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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
Cuba, Colombia React as US Confirms Military Strikes on Venezuela
Cuba, Colombia React as US Confirms Military Strikes on Venezuela
By: Michael Mike
Cuba and Colombia have issued statements following reports of US military strikes on Venezuela, after multiple explosions were recorded in the capital, Caracas, early Saturday.
Residents reported loud blasts across several parts of the city, alongside sightings of warplanes, helicopters and what appeared to be unmanned aerial vehicles operating overhead. Venezuela’s government described the incident as a “serious military aggression,” alleging that US forces targeted both civilian and military sites in Caracas and in the surrounding states of Miranda, Aragua and La Guaira.
US President Donald Trump later confirmed that American forces carried out the operation, announcing that Venezuelan President Nicolás Maduro and his wife had been captured and flown out of the country.
In a strongly worded response, Cuban President Miguel Díaz-Canel condemned the action, calling on the international community to respond urgently. He described the strike as a criminal act that violated regional peace, accusing Washington of state terrorism against Venezuela and Latin America as a whole.
“Our zone of peace is under brutal assault,” Díaz-Canel said, expressing solidarity with the Venezuelan people.
Colombian President Gustavo Petro took a more measured approach, stating that his government was closely monitoring developments. He expressed concern over the reported explosions and increased aerial activity, warning against further escalation.
“The Colombian government rejects any unilateral military action that could worsen the crisis or endanger civilians,” Petro said.
Former Bolivian President Evo Morales also condemned the strikes, describing them as an imperialist attack that violated Venezuela’s sovereignty. He pledged solidarity with the Venezuelan people, insisting the country was not facing the situation alone.
The developments unfold against the backdrop of longstanding tensions between Washington and Caracas. The Trump administration has repeatedly accused Venezuela’s leadership of involvement in large-scale drug trafficking, claims the Maduro government has dismissed as justification for foreign intervention and regime change.
Cuba, Colombia React as US Confirms Military Strikes on Venezuela
News
Seven killed in Qua’an-Pan as attackers target fellow Christian villagers in Plateau
Seven killed in Qua’an-Pan as attackers target fellow Christian villagers in Plateau
By: Zagazola Makama
At least seven persons were killed late Friday night in Bong village, Doemak District, Qua’an-Pan Local Government Area of Plateau State, in an attack reportedly carried out against fellow Christians residents by criminals operating within the community.
Eyewitnesses said the attackers stormed the community late at night while residents were asleep in an attempt to rustled their livestock.
A native of the area, Mr Lawrence Dogari, said that many villagers were injured in the attack, while some persons were still missing.

“For now, I can confirm that over seven persons have been killed, while several others were injured. Some people are still unaccounted for,” Dogari said.
Confirming the incident, Mr Danaan Cletus Sylvanus, Director of Press and Publicity to the Executive Chairman of Qua’an-Pan Local Government Council, Mr Christopher Audu Manship, said the exact number of casualties was still being verified.
He said the council chairman had condemned the attack and was working closely with security agencies to ensure that the perpetrators were arrested and brought to justice.
“The chairman is deeply saddened by the attack on innocent persons and is collaborating with security operatives to ensure the culprits are brought to book,” Sylvanus said.
Meanwhile, sources at the Plateau State Police Command said the incident was linked to a cattle-rustling attempt carried out by criminal elements operating within the area.
According to a police sources, at about 4:20 a.m. on Jan. 2, unknown armed men invaded Bong/Kook village in Qua’an-Pan LGA and rustled some cows. It said that operatives of the police, military, NSCDC and vigilante groups were mobilised to the area following a distress call.

