Journal of Emerging Trends in Economics and Management Sciences: Home

Article Title:
INVESTMENT EXPENDITURE IN HUMAN CAPACITY BUILDING: AN IMPETUS FOR SUSTAINABLE DEVELOPMENT IN AFRICA
by Mohammed Mallam Isgogo

Abstract:
The economic problems of third world countries are not, in their totality, uniform. But their basic characteristics transcend the boundaries of individual countries. These are the problems of a fundamental disequilibrium of the economy, with the attendant features of stilted economic growth, an adverse balance of payment problem, low capital formation, iniquitous distribution of income, price level instability, severe unemployment among others. The African continent is worst hit by underdevelopment, while sub-Saharan Africa is generally described as the poorest region of the world, one that is getting poorer in the face of sustained growth and significant improvement of living standards in the rest of the world. This paper attempts to highlight the ideal fiscal policy and private investment practices in Africa using some theories of private investment to provide fundamental basis for a growth oriented approach for African leaders. The idea is to highlight the significance of mobilizing mass investment on the development of the African labour force, by both governments and the private sectors. The private and public investment in human capital has been identified as a fundamental necessity for sustainable economic growth and development in the continent. The paper recommended that a clear-cut and formidable manpower development agenda should be put in place in the African continent to enable the creation of a generation of technocrats that is capable of galvanizing the required change in the various economies of the continent.

Keywords: fiscal policy, private investment, Africa, human capital, growth and development

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