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Sustainable growth and building resilience in Africa require structural transformation – Economic Report on Africa (ERA 2023)

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Sustainable growth and building resilience in Africa require structural transformation – Economic Report on Africa (ERA 2023)

By: Michael Mike

The Economic Report on Africa 2023 (ERA 2023) has said: “Achieving sustainable growth and building resilience requires structural transformation.”

It also said: “Successful industrial policy requires both sectoral focus as well as getting the basics right. It is essential for countries to identify optimal combinations of policy actions to nurture an industrial programme.”

The report with title: “Building Africa’s Resilience to Global Economic Shocks”, and presented by the Director, Macroeconomics and Governance Division at the United Nations Economic Commission for Africa (UNECA), Adam Elhiraika, was launched in Abuja on Monday.

The report showed that the current global economic architecture affords opportunities for African countries to leapfrog and accelerate industrialization through careful experimentation of what has worked elsewhere and adapting it to local conditions.

Elhiraika explained that firm survival and growth in Africa were closely linked with exporting, working with international capital and international or global firms, adopting international managerial norms and standards as well as developing industrial clusters.

These elements, according to ERA 2023, come in different shades depending on the type of firms and their technology intensity. Broadly, however, three economic fundamental gaps require attention to get the basics right: skill gaps; infrastructure gaps and overall institutional quality gaps.

On Promoting regional value chains, the report states that countries can collaborate in creating, for example, regional agricultural commodity markets that will help to connect surplus economies with net importers for wheat, sugar and rice. This will reduce dependence on Russia and Ukraine.

The report also explained that: “Financial integration could also protect the continent from the vicious cycle of debt distress and liquidity crunches through regional bond markets that would enhance savings mobilization, risk pooling and funding for regional and national infrastructure.”

UN Resident and Humanitarian Coordinator, Matthias Schmale, represented by the Economist in the Resident Coordinator’s Office, Nonso Obikili, noted that the convergence of many crises, such as the shocks generated by the consequences of the COVID-19 epidemic, the ripple effects of the Russian invasion of Ukraine, and climate change had resulted in Africa experiencing a setback or lack of progress in achieving the targets set by the Sustainable Development Goals (SDGs).

He cited an example of the impact of shocks on poverty, in 2021, when almost 30 million Africans experienced severe poverty, and the loss of 22 million employment occurred.

“The top ten countries with the highest number of poor people account for 64.7% of the continent’s poor population. The first four countries—Nigeria (100 million), the DR Congo (67 million), Tanzania (36 million) and Ethiopia (33 million)—account for 42% of the poor population.” Schmale said.

The ERA 2023 therefore called for new approaches for African countries to address challenges of global economic shocks. The report calls for improving risk management and building resilience strategies through well-designed national development plans and good governance, as well as structural transformation through equitable green growth and smart industrial strategies.

Special Adviser to the President on Economic Matters, Dr Tope Fasua, highlighted economic recessions that Nigeria had experienced in the past: Commodity price crashes of early 1970s after the oil boom in 1973; recession of the 1980s due to fall in commodity prices; and another crash in the mid-2000s due to crude oil crash. “We live life of volatility in terms of our finances, and most of Africa is still tethered to these kinds of risks.” He said.
At the launch were representatives of the United States Embassy, European Union, USAID, Federal Ministry of Budget and Economic Planning; Federal Ministry of Finance; Central Bank; and UN Agencies.

Sustainable growth and building resilience in Africa require structural transformation – Economic Report on Africa (ERA 2023)

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Tipper truck kills several traders in Jalingo market crash

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Tipper truck kills several traders in Jalingo market crash

By: Zagazola Makama

A tragic road accident occurred on Saturday at the popular Mile 6 Market in Jalingo, Taraba State, when a tipper truck loaded with shaft sand lost control and rammed into a crowd of traders and shoppers.

Zagazola learnt the incident, which happened around midday, resulted in multiple fatalities and left several others injured. The exact number of casualties is yet to be confirmed as emergency responders continue rescue operations and assessment of the scene.

Sourcessaid the truck was speeding when one of its front tyres suddenly burst, causing the driver to lose control. The vehicle veered into the busy market area, knocking down people and structures along its path.

“It happened so fast,” said Musa Ibrahim, a local vendor. “The truck was on speed and after the tyre burst, the driver couldn’t control it. It just rammed into the crowd.”

Security operatives and medical personnel arrived swiftly at the scene to evacuate the injured to nearby hospitals. The body of the deceased has also been recovered, while efforts are ongoing to identify victims and notify their families.

The driver of the truck has been apprehended and is currently in custody as investigations continue into the cause of the crash.
End

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Former Footballer, 4 Others Arrested, Over 22.6kg Cocaine, Meth Seized at Lagos, Enugu Airports

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Former Footballer, 4 Others Arrested, Over 22.6kg Cocaine, Meth Seized at Lagos, Enugu Airports
…72-year-old Grandma, Beninese, Ithers Nabbed in NDLEA Raids in Delta, Kwara, Lagos

By: Michael Mike

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a former football player Segun George Hunkarin along with his businessman partner Ntoruka Chinedu over attempt to smuggle a consignment of cocaine into Nigeria through the Murtala Muhammed International Airport, Lagos.

