Foreign Aid and Africa’s Hunt for Development: Implications for Global Least Developed Countries (LDCs)

Okon E. Udoh & Asuquo U. Inyang

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Abstract

This paper examined the effectiveness or otherwise of foreign aid that flows from the donor, that is, Developed Countries (DCs) in Europe and America, to the recipient countries, that is, the Least Developed Countries (LDCs) in Africa and other third-world countries. The study aimed to identify the factors – external or internal that act as barriers to the route of development of the recipient states. Using the historical descriptive research methodology and adopting the Public Interest Theoretical frame of analysis, some of the critical issues discussed included fungibility of foreign aid as well as the role of foreign aid in development financing. It was found that both external and internal factors from the donor and the recipient countries are responsible for the low impact and, at times, outright failure of foreign aid in African and other Third World countries. It was recommended that Foreign aid should be encouraged for economic prosperity and that the recipient countries, such as Nigeria, should introduce strong policies that will scrutinise the conditions attached to this aid, to achieve their targets.

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