Inclusive Growth, Innovation, and Sustainable Industrialisation: Implication for a Knowledge-Based Economy in Africa

Abstract

The economy of Nigeria has been growing steadily in the past one and a half decades but the growth rate has not been inclusive and sustainable. It is the fastest-growing economy in Africa with over 218,541,212 million population as of 2022. Ironically, the effective path to reducing poverty, creating wealth, and achieving transformation through sustainable industrialisation is the greatest challenge facing humanity. Technology and industrial policies should be formulated to maximise performance and security in knowledge economies. The constant market growth index grew to 4.07 percent on the year-on-year sale growth index. Hence, the inflation rate dropped by 11.04 percent in 2018 and gradually increased by about 18.85 percent in 2021. The standard of living of the generality of the Nigerian people is far below the Poverty line and the youth unemployment rate in Nigeria was 5.76% in 2022, a 0.18% decline from 2021. As a result, the primary goal of this research is to analyze the relationship between inclusive growth, innovation, and sustainable industrialisation, as well as the implications for an African knowledge-based economy. This study discusses the essentials of a knowledge-based economy through industrialization strategies and the best practices for creating an integration of sustainability and economic growth approach development. However, employing a descriptive research design, the study concludes that fostering innovations and technological progress is key to improving the level

Keywords

References