paper concludes with the forward towards realizing the vision 20-20-20 objectives in the 21t century and beyond.