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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
Social media reckless leaks of U.S. ISR flights over Lake Chad force ISWAP fighters to relocate
Social media reckless leaks of U.S. ISR flights over Lake Chad force ISWAP fighters to relocate
By: Zagazola Makama
Reckless disclosure of sensitive intelligence, surveillance and reconnaissance (ISR) operations by social media users has compromised ongoing counter-terrorism efforts in the Lake Chad region, forcing Islamic State West Africa Province (ISWAP) fighters to relocate from monitored locations, reliable security sources told Zagazola Makama.
The social media handler had posted that the United States Air Force ISR aircraft, which has flown missions over the Lake Chad basin for three consecutive days, again returned on Saturday to conduct surveillance on ISWAP’s “Mantiqah Krinwa” in northern Borno. The aircraft, as with previous sorties, was tracked taking off from Accra, Ghana.
The operational gains, however, were undermined when a social media handler, identified as Brant Philip on Twitter (X), published the real-time flight paths and details of the ISR operations that were expected to remain covert.
The sources said that although ISWAP fighters were not recently concentrated in Krinwa, the ISR media leaks had unsettled the group, prompting a tactical movement from Dogon Chikun to Bulabulin in an apparent attempt to avoid potential air interdiction in identified locations.
“Once the details of the ISR mission were posted online, the terrorists became aware of the surveillance and began repositioning. These kinds of leaks directly endanger operations and personnel,” a security source said.
Another source noted that online exposure of such highly sensitive military activity compromises not only Nigerian security efforts but also partner operations.
“People on social media must understand that sharing operational intelligence, especially in real time, is not content, it is sabotage. Terrorists monitor these platforms too,” the source added.
Social media users, bloggers and open-source enthusiasts must exercise restraint and avoid amplifying sensitive information that could compromise missions, or empower terrorist networks.
Social media reckless leaks of U.S. ISR flights over Lake Chad force ISWAP fighters to relocate
News
Nine killed in katsina-ala multiple crash as nurtw officials arrested over road blockade
Nine killed in katsina-ala multiple crash as nurtw officials arrested over road blockade
By: Zagazola Makama
The death toll from Friday’s multiple motor accident in Katsina-Ala, Benue State, has risen to nine, while four injured victims are currently receiving treatment in hospital, officials have confirmed.
The crash, which occurred on the Katsina-Ala axis, involved several vehicles after an alleged deliberate obstruction of the expressway by two members of the National Union of Road Transport Workers (NURTW).
Sources told Zagazola Makama that the two drivers – Stephen Kahungur, of Gbor community, who drove a Toyota car with registration number Benue MKD 569 TJ, and Saater Vihiga, of Ammafu Village, who drove a Toyota Carina with registration number Benue AX 896 MKD – were arrested for allegedly blocking the highway and causing the fatal chain collision.
Also arrested was the Chairman of the NURTW Katsina-Ala branch, Aja Vanger, who was said to have mobilised the suspects to block the road.
The three suspects are currently in custody.
Authorities say investigation into the circumstances surrounding the obstruction and the fatal crash is ongoing.
Nine killed in katsina-ala multiple crash as nurtw officials arrested over road blockade
News
Police Scorpion squad arrests two notorious kidnappers, recovers three vehicles in zamfara
Police Scorpion squad arrests two notorious kidnappers, recovers three vehicles in zamfara
By: Zagazola Makama
Operatives of the Scorpion Squad have arrested two notorious kidnappers and armed robbers in Zamfara State and recovered three suspected stolen vehicles.
The operation, coordinated by ACP Victor O. Godfrey, was carried out on Nov. 25 following what security sources described as actionable digital reconstructive intelligence.
The suspects, Dalhatu Bashiru (aka Yellow), 38, and Chidiebere Nwadigo Emmanuel, 34, both ex-convicts, were apprehended for their alleged involvement in multiple kidnapping and car-snatching operations across several states.
Recovered from the suspects were: A black Toyota Corolla, Reg. No. JUX 578 AA, A grey Toyota Corolla, Reg. No. JUX 890 AA, an ash-coloured Toyota Camry (Pencil Light), Reg. No. APR 459 AE
According to sources, the suspects confessed to participating in several high-profile criminal operations, including the Jan. 18, 2024 abduction of Mr. Segun Akinwumi O. near Rita Lori Hotel, Garki, Abuja.
In that incident, the victim was kidnapped from his residence and taken toward Kano. While en route, the gang allegedly dispossessed him of his ATM cards in Kaduna, where ₦500,000 was transferred from his bank account.
Luck ran out for the gang after they were intercepted at a filling station in Kaduna. Three members escaped, but Chidiebere, Dalhatu (Yellow), and another suspect, now at large were identified. Their accomplice, Chinanza Philip Okoye Michael, was arrested, the victim rescued unhurt, and his vehicle recovered.
Investigations further revealed that the arrested suspects had previously been apprehended in November 2023 for similar offences and arraigned at the High Court, Kwali, but allegedly returned to crime while on court bail.
Police operatives also recovered three Beretta pistols from the suspects.
Security authorities said the suspects confessed to snatching over 20 exotic SUVs within Abuja.
Efforts are ongoing to apprehend the remaining fleeing suspect.
Police Scorpion squad arrests two notorious kidnappers, recovers three vehicles in zamfara
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