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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
21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed
21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed
By: Zagazola Makama
At least twenty-one passengers were rescued unhurt following coordinated attacks by armed bandits on multiple vehicles along Kogi State highways on Thursday, while two security personnel were confirmed dead during the ensuing rescue operations.
Sources reported that about 100 armed bandits attacked a Toyota Siena with registration number YAB 968 AX traveling from Oshogbo to Kaduna, a Toyota Hiace bus (7BGT-78LG) conveying passengers from Owo, Ondo State to Abuja.
Another Toyota Hiace (GKP 178 XA) from Abuja to Ekiti State, a Toyota Carina (JMU 648 AA) from Lokoja to Kabba, a Dangote truck transporting 900 bags of cement, and a J5 bus (FTA 313 XV) carrying bags of pepper from Kano to Lagos.
The attacks occurred around 2:00 p.m., leaving passengers vulnerable to abduction.
A joint rescue operation involving the 12 Brigade of the Nigerian Army, Quick Response Units (QRU), Nigeria Security and Civil Defence Corps vigilantes, local hunters, and other security operatives swiftly engaged the bandits in a gun duel.
The operation successfully secured the release of 21 passengers, including men, women, and infants. Rescued passengers include Moses Oladimeji, Adele Jacob, Obed Onche, Babayemi Ajayi, Funmilayo Ajayi, Samuel Olawoyin, Samuel Job, Jemima Joseph, Nanko Joseph, Enenche Paulina, Bright Enenche, Rachael Enenche, Deborah Enenche (9 days old), Bukola Clement, Toyin Clement, Glory Clement, Faith Clement, Peter Olawale, and the drivers of the Dangote truck and J5 bus.
Tragically, one soldier attached to the Oshokoshoko sector and one vigilante from Odoape lost their lives during the exchange of fire. Their identities are yet to be confirmed.
Rescue operations are ongoing to track down any remaining abducted victims and apprehend the perpetrators.
Communities along the highways remain on high alert following the attacks, highlighting the continued threat of organized banditry in Kogi State.
The operation demonstrates the effectiveness of coordinated efforts between military, vigilante, and local security forces in responding to large-scale armed bandit attacks, although the loss of personnel underscores the dangers faced by security operatives during such missions.
21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed
News
Kogi communities reeling as fleeing bandits from Kwara kill four
Kogi communities reeling as fleeing bandits from Kwara kill four
By: Zagazola Makama
Residents of several Kogi State communities are counting their losses after fleeing armed bandits from Kwara State, displaced by ongoing military clearance operations, stormed the area on Thursday morning, leaving four men dead.
According to local sources, the attackers, travelling on motorcycles, entered Kogi through bush paths from Patigi in Kwara State and moved through Bunu and Kiri communities, firing indiscriminately.
The victims included Dare Olorunfemi, 34, of Ihale community; John (surname unknown), 33, of Taki area; Abdul Siworo, 33, of Ike area; and Oladele Samuel, 25, of Ayetoro-Kiri community.
Eyewitnesses reported that the bandits, heavily armed and in large numbers, continued towards the Kakanda/Ankumi forest in Obajana, Lokoja Local Government Area, leaving the communities in shock and fear.
intelligence sources suggesting that the attackers have taken refuge around Masalacin Boka area.
Residents described the tension as “palpable,” urging urgent intervention to dislodge the bandits before they consolidate in the forests.
The incident illustrated the ripple effect of security operations in neighbouring states, as armed groups displaced by military offensives migrate and wreak havoc on adjacent communities, threatening livelihoods and local stability.
Efforts to safeguard the affected communities and prevent further attacks are ongoing by security forces.
Kogi communities reeling as fleeing bandits from Kwara kill four
News
Police arrested four suspected kidnappers arrested, identified accomplices
Police arrested four suspected kidnappers arrested, identified accomplices
By: Zagazola Makama
The Police have reportedly arrested four suspected kidnappers and their informants following the abduction of ten persons between Koso Likoro and Soba villages in Mashegu Local Government Area, Niger State.
Sources said the suspects were traced to a hideout around Ibbi Forest, where a joint operation led to the arrest of Sanda Dan, Mallam Wantau, and Atiku.
During interrogation, the suspects reportedly confessed and implicated Buba Maiyara, Mantile Alh Majo, and Bilya Musa Baushe, all from Koso village, as their accomplices.
In a subsequent operation, Manu Malami Shehu Maiyara was also arrested and admitted that his son, Buba Maiyara, together with his associates, were responsible for the abductions and cattle rustling in the area.
Sources said that the case remains under investigation.
Police arrested four suspected kidnappers arrested, identified accomplices
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