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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)
Bandits kill two, abduct woman in Chikun, Kaduna
By: Zagazola Makama
Suspected bandits have killed two persons, injured one and abducted a woman during an attack on Rimi Kamazo community in Chikun Local Government Area of Kaduna State.
Zagazola report that the incident occurred on Dec. 28 at about 11:50 a.m. when an unspecified number of armed bandits invaded the community, firing sporadically and causing panic among residents.
Victims of the attack were identified as Zainab Amos Bagoro, 55, and Aminu Amos Bagoro, 25, who were shot and fatally injured. Another victim, Gayus Amos Bagoro, sustained gunshot injuries and is currently receiving treatment.
The attackers also abducted Justina Abednego, 25, and took her to an unknown destination.
Sources said security operatives received information about the attack at about 2:00 a.m. on Dec. 29 and immediately mobilised to the area in collaboration with other security agencies.
The injured victims were rushed to hospital for medical attention, where the two critically injured persons were confirmed dead, while the surviving victim is receiving treatment at St. Gerald Hospital, Kakuri, Kaduna.
The corpses of the deceased were deposited at the hospital morgue for autopsy.
Security forces have intensified efforts to rescue the abducted woman and track down the perpetrators, while investigations into the incident have commenced.
Bandits kill two, abduct woman in Chikun, Kaduna
Mob sets NSCDC office ablaze, kills three suspects in Kano
By: Zagazola Makama
Atleast three suspected motorcycle thieves were killed by a mob while the office of the Nigeria Security and Civil Defence Corps (NSCDC) was raised in Dawakin Kudu Local Government Area of the state.
Zagazola Makama learnt that the incident occurred at about 9:00 p.m. on Dec. 28 at the Danmaje Quarters Divisional Office of the NSCDC in Dawakin Kudu.
According to sources , personnel of the NSCDC attached to the office had earlier arrested three suspects over alleged motorcycle theft.
The source said that following the arrest, angry youths armed with dangerous weapons mobilised in large numbers and stormed the NSCDC office, demanding that the suspects be released to them for lynching.
“They overpowered the NSCDC personnel, chased them out of the office and set both the office and the suspects ablaze,” the source said.
Sources said the scene was later visited by security operatives, while the victims were rushed to the Aminu Kano Teaching Hospital, where they were certified dead by medical personnel.
The corpses were subsequently deposited at the hospital’s morgue.
Mob sets NSCDC office ablaze, kills three suspects in Kano
NESREA Shuts Sunseed Oil Facility in Zaria Over Air Pollution Violations
By: Michael Mike
The National Environmental Standards and Regulations Enforcement Agency (NESREA) has ordered the closure of the Sunseed Oil processing plant in Zaria, Kaduna State, following findings of severe air pollution linked to the facility’s operations.
NESREA said the action was taken after investigations confirmed that the plant was emitting harmful pollutants into the atmosphere in breach of the National Environmental (Air Quality Control) Regulations.
The regulations require industries to install effective pollution control systems and adopt cleaner production methods to minimize environmental and health risks.
A statement by the agency’s spokesperson, Nwamaka Ejiofor on Tuesday, said the level of emissions from the Sunseed Oil facility posed a direct threat to the surrounding environment and residents in nearby communities, prompting immediate intervention to halt further damage.
She noted that the enforcement exercise reflects the agency’s resolve to ensure that industrial operators comply with environmental standards and to protect the public from the dangers associated with uncontrolled industrial emissions and effluents.
Commenting on the development, the Director-General of NESREA, Prof. Innocent Barikor, warned companies operating across the country to adhere strictly to national environmental laws.
He stressed that the agency would continue to take decisive action against facilities whose operations endanger public health or degrade the environment.
NESREA reiterated its commitment to regular monitoring and enforcement, noting that environmental protection remains a critical component of sustainable development in Nigeria.
NESREA Shuts Sunseed Oil Facility in Zaria Over Air Pollution Violations
Bandits kill two, abduct woman in Chikun, Kaduna
Mob sets NSCDC office ablaze, kills three suspects in Kano
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