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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
Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts
Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts
By: Zagazola Makama
The Air Component of Operation Hadin Kai has neutralised two senior terrorist commanders, Saddam and Saleh Garin Kago, alongside other fighters, in a precision air interdiction (AI) mission at Yuwe in the Sambisa general area of Borno.
Sources who disclosed this to Zagazola said that the early morning strike also eliminated Hussaini Ubaida and Ba Alayi Benbem, while destroying identified terrorist command hideouts and logistics warehouses.
The sources said the mission was executed at about 6:08 a.m. on Friday following confirmatory Intelligence, Surveillance and Reconnaissance (ISR) on structures suspected to be terrorists’ commanders’ hideouts and storage facilities within the Yuwe axis.
“Upon confirmation of the targets, various military aircraft and platform, departed base to prosecute the mission. On reaching the objective area, the aircraft acquired and engaged the selected targets with precision-guided stores onboard,” he said.
The sources noted that post-strike battle damage assessment indicated that the identified command hubs and warehouses were effectively destroyed, significantly degrading the operational capacity of the terrorists in the Sambisa corridor.
According to the source, efforts were ongoing to confirm the identities of additional casualties resulting from the strike.
The military high command of Operation Hadin Kai has reaffirmed its commitment to sustain intelligence-driven operations aimed at dismantling terrorist leadership structures, disrupting supply chains and denying insurgents safe havens.
They stressed that the theartre command will continue to work in synergy with the Air component and other security agencies, to intensify its operations to consolidate recent gains and restore lasting peace in the North-East.
Military Airstrikes neutralized ISWAP Commanders, others in precision strike on Sambisa hideouts
News
Four die, 18 injured in zakkat distribution stampede in Katsina
Four die, 18 injured in zakkat distribution stampede in Katsina
By: Zagazola Makama
Four persons have died while 18 others sustained injuries following a stampede during the distribution of annual Ramadan Zakkat (alms) at a residence in Katsina metropolis.
Sources told Zagazola that the incident occurred at about 9:00 p.m. on Feb. 26 at the residence of Alhaji Dahiru Usman Sarki, located in Kofar Guga Quarters.
According to the sources, a large crowd had gathered at the residence to receive Ramadan alms when some individuals allegedly forced their way into the compound, triggering a stampede.
The Divisional Police Officer (DPO), Central Police Station (CPS) Katsina, swiftly mobilised to the scene and was able to bring the situation under control.
As a result of the stampede, 18 persons sustained varying degrees of injuries and were rushed to the General Hospital, Katsina, for medical attention.
Four persons were later certified dead by a medical doctor. They were identified as Bilkisu Mamman, 40, of Kerau Quarters; Ihsan Musbahu, 40, of Abattoir Quarters; Aisha Sani, 16, of Kofar Sauri Quarters; and Salamatu Kabir, 45, of Sabuwar Unguwa Quarters.
Another victim, Hafsat Zubairu, 15, of Masanawa Quarters, was referred to the Federal Teaching Hospital for further medical evaluation.
Police authorities said the organisers of the Zakkat distribution had been invited for questioning, while investigation into the incident was ongoing.
Four die, 18 injured in zakkat distribution stampede in Katsina
News
Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno
Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno
By: Zagazola Makama
Troops of Operation Hadin Kai, Sector 2, have destroyed terrorist life-support structures and arrested two suspected Boko Haram logistics suppliers during clearance operations around Sabon Gari Fishingo in Borno State.
Security sources told Zagazola that the troops, in conjunction with quasi-security forces, conducted the operation at about 8:30 p.m. on Feb. 28.

The troops reportedly made contact with terrorists at Kayawa and engaged them with superior firepower, forcing the insurgents to flee in disarray.
The fleeing terrorists abandoned two motorcycles and five bicycles at the scene. No casualty was recorded among the troops.
Following the encounter, the troops set ablaze structures believed to be used as life-support bases by the terrorists.
The operation later extended to Sabon Gari Fishingo, where troops conducted a cordon-and-search exercise.

During the operation, two suspected Boko Haram logistics suppliers identified as Dahiru Haruna and Salele Lawali were arrested.
Items recovered from the suspects included a large quantity of drugs, medical consumables and one tricycle, popularly known as “Jega.”
Sources said the suspects were in custody for further investigation, while the recovered items were being documented.

The operation is part of sustained offensive actions under Operation Desert Sanity aimed at dismantling terrorist enclaves and disrupting their logistics networks in the North-East.
Troops neutralise terrorists’ structures, arrest two logistics suppliers in Sabon Garin Fishingo in Borno
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