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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)
Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire
By: Zagazola Makama
Troops have repelled an attempted kidnapping along the Makurdi–Kura road in Benue State, but a driver was killed during a crossfire between soldiers and suspected bandits on Wednesday evening.
Zagazola gathered that the incident occurred at about 6:30 p.m. when a group of engineers travelling from Kura to Makurdi encountered armed men who had blocked the road, intending to abduct passengers in a bus ahead of them.
According to a local source, soldiers on routine patrol were behind the engineers’ vehicle and immediately engaged the attackers in a gun duel, forcing the assailants to flee into the bush.
During the exchange of fire, Ochoche Otokolo Ekwu, the driver of the engineers’ vehicle, was hit by a stray bullet and died on the spot.
The source said the Divisional Police Officer of ‘D’ Division mobilised a patrol team alongside tactical units to the scene, where the corpse was evacuated and deposited at a mortuary in Makurdi.
The source added that security operatives are currently combing nearby bushes to track the fleeing suspects and prevent further attacks along the route.
Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire
Police Officer goes missing after signing out rifle in Katsina
By: Zagazola Makama
A police officer has been declared missing in Katsina State after signing out a service rifle for duty and disappearing without a trace.
Zagazola gathered that the incident occurred on Nov. 23 when PC Ahmed Tukur attached to the Danmusa Division, reported for duty at about 6 p.m. and signed out an AK-47 rifle with breech number 13492 for standby duty.
Shortly after collecting the weapon, the officer left the station for an unknown location and has not been seen since.
A source told Zagazola that all efforts to contact him, including visits to his residence and reaching out to relatives, have yielded no clues about his whereabouts.
The source said the command has launched sustained efforts to trace the officer and recover the missing rifle, describing the situation as “a serious operational and security concern.”
Police Officer goes missing after signing out rifle in Katsina
News
Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini
Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini
By: Yahaya Wakili
Yobe State Governor Hon. Dr. Mai Mala Buni CON has said that the security challenges in the nation need to involve community leaders and individuals for intelligence gathering so as to cut off sources of illegal arms supply in the country.
He said by involving the community leaders and individuals for intelligence gathering, it will arrest the sponsors in order to restore peace and stability to Nigerians.
Governor Buni disclosed this today when he received members of the forest guards training and evaluation committee at the Government House, Damaturu.
Ably represented by his Deputy, Hon. Idi Barde Gubana (Wazirin Fune). He urged Nigerians to emulate the sacrifices made by our forefathers to end security challenges and build a better Nigeria.
The governor assured that recently the service chiefs have given assurance that they will do everything possible within their reach to bring to an end the current insecurity, especially in Northern Nigeria.
He informed the delegation that the Yobe state government has been working tirelessly to improve the security situation in the state.
Speaking earlier, the leader of the delegation, Major General H. I. Mabeokwu, told the governor that they were in Yobe State to brief the governor on the ongoing training of 865 forest guards in the state.
According to Major General Mabeokwu, the committee had earlier visited the Yobe state camp to monitor the ongoing training and inquired about the needs of the trainees and the standards set for the training.
“Your Excellency, we have made significant strides in not only training those forest guards but also raising their awareness about the importance of forest conservation.” Major General Mabeokwu said.
He commended the governor for his generosity in terms of welfare for the instructors and trainees as well as relocation and renovation of the training camp and facilities used to enhance the training.
The committee members comprise the Nigerian Army, Navy, DSS, NNSBS, and NPS across the security agencies.
Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini
Troops repel kidnapping attempt on Makurdi–Kura road, driver killed in crossfire
Police Officer goes missing after signing out rifle in Katsina
Community leaders’ engagement and intelligence gathering are key to the security situation. – Governor Bini
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