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PROJECT TOPIC: Foreign Aid and Africa’s quest for Development: Issues and challenges for Nigeria

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Chapter one

Introduction

1.1Background of the study

Foreign aids are mostly said to be grants and loans that a donor country advance to another nation (recipient co un try) with   the motive of accelerating economic welfare. These grants are taken by official sector.

The growing gap between the developed and developing countries has dominated international relations and diplomacy for a long time. This gap has led to constant capital inflow from the developed countries to those in the Third World including Africa, with the goal of helping them overcome their problems and reduce the gap. However, there is evidence that decades of foreign aid have done little in changing the destinies of many African states, most of which are currently experiencing low growth rates. This suggests to some extent that there is more to the African problem than just sending money there as this is not likely to turn things around. Estimates suggest the West has spent about $600 billion on foreign aid to Africa so far (Akonor, 2008). Yet underdevelopment is widespread, while at same time some states are considered to have collapsed (eg. Somalia).

However, given its dismal development records, Africa falls short of  being  able  to  provide  its  people  with adequate  resources,  to  have  even  the  basic capabilities  to  feed  its  population  and  prepare suitable  ground  for  development,  the  need  for foreign aid in these countries seems indisputable. Particularly, today,  with  soaring  fuel  and  food prices,  aid  to  Africa  has  even  become  more essential and timely (Ravinder, 2008).


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