The sources said that two of the assailants were killed in a bid escape, but later abandoned the rustled cows and fled.
“The rustled cows have been recovered, while the corpses of the deceased were deposited at the Cottage Hospital morgue in Kwalla for autopsy,” the police sources said, adding that additional security deployment had been made to the area.
Notably, preliminary accounts from the community and security sources indicate that the attack was not carried out by Fulani bandits, nor did the rustled livestock belong to Fulani pastoralists, pointing to the indications that the attackers were members of the local community.
Seven killed in Qua’an-Pan as attackers target fellow Christian villagers in Plateau
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AT KASHIM IBRAHIM UNIVERSITY CONVOCATION CEREMONY IN MAIDUGURI
AT KASHIM IBRAHIM UNIVERSITY CONVOCATION CEREMONY IN MAIDUGURI
No Investment In Education Is A Gamble, Says VP Shettima
…As varsity installs Ooni of Ife as Chancellor
By: Our Reporter
Vice President Kashim Shettima has observed that there is no investment in education that is a gamble, saying the the education sector remains a deliberate commitment to securing a better future for Nigeria.
He described education as the most powerful tool for development, economic empowerment, and societal liberation.
Speaking on Saturday during the combined convocation ceremonies of Kashim Ibrahim University in Borno State, where a total of 2,294 students graduated across three academic sessions (2022/2023, 2023/2024 and 2024/2025), the Vice President said, “No investment in education is ever a gamble. It is a conscious plan for a better, more secure future.”
He urged the graduating students to see themselves as ambassadors of integrity, service, and excellence, noting that their conduct would define the reputation of the institution.

“Wherever life takes you, you carry the name and values of Kashim Ibrahim University. You must shun ethical shortcuts and moral compromise,” he stated.
The Vice President pointed out that Borno State and its government understand the consequences of neglecting education, having endured years of disruption caused by insurgency.
“Borno has paid a heavy price for the years education was disrupted. Yet, the people chose resilience over despair and learning over loss,” he said.
Describing the graduands as pioneers of the university, VP Shettima reminded them that history has placed a special responsibility on their shoulders.
“You are the first torchbearers of this institution. History will judge this university by what you become and how you conduct yourselves,” he added.
He commended the academic and administrative leadership of the institution, including its pioneer Vice-Chancellor, current management, lecturers, and staff, for laying what he termed “a solid foundation for learning in the heart of the North-East.”
The VP praised Borno State Governor, Prof. Babagana Umara Zulum, describing him as “a leader whose vision turned an idea into an enduring institution.”
“This convocation is proof that true leadership measures power by the number of lives it enlightens,” he maintained, just as he applauded the university’s Pro-Chancellor and Chairman of the Governing Council, Alhaji Muhammadu Indimi, for his commitment to the state, even at the height of the Boko Haram insurgency.

“Alhaji Indimi’s wealth has consistently been deployed for the good of society, especially when Borno needed it most,” he added.
Senator Shettima further acknowledged the role of traditional institutions, particularly the Shehu of Borno, even as acknowledged the solidarity shown by North-East governors during the darkest days of insurgency in the region.
In a symbolic gesture, the Vice President announced the donation of two electric vehicles to support the university’s shuttle services, saying “these vehicles are a modest contribution to ease mobility within the campus and support the learning environment”.
Earlier, Governor Zulum of Borno State announced automatic employment for 81 best graduating students of the university, and immediate postgraduate sponsorships within and outside Nigeria.
“Excellence must be rewarded. These young men and women have earned the confidence of the Borno State Government,” Zulum said.
He urged the graduates to step into the world as worthy ambassadors of the institution and agents of development.
The Chancellor of the university, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi II, pledged to work towards the accelerated growth of the institution.
“I accept this responsibility with humility and commitment. I will work tirelessly to advance the development of Kashim Ibrahim University,” the monarch said.
He thanked the Vice President for initiating the establishment of the university and Governor Zulum for finding him worthy of the appointment.
The Vice-Chancellor, Prof. Babagana Gutti, disclosed that the university’s ultra-modern teaching hospital, nearing completion, would be the largest and most equipped in the country.
“When completed, our teaching hospital will stand as a national reference point for medical training and service delivery,” he said.
Prof. Gutti added that the institution, established during Shettima’s tenure as Governor of Borno State, has been ranked the fastest-growing university in Nigeria, noting that over 50 physical projects were completed by the state government.
Highlights of the convocation included the installation of the Ooni of Ife as Chancellor of the university and the conferment of honorary Doctor of Letters degrees on him and international businessman, Alhaji Muhammadu Indimi.
Best graduating students were also awarded MSc and PhD scholarships by Vice President Shettima.
AT KASHIM IBRAHIM UNIVERSITY CONVOCATION CEREMONY IN MAIDUGURI
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