Generally, modernization scholars argue that industrialization process is considered to be the main stem in the process of economic growth and economic development. Modernization is a study of the social, political, and cultural consequences of economic growth and the conditions that are important for industrialization and economic growth to occur (Eisentadt 1966; Hountondji 1996). Ideally, a degree of circularity often characterizes discussions of social and economic change involved in modernization processes because of the notion, embedded in most modernization theories, of the functional compatibility of component parts. Modernization theory has been one of the major perspectives in the sociology of national development and underdevelopment since the 1950s. Primary attention has focused on ways in which past and present pre-modern societies become modernized (i.e., Westernized) through the processes of economic growth and change in social, political, and cultural structures (Eisentadt 1966; Hountondji 1996).It is strongly contested that development should translate into positive change in the standard of living of the people. In reality, development should not merely be of things but that of things through by which the livelihood of the people can be better transformed. There is a realization among the developing countries that Foreign Direct Investments (FDI) has taken a centre stage in development discourse especially in Sub Saharan Africa (SSA) countries. While most of SSA countries were, in the 1950s motivated by the advancements of the Western capitalist countries and sought to westernize as well, their peculiar circumstances made it difficult to achieve the modernization agenda. This plunged most of developing countries into national economy constraints and passing down the benefits of Independence which most of them had recently attained became difficult (Frank 1989; Rostow 1971). Although some countries recorded some economic progress but this was short lived as most of economies faced serious challenges. Over time this led to state borrowing and implementation of liberalized markets with the hope of resuscitating the dwindling economies despite the increase in the flow of the FDI as a way to sustain economic growth and economic development. Unfortunately, FDI did not resolve the magnitude of problems developing countries were facing. Many development experts have argued that the process of modernization entails changes not only in the physical environment but also many other aspects of the well-being of the people (Allan 1990; Burrow 1966).