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Sustainable growth and building resilience in Africa require structural transformation – Economic Report on Africa (ERA 2023)
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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Joint Task Force North West Clarifies Reports on Jet Strike in Sokoto
Joint Task Force North West Clarifies Reports on Jet Strike in Sokoto
By: ABUBAKAR ABDULLAHI
The Joint Task Force North West Operation Fansan Yamma has addressed recent reports concerning a military fighter jet allegedly bombing civilian structures in the Silame Local Government Area of Sokoto State. These reports have raised concerns; however, it is crucial to clarify that all military operations are conducted based on thorough intelligence and reconnaissance missions. This rigorous process is particularly important when targeting groups like the Lakurawa terrorist organization, as it aims to ensure precision and protect civilian lives.
Given the serious nature of these operations, the public is urged to rely on confirmed information to prevent misinformation and unnecessary panic. There is a significant risk that terrorist groups may attempt to undermine military successes through media disinformation, necessitating caution concerning unverified claims, especially in the ongoing fight against terrorism and banditry.
Importantly, the targets struck in the vicinity of Gidan Sama and Rumtuwa have been positively identified as associated with the Lakurawa group, reinforcing the justification for the military action taken.
Joint Task Force North West Clarifies Reports on Jet Strike in Sokoto
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FACT CHECK: Claims of Airstrikes on Innocent Villagers in Silame LGA Found to Be False
FACT CHECK: Claims of Airstrikes on Innocent Villagers in Silame LGA Found to Be False
By Zagazola Makama
Reports circulating about alleged airstrikes on innocent villagers in Gidan Sama and Rumtuwa, two communities in Silame Local Government Area of Sokoto State, have been found to be false.
Contrary to the claims that over ten villagers were killed and several others injured during an airstrike, the locations targeted in the airstrikes were identified as known hideouts of the Lakurawa bandits. These communities in question had been largely abandoned by their original residents due to persistent banditry and were subsequently repurposed as enclaves for criminal activities.
Intelligence sources contacted by Zagazola confirmed that the airstrikes were the result of weeks of intelligence gathering and careful surveillance of the bandits’ movements.
The sources said “We received consistent intelligence reports from the Sokoto State Government and security agencies regarding the activities of the Lakurawa terrorists in the area. Before the operation, independent reconnaissance and intelligence gathering missions were carried out to confirm the targets and avoid collateral damage. Precision is always our priority in air operations.”
The source further stated: “Today’s airstrikes specifically targeted identified hideouts of the Lakurawas. We cannot carry out any strikes without days of monitoring and verification. This is a normal practice in air operations so as to achieve precision in attacking our intended targets. These locations were no longer inhabited by their original residents, making it impossible for innocent civilians to be affected.”
“I can comfirmed to you that no innocent civilians were affected, as these locations were no longer inhabited by their original residents. “The operation was executed precisely to eliminate bandit hideouts that had been terrorizing the region.”he said.
Further verification by Zagazola corroborates that the targeted sites were active bandit hideouts and not populated villages. The observation also confirmed that the bandits had been chased to the locations following a sustained military operation aimed at dismantling their networks.
Additionally, there were no reports of casualties among civilians, no burials conducted, and no families reported missing loved ones to local authorities.
The Chairman of Silame LGA, Alhaji Abubakar Muhammad Daftarana, acknowledged the airstrikes in the location but refrained from confirming any civilian casualties, stating that the area had been under assessment.
“It’s clear that the Chairman doesn’t have complete information about the situation,” the source added.
FACT CHECK: Claims of Airstrikes on Innocent Villagers in Silame LGA Found to Be False
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Christmas: VP Shettima Assures Citizens Of FG’s Commitment To Their Welfare
STATE HOUSE PRESS RELEASE
Christmas: VP Shettima Assures Citizens Of FG’s Commitment To Their Welfare
*** Says national security, economic transformation remain President Tinubu’s priorities
By: Our Reporter
Vice President Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.
In a Christmas message on Wednesday, the Vice President said the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.
He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”
Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.
“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.
Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”
He said enhanced security measures have been put in place to protect the citizens during the holiday period.
“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.
VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.
“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.
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