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Africa Constricted Foreign Earnings and the Challenges of Survival under Recession: A Case for Sustainable Economic Development in Nigeria

Jegede, A. E. (2019) Africa Constricted Foreign Earnings and the Challenges of Survival under Recession: A Case for Sustainable Economic Development in Nigeria. In: THE SOCIAL SCIENCES AND SUSTAINABLE DEVELOPMENT IN THE 21ST CENTURY AFRICA. Department of Sociology, Covenant University.

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The contemporary realisation of 'no unlimited reservoir of anything: supposedly conditioned by global recession has gradually redirected the focus of ;aSt majority of government and non-governmental bodies to the necessity of exerting a systemic control on the utilisation of local non-renewable material resources. This has simultaneously promoted the entrenchment of innovative pragmatism, directed at the expansion of other sectors of the national economy for sustainable income generation. Both efforts were mostly viewed as capable of cushioning the impact of economic downturn. More often than not, such seemingly impactfol reductionist strategies are mostly geared towards the aversion of the debilitative consequences of the triad of environmental, demographic and socioeconomic problems believed to be capable of threatening the survival of the local population. However, the outcomes of such efforts when judged from extant quantitative impact analytical reports and local experiences show skewed results portending higher economic devastation for Less Developed and Developing Economies due to constricted foreign earnings and relatively bearable risks for Developed Economies. In Nigeria, for instance, the over-reliance on crude earnings pose remarkable setback for infrastructural development, employment generation and poverty reduction thereby increasing malnutrition, health-related complications, maternal mortality, criminality, deviant or aberrant -. behaviours, death toll and ultimately survival sustainability among Nigerians in the era of recession. Consequently, this chapter engages the impact analysis of recession on Africa's economy with reliance on secondary data. It finally presents a strong advocacy for the adoption of 'inclusive economic strategy' capable of promoting sustainable development and poverty eradication.

Item Type: Book Section
Uncontrolled Keywords: Africa, Foreign Direct Investment, Recession, Sustainable Development, Nigeria
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HM Sociology
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: AKINWUMI
Date Deposited: 29 Sep 2022 13:26
Last Modified: 29 Sep 2022 13:26

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