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Socio - economic development has been a great challenge to the countries of the world, especially the less-developed countries (LDCs). The concern to tackle the challenge of development facing the countries of the world at international level dates back to 1944, when representatives from 45 countries met in Breton woods, New Hampshire to plan how to rebuild the economies of the countries ravaged during World War II (1939 - 1945). Since then, the International Community has adopted several development strategies and prescribed same to the countries of the world. However, the results have not been as expected. This then has challenged the International Community and the World Bank, which admitted that "The challenge of development is to improve the quality of life, especially in the world's poor countries. A better quality of life generally calls for higher incomes - but it involves more than that. It encompasses, as ends in themselves, better education, higher standard of health and nutrition..." (World Bank, 1989).