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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
Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others

Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others
By; Zagazola Makama
The Nigerian Army troops in collaboration with police and local hunters rescued 31 kidnapped passengers along the Apata-Obajana road on Thursday night.
Zagazola Makama informed reliably that the incident occurred on May8, at about 11:50 p.m. when two Toyota Hiace buses travelling from Lagos to Kano and Katsina respectively were attacked by armed hoodlums.
The first bus with registration number DTF 773 XA driven by Saminu Yahaya was heading to Kano with 17 passengers, while the second, with registration number KNA 170 XA, driven by Bashir Dahiru, was en route to Katsina with another 17 passengers.
A distress alert was received from a local hunter, prompting a swift response by the troops who engaged the assailants in a fierce gun duel, which forced the attackers to abandon 31 of the 38 victims and flee into the forest.
Four of the rescued passengers sustained machete injuries, while one victim was hit by a bullet in the left thigh. All injured victims were immediately evacuated to a hospital for medical treatment.
Efforts are ongoing to rescue the remaining seven abducted persons have been intensified.
Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others
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Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna

Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna
By: Zagazola Makama
Troops of Operation Safe Haven (OPSH) have arrested three suspected notorious gunrunners and recovered arms and ammunition in Golgokofa village under Godogodo Chiefdom, Jema’a Local Government Area of Kaduna State.

The operation, which was conducted on May 8, followed credible intelligence that led the troops to the suspects’ hideout.
The suspects were identified as Adamu Musa, 65; Lukman Isah, 35; and Umar Jammo, 25.
Items recovered from the operation include one AK-47 rifle, one fabricated gun, one AK-47 magazine, a round of 7.62mm (Special) ammunition, and three motorcycles.
The suspects are currently in custody and making useful confessions to aid further operations aimed at arresting other members of the criminal network and recovering additional arms.

OPSH reiterated its commitment to working with the public and utilizing actionable intelligence to rid the region of criminal elements and ensure a safe and secure environment.
Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna
News
Cattle Herder Survives ISWAP Terrorists Attack in Monguno LGA, Borno

Cattle Herder Survives ISWAP Terrorists Attack in Monguno LGA, Borno
By Hamza Suleiman
On May 7, 2025, at approximately 2030hrs, a cattle herder, Hassan Bukar, 55, was attacked by suspected Boko Haram/ISWAP terrorists while grazing his cattle in Wulo bush, Monguno Local Government Area, Borno State.
Sources told Zagazola Makama that the assailants used a knife to cut him at the nape of his neck, but the victim, despite the severity of the injury, managed to survive.
The victim was immediately rushed to Monguno General Hospital by a patrol team from Monguno Division, where he was admitted and is currently receiving treatment.
Troops of Sector 3 MNJTF and Operational Hadin Kai have intensified efforts to track and nutrialised the terrorists.
Cattle Herder Survives ISWAP Terrorists Attack in Monguno LGA, Borno
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