News
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)
Troops arrest three ISWAP terrorist logistics suppliers in Kwara
By: Zagazola Makama
Troops under Operation Savannah Shield have arrested three suspected terrorist logistics suppliers in Kaiama Local Government Area of Kwara State.
Security sources said the arrests were made at about 7:35 a.m. on March 15 by troops stationed at a Forward Operating Base in Kaiama.
According to the sources, troops initially apprehended a suspect who was allegedly planning to supply three motorcycles to a terrorist group.
Further investigation led to the arrest of two other suspected terrorists believed to be members of Islamic State West Africa Province/Boko Haram, who had reportedly arrived in Kaiama to receive the motorcycles.
The suspects were said to be planning to transport the motorcycles to terrorists operating in Nuku village.
The suspects are currently in custody while investigations continue.
Troops arrest three ISWAP terrorist logistics suppliers in Kwara
Maiduguri blasts: Police confirm 23 dead, 108 injured as security heightened
By: Zagazola Makama
The Nigeria Police Force in Borno State has confirmed that 23 persons were killed and 108 others injured following multiple explosions that rocked Maiduguri on Monday evening, in what authorities described as coordinated suicide attacks.
The incidents, which occurred at about 7:24 p.m., targeted crowded and strategic locations within the metropolis, including the Maiduguri Monday Market, the gate of the University of Maiduguri Teaching Hospital, and the Post Office Flyover, Maiduguri.
In a statement issued by the Police Public Relations Officer, ASP Nahum Kenneth Daso, preliminary investigations revealed that the explosions were carried out by suspected suicide bombers using improvised explosive devices (IEDs).
The coordinated nature of the attacks, which struck nearly simultaneously across different parts of the city, has raised fresh concerns about evolving tactics by insurgent groups seeking to undermine ongoing counter-terrorism efforts in the North-East.
Zagazola noted that the choice of targets particularly a major market, a hospital vicinity, and a busy flyover suggests an intent to maximise casualties, spread fear, and disrupt socio-economic activities in the state capital.
In response, a combined team of Police Tactical Units, military personnel and other joint security operatives were immediately deployed to the affected areas.
The scenes were swiftly secured and cordoned off, while the Explosive Ordnance Disposal (EOD) Unit conducted detailed sweep operations to rule out the presence of additional explosive devices.
The Commissioner of Police, CP Naziru Abdulmajid, led a high-level assessment visit to the affected locations, where he commiserated with victims and their families.
He assured residents of the command’s unwavering commitment to safeguarding lives and property, noting that enhanced security measures had been activated across the state.
Emergency responders, including the National Emergency Management Agency and the Borno State Emergency Management Agency, worked in coordination with medical teams to evacuate victims to hospitals, where they are currently receiving treatment.
Despite the scale of the attacks, authorities made the efforts to restore normalcy in the affected areas, with security presence significantly increased across Maiduguri and its environs.
Residents have been urged to remain calm but vigilant, particularly in public places, and to promptly report any suspicious movements or objects to security agencies.
The command also commended the resilience and cooperation of residents, reiterating its commitment to maintaining peace and stability in the state.
Maiduguri blasts: Police confirm 23 dead, 108 injured as security heightened
Troops nutrialised several Boko Haram terrorists in Yobe
By: Zagazola Makama
Troops of the Nigerian Army have nutrialised several Boko Haram terrorists after it successfully repelled a terrorist ambush along the Longlari–Kanama road in Yunusari Local Government Area of Yobe State.
Security sources said the incident occurred at about 5:23 p.m. on March 14 when troops of the 159 Battalion Nigerian Army, B Company, stationed in Kanama, were returning from a routine patrol.
.According to the sources, the troops were ambushed by suspected terrorists along the Longlari–Kanama road near Mairari village.
The troops engaged the terrorists with heavy fire and neutralized several of them forcing many of them fo flee.
Following the encounter, the soldiers conducted exploitation of the general area to track the fleeing insurgents.
Troops nutrialised several Boko Haram terrorists in Yobe
Troops arrest three ISWAP terrorist logistics suppliers in Kwara
Babani assumes office as LCBC chief, pledges stronger regional security, cooperation
Maiduguri blasts: Police confirm 23 dead, 108 injured as security heightened
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
News11 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
