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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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Zulum Flags off Distribution of Renewed Hope Sallah Palliative

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Zulum Flags off Distribution of Renewed Hope Sallah Palliative

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has flagged off the distribution of palliatives under the Renewed Hope Initiative to vulnerable residents across the state ahead of the Eid al-Adha celebration.

The governor launched the exercise at the Conference Hall of Prime Lodge in Maiduguri.

Governor Zulum commended Nigeria’s First Lady, Senator Oluremi Tinubu, for supporting widows, orphans, internally displaced persons (IDPs), and other vulnerable groups through the Renewed Hope Initiative.

“On behalf of the Government and good people of Borno State, I sincerely appreciate Her Excellency, Senator Oluremi Tinubu, CON, First Lady of the Federal Republic of Nigeria and Founder of the Renewed Hope Initiative, for this compassionate intervention aimed at supporting vulnerable Nigerians and restoring hope to families facing economic hardship,” Zulum said.

The governor also praised the resilience and patience of the people of Borno despite years of insurgency and insecurity, reaffirming his administration’s commitment to improving the welfare of citizens through people-oriented policies and programmes.

“Despite the challenges our state has faced over the years, our people have continued to demonstrate resilience, patience, and courage. As a government, we remain committed to implementing programmes and policies that directly improve the lives of our citizens,” he stated.

Zulum noted that the distribution exercise forms part of the federal and state governments broader social support programme aimed at cushioning economic hardship and strengthening community resilience.

“The distribution exercise we are flagging off today is therefore part of our broader social support programme designed to cushion economic difficulties and strengthen community resilience. I commend members of the Distribution Committee for their efforts and urge them to ensure transparency, fairness, and accountability throughout the exercise so that the support will reach the rightful beneficiaries,” he added.

The governor urged beneficiaries to make proper use of the items distributed while also appreciating security agencies, traditional rulers, religious leaders, and development partners for their continued support towards peacebuilding and humanitarian interventions in the state.

Earlier in his remarks, Chairman of the Distribution Committee, Dr Abba Bashir Dankellori, expressed gratitude to Senator Oluremi Tinubu for the timely intervention, describing it as a relief that would enable many Muslim families to celebrate the forthcoming Sallah with ease.

“I wish to, on behalf of the committee, thank the First Lady Senator Oluremi Tinubu for the kind gesture. We also appreciate Borno State Governor, Professor Babagana Umara Zulum, for the selfless leadership, commitment and service to the people of the state,” Dankellori stated.

According to him, beneficiaries of the intervention include Qur’anic and Sangaya school teachers, as well as religious organisations that contribute to the moral upbringing of society.

Governor Zulum was accompanied to the event by the Secretary to the State Government, Bukar Tijani; Acting Chief of Staff, Dr Babagana Mustapha Malumbe; Coordinator of Renewed Hope Ambassadors, Engr Baba Bukar Gujbawu; Permanent Secretary, Government House, Barr. Mustapha Busuguma, among other top government officials.

Zulum Flags off Distribution of Renewed Hope Sallah Palliative

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Security forces Conduct Show of Force In Jos, Bukuru During Church Services

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Security forces Conduct Show of Force In Jos, Bukuru During Church Services

By: Zagazola Makama

Joint Security forced in Plateau State on Sunday conducted a joint show of force across major flashpoints within Jos metropolis and the Bukuru general area to ensure peaceful church services and strengthen public confidence.

The operation involved troops of Operation Enduring Peace, personnel of the Nigerian Air Force 551 Station, Operation Keystone, the Nigeria Security and Civil Defence Corps (NSCDC), and other security agencies.

Security sources said the exercise commenced at about 7:30 a.m. and was aimed at denying criminal elements freedom of action while providing adequate security coverage during church services.

The coordinated patrols and visibility operations covered identified vulnerable areas and strategic locations within Jos and Bukuru.

According to the sources, the operation was conducted without any security breach or incident, while religious activities across the affected areas remained peaceful.

The security agencies reaffirmed their commitment to sustaining collaborative operations aimed at maintaining law and order as well as protecting lives and property in Plateau State.

Security forces Conduct Show of Force In Jos, Bukuru During Church Services

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Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

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Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

Nigeria recorded a major triumph at the 24th CAA Senior Athletics Championship in Accra, Ghana, as teenage athletes Rosemary and Miracle delivered a stunning performance to win gold for the country in the women’s 4x100m relay event.

The young stars, both students of NTIC Secondary School, helped Team Nigeria clinch the gold medal with an impressive time of 42.94 seconds, further underlining the country’s growing strength in athletics.

Their victory also secured Nigeria a ticket to the World Championships in Gaborone, while guaranteeing qualification for the 2027 World Championship in China.

The feat was particularly remarkable for Rosemary, who was making her senior debut for Nigeria at the continental championship.

Sports enthusiasts have since praised the duo for proving that age is no barrier to excellence, with many describing their performance as a glimpse into the bright future of Nigerian athletics.

Teenage Sensations Rosemary, Miracle Win Gold for Nigeria, Secure World Championship Spot

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