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Title:
SHORT RUN PANACEA TO ECONOMIC RECESSION IN DEVELOPING COUNTRIES OF AFRICA: A PROTOTYPE FROM CEREAL

Authors:
Kyarem Richard N (PhD) , Abdullahi Badiru and Samuel F. Okereke

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Kyarem Richard N (PhD)1 , Abdullahi Badiru2 and Samuel F. Okereke3
1,2,3. Department of Economics& Development Studies, Federal University Dutsin-ma, Katsina State.

MLA 8
N, Kyarem Richard, et al. "SHORT RUN PANACEA TO ECONOMIC RECESSION IN DEVELOPING COUNTRIES OF AFRICA: A PROTOTYPE FROM CEREAL." Int. j. of Social Science and Economic Research, vol. 6, no. 8, Aug. 2021, pp. 2973-2986, doi.org/10.46609/IJSSER.2021.v06i08.029. Accessed Aug. 2021.
APA 6
N, K., Badiru, A., & Okereke, S. (2021, August). SHORT RUN PANACEA TO ECONOMIC RECESSION IN DEVELOPING COUNTRIES OF AFRICA: A PROTOTYPE FROM CEREAL. Int. j. of Social Science and Economic Research, 6(8), 2973-2986. Retrieved from https://doi.org/10.46609/IJSSER.2021.v06i08.029
Chicago
N, Kyarem Richard, Abdullahi Badiru, and Samuel F. Okereke. "SHORT RUN PANACEA TO ECONOMIC RECESSION IN DEVELOPING COUNTRIES OF AFRICA: A PROTOTYPE FROM CEREAL." Int. j. of Social Science and Economic Research 6, no. 8 (August 2021), 2973-2986. Accessed August, 2021. https://doi.org/10.46609/IJSSER.2021.v06i08.029.

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Abstract:
The developing countries of Africa have severally been ravaged by economic recessions especially in the past 10 years. These recessions have left behind them frustrated plans and programmes, and a deepened poverty of over 3 billion people languishing in abject squalor. The need for a solution – an economic approach for a long-lasting solution is therefore imperative. The study employs a political economy approach for analysis. The centrality of agriculture is examined from developing countries of North Africa (using Egypt), East Africa (Kenya), Southern Africa (Republic of South Africa) and West Africa (Nigeria and Ghana). Using Nigeria as a prototype, the study identifies the benefits and inherent potentials in agriculture (peculiar to all developing countries of Africa) that can be harness to escape from the grip of economic recession. A re-engineering of the technicality of agricultural production, especially cereal in the short run is recommended. For all the countries, Agricultural Cooperative Societies under the supervision of traditional rulers be form in rural and urban areas as a pre-recession organ. Resources should be mobilised to ensure the absorption of the labour rendered unemployed during recession into cereal production. This will stop the recession-pushed unemployment, increased food supply and stifle food inflation that is usually the consequence and stimulant of economic recession. The contained unemployment, adequate foodstuff and tamed inflation would stifle any recession and also provide a framework for growth and development.

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