Enterprise solution to sustainable development in Africa
Professor Sonny Nwankwo, University of East London, UK
Abstract: The tumultuous macroeconomic, social and political reforms which nearly all African countries embarked upon since the past three decades have not delivered the desired outcomes vis-à-vis scaling-up actions on sustainable development, deliverables on the Millennium Development Goals (MDG) and/or propelling the economies from the margin to the mainstream global economy. Many countries have opened up their economies, implemented structural reforms to foster and sustain market responsiveness. Paradoxically, the outcomes have been less salubrious to growth and development; expected foreign investment inflow intended to provide a dynamic source of growth dissipated even before the current onslaught of global economic recession – with debilitating impacts on MDGs attainment and SD. In today’s discontinuous and unpredictable global environment, Africa is confronted with new challenges and opportunities. Perhaps more relevant in the conceptual articulation of enterprise solution to sustainable development presupposes a thinking not particularly grounded in the orthodox understanding of the role of government or the market in enterprise promotion and development. Rather, this approach contemplates a dynamic process that seeks the resolution of myriads of market and socio-economics problems, including poverty and unemployment, from ‘community’ entrepreneurial ethos, embedded in individual initiative, originality of ideas and creativity perspective but also benefiting from enabling institutional support infrastructure. It follows that sustainable development in the rather belated realisation of the MDGs in Africa must rearticulate individual, group and community enablement, perhaps within the context of social entrepreneurialism.
Keywords: Enterprise, social entrepreneurialism, sustainable development, millennium development goals, African