According to a statement on Sunday by the spokesman of the NDLEA, Femi Babafemi, Chinedu who is a frequent flyer known for conveying clothes from Turkey to Nigeria and foodstuffs from Nigeria to Turkey, was the first to be arrested upon his arrival at the Lagos airport last Tuesday, when his carry-on bag was searched, 37 wraps of cocaine weighing 800 grammes were seen to be concealed therein.

Babafemi said investigation showed that the suspect was coming from Turkey on Ethiopian Airlines flight but transited through Addis Ababa, Ethiopia where he collected the luggage from another person before heading to Nigeria.

He said further checks revealed that an accomplice who turned out to be the former professional footballer, Segun Hunkarin, was waiting for Chinedu at the airport carpark to collect the consignment from him. Hunkarin who had stayed years in Brazil playing for football clubs was promptly tracked and arrested at the carpark.

In his statement, Hunkarin was said to have claimed that while playing professional football in the South American country, he had only trafficked drugs twice from Brazil to Ethiopia but has never brought any to Nigeria.

Another Europe based businessman Amen Okoro was last Friday arrested by NDLEA operatives at the Lagos airport while attempting to traffic 5,000 pills of tramadol 225mg packaged as known malaria drugs such as Lonart, Amatem and Aluktem to Spain.

He was intercepted at the departure hall of terminal 2 of the airport during the outward clearance of passengers on Royal Air Maroc flight to Spain through Casablanca.

Babafemi said Okoro, who is into freight and logistics business between Europe and Nigeria, claimed that on his arrival in Spain, he would have taken a train to France where he resides and from there send the tramadol consignment to Italy for retailing.

At the Akanu Ibiam International Airport (AIIA) Enugu, Babafemi said NDLEA operatives last Friday intercepted a Maputo, Mozambique based bar attendant Ezenwaka Chibuzor. A search of his luggage led to the discovery of 17 cardboard size parcels of methamphetamine weighing 17.500 kilogrammes and three parcels of cocaine weighing 3.05 kilogrammes.

He revealed that the 38-year-old suspect was coming from Johannesburg, South Africa via Addis Ababa, Ethiopia on Ethiopian Airlines flight when he was interdicted and subjected to a search during which the illicit drugs concealed in bedsheets packed in his bags were discovered.

He noted that another passenger on board the same Ethiopian Airlines flight, 54-year-old Azu Kpodar was also intercepted at the Enugu airport by NDLEA operatives. When Azu, who arrived from Sao Paulo, Brazil, was searched, a liquid soap plastic container marked YPE, was discovered in his luggage. The substance was promptly taken for analysis at the NDLEA forensic and chemical laboratory, Enugu where the substance tested positive to cocaine.

The substance which turned out to be liquid cocaine weighed 1.250 kilogrammes, the
suspect who is a toy seller in Brinquedo, Sao Paulo, Brazil, claimed he purchased while shopping for his wedding ceremony in Nigeria.

NDLEA operatives at the Seme border area of Badagry in Lagos last Tuesday intercepted a 26-year-old Beninese Vode Jean-Luck while trying to smuggle 69 balls of skunk, a strain of cannabis with a gross weight of 29.5 kilogrammes from Benin Republic into Nigeria.

In Kwara state, a notorious drug dealer Mary Oladele (a.k.a Iya Nafi) was arrested last Wednesday when NDLEA operatives raided her base in Omu-Aran in Irepodun local government area of the state where various quantities of skunk, tramadol and flunitrazepam were recovered from her.

Babafemi said a 72-year-old grandma Mrs. Christy Ejaro was last Tuesday arrested by NDLEA operatives at Niger CAT area of Warri, Delta state, with several sachets of skunk packaged in retail size recovered from her.

The spokesman said the War Against Drug Abuse, WADA, social advocacy activities by NDLEA commands equally continued across the country in the past week.

Meanwhile, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd), while commending the officers and men of MMIA, AIIA, Delta, Kwara, and Seme commands of the agency for the arrests and seizures of the past week, equally praised their counterparts in all the commands across the country for ensuring a fair balance between their drug supply reduction and drug demand reduction efforts.

Former Footballer, 4 Others Arrested, Over 22.6kg Cocaine, Meth Seized at Lagos, Enugu Airports

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Armed bandits abduct resident in Bature Daji, in Niger narrowly miss vigilante target

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Armed bandits abduct resident in Bature Daji, in Niger narrowly miss vigilante target

By: Zagazola Makama

Armed bandits in large numbers stormed Bature Daji community in Niger in the early hours of Saturday, abducting a resident while narrowly missing their original target, a local vigilante member.

Zagazola Makama gathered that the incident occurred around 5:30 a.m. when the attackers invaded the residence of one Dani, a known vigilante operative in the area. He was reportedly the primary target of the assault but managed to escape.

However, the gunmen kidnapped one Attahiru Ibrahim, popularly known as Sarki Daji, from the same neighborhood and whisked him away to an unknown destination.

Local sources revealed that the assailants later moved toward Gorogawu Village, a border community near the Republic of Benin, raising concerns of cross-border movement and security challenges.

A joint team of security forces, including military and other operatives, has launched a pursuit operation to rescue the victim and apprehend the attackers.

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