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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)
News
Atiku urges action to tackle out-of-school children in Nigeria
Atiku urges action to tackle out-of-school children in Nigeria
Alhaji Atiku Abubakar Former Vice President of Nigeria has urged everyone to focus attention on the state of the nation’s education to secure a better future for young people in the country.
Atiku who is the founder, American University of Nigeria, AUN made the call at commemoration of the 17th Annual Founders day 2025 in Yola.
He said “Our beloved country, poised with a youth population that boasts enormous promise, faces staggering challenges that threaten to undermine our most precious asset, our children.
“Currently, millions of children remain out of school, and among those who do enrol, many find themselves disillusioned, trapped in an outdated paradigm that fails to prepare them for the demands of an increasingly complex and competitive world.”
According to him, the classroom experience, already compromised, muddied by overcrowded facilities, lack of resources, and educators who are under-supported.
He added that this dire educational reality is not just an unfortunate circumstance; it poses a profound threat not only on the lives of the youths, but also on the society
“The statistics are sobering; Nigeria holds the regrettable title of having the largest population of out-of-school children in the world.
“How is it that in a country rich in resources, cultural heritage knowledge and a myriad of talents, we find ourselves with such a dismal record?
“Every unattended classroom symbolizes a child with unfulfilled potential, a dream put on hold, and a talent that will remain dormant”, he said.
Atiku further said that If we do not act now to revitalize the educational system, “we doom an entire generation to lives devoid of opportunity, creativity, and the freedom to dream”.
In his address, Prof DeWayne Frazier, President of AUN said, over the years, the institutions has grown from its humble beginnings into a dynamic community that embodies the values of excellence, integrity, and service.
He said, they have educated leaders who are shaping industries, driving change, and transforming communities, not only in Nigeria but across the globe.
“Our mission has always been clear: to provide a world-class education rooted in critical thinking, innovation, and a commitment to sustainable development.
“Today, as we celebrate our continued journey fulfilling that mission, we take pride in the milestones we have achieved: innovative program, pioneering research and community impact”, he said.
According to him, beyond the achievements, what truly sets them apart is their community.
“AUN is not just a university; it is a family. A family bound by shared values, mutual respect, and a commitment to making a difference”, he said.
Atiku urges action to tackle out-of-school children in Nigeria
News
Two policemen killed, three missing as Bandits ambush tactical team in Bauchi
Two policemen killed, three missing as Bandits ambush tactical team in Bauchi
By: Zagazola Makama
Two police personnel have been killed, three declared missing and two others injured after suspected Fulani herdsmen ambushed a police tactical team in Sabon Sara village, Darazo Local Government Area of Bauchi State.
Sources told Zagazola Makama that the attack occurred on Nov. 22 at about 12:48 p.m. when the operatives were on an intelligence-led patrol in the area, which has recorded persistent farmer-herder conflicts.
The tactical team, drawn from Mobile Police Squadron 10 (Mopol 10), the Anti-Kidnapping Unit, and the State Intelligence Department (SID), was ambushed by yet-to-be-identified herders who opened fire on them.
“DSP Ahmad Muhammad of SID and Inspector Amarhel Yunusa of Mopol 10 were confirmed dead at the scene,” the source said.
The sources added that ASP Mustapha Muhammad and Inspector Idris Ahmed, both of Mopol 10, as well as Corporal Isah Muazu of the Anti-Kidnapping Unit, were declared missing after the attack.
According to the sources, Inspector Isah Musa and Inspector Yusuf Gambo, both of the State Intelligence Department, sustained injuries and were evacuated to the General Hospital, Darazo for treatment.
The sources said that the Commissioner of Police has ordered the deployment of additional tactical units to reinforce the Darazo Division and intensify efforts to trace the missing personnel and apprehend the attackers.
Two policemen killed, three missing as Bandits ambush tactical team in Bauchi
News
Police storms bandits enclave after bandits attack, rescue 25 abducted women in Zamfara
Police storms bandits enclave after bandits attack, rescue 25 abducted women in Zamfara
By: Zagazola Makama
The Zamfara Police Command has rescued 25 abducted persons, including 10 women and 15 children, following a coordinated response to a bandit attack on Kuraje village in Damba area of Gusau Local Government Area.
A source told Zagazola Makama on Sunday that the incident occurred on Nov. 21 at about 9:45 p.m., when armed bandits in large numbers invaded the community, shooting sporadically before abducting the victims.
According to the source, the Divisional Police Officer (DPO) of Damba Division, working alongside operatives from the Department of Operations Gusau and Community Protection Guards (CPG), immediately mobilised to the scene after receiving the distress report.
“The joint police teams engaged the bandits in a gun battle and successfully rescued all the abducted women and children,” the source said.
He added that the rescued victims were taken to Sabongari Damba for safety and were expected to be reunited with their families on Sunday morning.
The police assured that efforts were ongoing to track fleeing bandits and enhance security around vulnerable communities in the area.
Further developments are expected as operations continue.
Police storms bandits enclave after bandits attack, rescue 25 abducted women in Zamfara
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