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Sustainable growth and building resilience in Africa require structural transformation – Economic Report on Africa (ERA 2023)

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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)

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NDLEA intercepts cocaine hidden in stockfish heads, arrests 80-year-old suspect, others nationwide

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NDLEA intercepts cocaine hidden in stockfish heads, arrests 80-year-old suspect, others nationwide

By: Zagazola Makama

The National Drug Law Enforcement Agency (NDLEA) says it has intercepted a large consignment of cocaine concealed in imported dry stockfish heads and arrested a key member of an international drug trafficking syndicate operating across several countries, including India.

The Director, Media and Advocacy, NDLEA Headquarters, Abuja, Mr Femi Babafemi, disclosed this in a statement on Sunday.

Babafemi said the seizure followed credible intelligence on trans-border criminal activities, which led to a coordinated sting operation by operatives of the Murtala Muhammed International Airport (MMIA) Strategic Command at Ojo area of Lagos on March 19.

He said the operatives recovered 237 wraps of cocaine, weighing 5.80 kilograms, concealed inside stockfish heads locally known as “okporoko,” in three jumbo bags allegedly in possession of a 36-year-old suspect identified as Akputa Dickson Ejike.

According to him, the consignment was destined for Delhi, India.

Babafemi further stated that in a separate operation on March 25, NDLEA operatives at a courier company in Lagos intercepted two illicit consignments heading to the United Kingdom.

He said one of the consignments contained 1.9 kilograms of methamphetamine concealed in automobile filters, while the second contained 40 ampoules of morphine sulphate and nine ampoules of fentanyl.

The NDLEA spokesperson added that operatives of the agency also arrested a suspected female drug baron, Omolade Abigail Jolayemi, 46, popularly known as “Iya Ghana,” during a raid at her residence in Yaba, Lagos, where 135 blocks of Ghana Loud, weighing 76.30 kilograms, were recovered.

He said another suspect, Anayo Lucky Ohabiro, 39, was arrested in Surulere, Lagos, with 78 blocks of the same substance weighing 41 kilograms.

Babafemi disclosed that in Ekiti State, an 80-year-old suspect, Oke Samuel, was arrested during a special raid at Erinmo road, Efon-Alaaye, with 2.2 kilograms of skunk and methamphetamine, while another suspect was arrested in Ondo State with 894.72 kilograms of skunk recovered from an uncompleted building.

He said further operations in Benue, Edo and Taraba States led to multiple seizures, including skunk, codeine-based syrup, and cannabis concealed in animal feed, with several suspects arrested.

Babafemi added that the War Against Drug Abuse (WADA) advocacy campaign also continued nationwide with sensitisation lectures in schools across Cross River, Adamawa, Oyo, Kano and Lagos States.

He commended NDLEA officers across the affected commands for the successful operations, reaffirming the agency’s commitment to balancing drug supply reduction with drug demand reduction efforts.

NDLEA intercepts cocaine hidden in stockfish heads, arrests 80-year-old suspect, others nationwide

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Troops recover over 300 rustled livestock after clash between bandit factions

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Troops recover over 300 rustled livestock after clash between bandit factions

By: Zagazola Makama

Troops of Operation FANSAN TANMA have recovered more than 300 rustled livestock following a confrontation involving rival bandit factions operating between Katsina and Kano states.

Sources said the development followed intelligence on movements of a faction loyal to a bandit leader identified as Muhammadu Filatan, allegedly heading towards Kano State after a clash with a rival group linked to Aleiro in Zamfara State.

The source disclosed that troops of 3 Brigade, deployed at Forward Operating Bases in Tsaure, Yanchibi, Yankwada and Lakwaya, conducted fighting patrols along the riverine boundary between Katsina and Kano states to intercept the fleeing group.

“At about 4:00 p.m., troops at FOB Tsaure made contact with armed bandits at the Gulbi–Goron Dutse axis in Shanono Local Government Area of Kano State, who were moving with a large herd of rustled livestock,” the source said.

He added that troops engaged the bandits in a firefight, forcing them to abandon the animals and flee towards Gidan Gora village in Musawa Local Government Area of Katsina State.

“Following the encounter, troops recovered a total of 120 cows, 200 sheep, 39 goats and three donkeys,” he said.

According to the source, the recovered livestock were subsequently handed over to authorities in Shanono Local Government Area.

Troops recover over 300 rustled livestock after clash between bandit factions

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Troops intercept vehicle, recover 850 litres of fuel in Yobe

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Troops intercept vehicle, recover 850 litres of fuel in Yobe

By: Zagazola Makama

Troops of Operation Hadin Kai have intercepted a vehicle conveying suspected illegally supplied fuel and recovered large quantities of Premium Motor Spirit (PMS) in Karasuwa Local Government Area of Yobe State.

Sources said the operation was carried out at about 11:38 p.m. on March 27 by troops of 241 Battalion deployed at Forward Operating Base (FOB) Jajimaji.

The source disclosed that the troops acted on credible intelligence regarding suspected illicit activities by some filling stations in the area.

“During the night patrol, troops intercepted a vehicle along the Karasuwa–Jajiri road, but the driver abandoned the vehicle and fled on sighting the troops,” the source said.

He added that a search of the vehicle led to the discovery of 34 jerrycans of PMS, each containing 25 litres, amounting to about 850 litres.

According to him, troops immediately exploited the surrounding area in an attempt to apprehend the fleeing driver, but the effort was unsuccessful.

The source said the recovered items are in military custody, while efforts are ongoing to identify the filling stations allegedly involved and arrest those responsible.

Troops intercept vehicle, recover 850 litres of fuel in Yobe

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