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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
ECOWAS@50: Liberian Students Honoured for Essays on Youth Entrepreneurship and Regional Integration
ECOWAS@50: Liberian Students Honoured for Essays on Youth Entrepreneurship and Regional Integration
By: Michael Mike
Students in Monrovia, Liberia, have been honoured for their contributions to a regional essay competition organised to commemorate the 50th anniversary of the Economic Community of West African States (ECOWAS).
The awards ceremony, organised by the Office of the ECOWAS Resident Representative in Liberia, celebrated outstanding undergraduate essays examining the role of young people in driving development and strengthening regional cooperation across West Africa.
Launched as part of the ECOWAS@50 anniversary activities, the competition invited university and college students to reflect on the theme, “Youth Entrepreneurship as a Catalyst for National Development and Regional Integration.” Organisers said the initiative was designed to stimulate intellectual engagement among young people and encourage them to think critically about their role in shaping the future of the region.
In total, 40 essays were submitted by students from tertiary institutions across Liberia, offering diverse perspectives on how youth-led enterprise could contribute to economic growth, job creation and deeper integration among West African nations.
At the ceremony, Samuel R. Watkins of the University of Liberia emerged as the overall winner, receiving a $1,000 prize for his submission. The second-place award went to Daniel Isaac-Sie Jr. of African Methodist Episcopal University, who received $700. Organisers announced that the two winning essays will also be published in national newspapers with online platforms to broaden public engagement with the ideas presented.
The event attracted a distinguished audience that included ambassadors of ECOWAS member states accredited to Liberia, university presidents, and representatives from the Ministry of Education of Liberia, the Ministry of Youth and Sports of Liberia, and the National Commission on Higher Education of Liberia.
Speaking at the ceremony, Josephine Nkrumah, ECOWAS Resident Representative in Liberia, commended the students for the depth of thought reflected in their essays and encouraged them to continue using writing as a platform for civic engagement and policy influence.
She emphasised that empowering young people to participate actively in national and regional development remains a key priority for ECOWAS, noting that youth voices are essential in shaping policies that drive economic transformation and social progress.
Nkrumah also urged participants who did not win to remain committed to intellectual pursuits, describing the competition as a learning experience that should inspire greater academic and creative efforts in the future.
The competition forms part of broader activities marking 50 years since the establishment of ECOWAS in 1975, as the regional bloc continues to promote economic cooperation, integration and shared prosperity among its member states. Organisers say initiatives that engage young people are critical to sustaining the vision of a more integrated and economically vibrant West Africa.
ECOWAS@50: Liberian Students Honoured for Essays on Youth Entrepreneurship and Regional Integration
News
Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria
Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria
By: Michael Mike
The Embassy of the Russian Federation in Nigeria has hosted a special classical music concert in Abuja, describing the event as a significant step toward strengthening cultural dialogue and people-to-people relations between Nigeria and Russia.
The event, which drew diplomats, cultural enthusiasts, academics and members of the public, featured performances by three talented young Russian musicians from the Tchaikovsky Moscow State Conservatory, one of Russia’s most prestigious music institutions.

Speaking at the event, the Russian Ambassador to Nigeria, Andrey Podelyshev noted that the concert was organized with the support of the Russkiy Mir Foundation and the Department for Multilateral Humanitarian Cooperation and Cultural Relations of the Ministry of Foreign Affairs of the Russian Federation.
According to him, the concert represents the first cultural event of its kind organized by the Russian Embassy in Nigeria in several years and marks an important effort to revive cultural engagement between the two nations.
“This evening is not simply a concert,” the envoy said. “It is an important step toward strengthening cultural dialogue between the Federal Republic of Nigeria and the Russian Federation. We hope it will mark the beginning of a new tradition that brings our peoples closer through the universal language of music.”
He expressed appreciation to several Nigerian institutions for supporting the initiative, including the National Universities Commission for providing the venue, as well as the Federal Ministry of Art, Culture, Tourism and Creative Economy and the Nigeria Immigration Service for their cooperation.
Special recognition was also given to Abba Music School for its role in coordinating the event and facilitating the participation of the visiting musicians.
The envoy said Russia also hopes to deepen cultural exchange by creating opportunities for Nigerian artists and creative groups to perform in Russia in the future, allowing Russian audiences to experience Nigeria’s rich cultural heritage.
“We look forward to the day when Nigerian creative groups will visit Russia, enabling our audiences to appreciate the depth, diversity and richness of Nigeria’s culture,” he said.
Guests at the concert were treated to a carefully curated repertoire of classical masterpieces drawn from Russian and global musical traditions, showcasing the technical brilliance and artistry of the visiting performers.
The evening also provided an opportunity for cultural interaction among diplomats, academics, students and music lovers, reinforcing the role of arts and culture in fostering international understanding.
The Russian envoy concluded his remarks by congratulating Muslims on the occasion of Eid al-Fitr and thanking guests for attending the event.
Observers noted that the concert reflects a renewed effort by Russia to use cultural diplomacy to deepen engagement with Nigeria, particularly in the areas of education, arts and cultural exchange.
Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria
News
Fire destroys 10 shops in Gusau shopping complex
Fire destroys 10 shops in Gusau shopping complex
By: Zagazola Makama
A fire outbreak has destroyed ten shops at a shopping complex in Garejin Mai Lena area of Gusau Local Government Area, Zamfara State.
Sources said the incident occurred at about 2:00 a.m. on Thursday, causing extensive property losses valued at millions of naira.
The blaze was brought under control through a joint effort by security operatives and local residents who assisted in putting out the fire.
Authorities confirmed that no lives were lost and no injuries were reported during the incident.
The cause of the fire is currently under investigation as efforts continue to assess the full extent of the damage.
Fire destroys 10 shops in Gusau shopping complex
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