Home Economy AFRICA & THE WORLD’s ECONOMIC ARCHITECTURE IN THE 21ST CENTURY…… By; Adegboyega...

AFRICA & THE WORLD’s ECONOMIC ARCHITECTURE IN THE 21ST CENTURY…… By; Adegboyega Ariyo

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SOME OF THE QUESTIONS ADDRESSED IN THIS PAPER: I should indicate that while working on this paper, my mind was preoccupied with the following questions:  Why do we need to discuss the industrialization of Africa? What are the African problems that make massive industrialization of Africa a panacea to these problems? Has there been a successful industrialization programme in the world that solved problems similar to the ones facing Africa? How prepared is Africa for the development of industrialization strategies? What are the requisites to industrialize Africa? What can Africa offer to accelerate the pace of her industrialization? What impact has the present continental arrangements on the industrialization of Africa? Are the present political, (policy) architectures and governance fragmentations in Africa problems affecting negatively her industrialization? What strategy (strategies) can we deploy to industrialize Africa within the next Ten (10) years? Before I proceed, to attempt to address the questions, let me state a fundamental yardstick, to see my prism from where I addressed the questions and logically the conclusions and recommendations. Undignified position of Africa without Industrialization In the words of Walter Rodney, the South, where Africa belongs, has been consigned to be hewers of wood and carriers of water. The developed world collects the raw materials from the South, add value to it, and sell it to the South at a rate that keeps the South in poverty state. Adam Smith, a protagonist of capitalism and Karl Max, the apostle of socialism as well as their followers have pitched their tents as to which school we should follow to develop. Is it the capitalist or the socialist road that the world should follow? Honestly, the exchanges (trade) that ensued from the activities of the two schools have not paid Africa. Africa has become dumping ground for sub-standard goods. World trade has been perpetually skewed against Africa. The chances of Africa’s prosperity, as it is now, could therefore be perpetually determined by the North unless we device our own road map for our development.  It is my belief that the desire and in fact the programme of all our Governments had been and are still essentially to raise the dignity of Africans to the level they were before the adventure of the colonizing forces who destroyed our political, economic, social and cultural developmental processes and imposed their own developmental processes on us. Sense of Mission  There must be a…

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