AFRICAN CULTURAL VALUES A DISINCENTIVE FOR DEVELOPMENT: AN EXPLANDA
AFRICAN CULTURAL VALUES A DISINCENTIVE FOR DEVELOPMENT: AN EXPLANDA

Summary/Abstract: The study evaluated the paradox of the richly endowed continent, inhabited by the poorest people in the world and having the poverty capital in Nigeria. It applied the descriptive research orientation, and the procedure of observation, documentary analysis and interview.The procedure revealed two major causal variables; the ‘extended family and the mutual social responsibility systems respectively, obligate a socially mobile individual to adopt and sponsor at least a member of the extended family other than his siblings. The analysis of the qualitative data obtained indicated, that it leads to sharing the income of an African to several expenditure sub-heads (member of the extended family, his siblings, his wife and kids), leaving him with very little to save in the banks. It is instructive to note that, when an African individual attempt to free himself from this cultural burden, he is attack with voodoo, which in extreme cases, lead to his dead. The outcomes of the above are; he is notable to save enough in the banks, the banks in turn are unable to mobilize enough fiscal resources to support development in the states by way of granting long- term-development assistance to businesses, where the facilities are available, it is never at a lower interest rate.The continent then depends on external aids for its development, with the resultant capital flight. This is a disincentive to development. This cultural value is one of the causes of African poverty, which form impediments to the economic freedom of the individual,culminating in the continental paradox of a rich continent, consisting of the poorest nations, because the society is individual writ-large.

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