Diversification of the African Rural Economy through Industrialization
Diversifying African rural sector is significant to sustained economic development. One of the strategies of achieving diversification is through industrialization. Without strong industries to create jobs and add value to rural raw materials, African rural sector risk remaining shackled by joblessness and poverty. Accelerating industrialization can potentially contribute to the expansion of trade within Africa and between Africa and the rest of the world through the diversification of exports. Moreover, creating food-processing industries in rural Africa would contribute to lifting a significant number of Africans from poverty. The increased demand for Africa’s natural resources, together with increased urbanization and consumer demand for processed goods within the continent provide an opportunity for resource-based industrialization. Using expo facto research design, the study draws literature from secondary sources. The review shows current trend and challenges of rural poverty in Africa. The study advocates the need to significantly transform the economies of African countries from the current low income to middle-income levels. This will significantly add value to Africa’s large reservoir of natural and agricultural resources and tremendously boost economic performance as well as uplift many Africans out of poverty.
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