Cubanaism and the Igbo Business Philosophy
This will thereby give governments the upper hand to build capacity for expanding social welfare facilities in a bid to support the needy during crisis time as witnessed in the recent incidence of COVID-19, and anything else that may seek to threaten livelihoods (Jackson, 2020a; Jackson, 2020b) BENEFITS OF ISI FOR AFRICA’S GROWTH AND ECONOMIC PROSPERITY Given the above discourse regarding ISI as an economic and politically pursued ideologies, there are certainly benefits to be gained, particularly with the prospect of growth and prosperity in the African continent. Despite the outcry of critics of ISI (Williams, 2015; Bahmani-Oskooee and Ratha, 2004), Africa can only be seen to pursue a venture that is suitable to its development aspirations, which eventually will help address its high level of dependence on imports, notably essentials like non-elastic goods, which is unsustainable for its citizens. This in itself is considered regressive and the option of development partners like the World Bank, which have experimented policies like ‘Structural Adjustment Programs (SAP)’, has proven to be inimical to the well-being of citizens as opposed to addressing ongoing economic crises (Segal, 2019). A cautious approach is hereby recommended, with huge political commitments on the part of political leaders and state administrators in ministries and parastatals to exhibit prudence in their acts of planning or rebranding of ISI. Such operation is normally geared towards capacitating the real sector, considered to be the base for improving the well-being of citizens, through prospects of job creation and improved contributions to revenue base, namely“Pay As You Earn 111 | Page
