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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)
Security operatives arrest suspected fuel suppliers to bandits in Gombe
By: Zagazola Makama
Security operatives in Gombe State have arrested two suspected fuel suppliers believed to be providing logistics support to bandits operating in neighbouring communities in Bauchi State.
Security sources said the suspects were arrested on March 4 at about 4:30 a.m. during a stop-and-search operation along the Kashere–Futuk Road in Akko Local Government Area of the state.
The sources said the operation followed intelligence reports indicating that bandits terrorising parts of Bauchi State were sourcing fuel supplies from Kashere in Gombe State.
During the operation, operatives intercepted a red tinted Golf 3 vehicle with registration number GME 221 XA, loaded with 29 jerrycans of Premium Motor Spirit (PMS).
The vehicle was driven by one Aliyu Usman, 20, of Futuk Village in Alkaleri Local Government Area of Bauchi State, who reportedly fled the scene and escaped.
Two passengers in the vehicle, identified as Bello Abdullahi, 52, and Sulaiman Musa, 40, both from Futuk Village in Alkaleri LGA of Bauchi State, were arrested at the scene.
The suspects claimed that the fuel was purchased in Billiri, Gombe State.
The police impounded the vehicle along with the 29 jerrycans of fuel as exhibits while investigations are ongoing to determine their involvement in supplying fuel to criminal elements.
Efforts are also underway to apprehend the fleeing driver and uncover other members of the suspected supply network.
Security operatives arrest suspected fuel suppliers to bandits in Gombe
Troops of 3 Division liberate Mansur Village, Alkaleri LGA in Operation BUGUN KARKANDA III
By: Zagazola Makama
Troops of 3 Division Nigerian Army have successfully liberated Mansur Village and surrounding settlements in Alkaleri Local Government Area of Bauchi State as part of the ongoing Operation BUGUN KARKANDA III.
The operation, led by Major General Folusho Oyinlola, General Officer Commanding 3 Division and Commander of Operation ENDURING PEACE, targeted armed terrorists and criminal elements terrorising the local communities.
According to military sources, troops executed a coordinated offensive on identified flashpoints, dislodging terrorists who had attempted to seize control of Mansur Village. An AK-47 rifle was recovered during clearance operations, degrading the operational capacity of the insurgents.
Following the offensive, troops consolidated their positions and conducted patrols across Alkaleri LGA to maintain security and restore normalcy. Residents have reportedly begun resuming socio-economic activities in the area.
Military intelligence indicates that cross-border terrorist gangs operate within Plateau, Bauchi, and Taraba States, exploiting local terrains and engaging in fluid movement patterns to evade security forces.
The insurgents are reported to include high-value targets such as Mallam Lehi, Mai-Kunkuru, and Mallam Azuge, who operate in the Wase/Kanam forests and Jejin Madam axis.
The General Officer Commanding urged troops to maintain vigilance, stressing the importance of denying terrorists freedom of action while ensuring civilian protection.
Operation BUGUN KARKANDA III is part of the Nigerian Army’s ongoing efforts to dominate insurgent corridors and restore peace and security in North East and North Central Nigeria.
Troops of 3 Division liberate Mansur Village, Alkaleri LGA in Operation BUGUN KARKANDA III
Military EOD neutralizes improvised explosive device in Talata Mafara, Zamfara
By: Zagazola Makama
An improvised explosive device (IED) planted between Yar Danya and Maikwanugga villages in Talata Mafara Local Government Area of Zamfara State has been safely neutralized by military Explosive Ordnance Disposal (EOD) experts.
Zagazola report that the operation, conducted on March 3 at about 2:00 p.m., followed the discovery of the device along a key village route. Security sources said the EOD team successfully detonated the IED, preventing potential harm to residents and commuters in the area.
Patrol and monitoring activities by the troops of Operation FANSAN YANMA and other security forces had since been intensified in the vicinity to ensure the safety of the local population and prevent further threats.
Military EOD neutralizes improvised explosive device in Talata Mafara, Zamfara
Security operatives arrest suspected fuel suppliers to bandits in Gombe
Troops of 3 Division liberate Mansur Village, Alkaleri LGA in Operation BUGUN KARKANDA III
Military EOD neutralizes improvised explosive device in Talata Mafara, Zamfara
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