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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)
Troops ambush terrorist group, recover bicycles in Marte–Dikwa axis
By: Zagazola Makama
Troops of the Nigerian Army under the Joint Task Force North East, Operation Hadin Kai, have repelled suspected terrorists during an ambush operation along the Marte–Dikwa axis of Borno.
Security sources said the encounter occurred late on March 13 when troops of the 50 Task Force Battalion under the 24 Task Force Brigade, in conjunction with personnel of the 134 Special Forces Battalion and members of the Civilian Joint Task Force, laid an ambush along the main supply route between Marte and Dikwa in Borno State.
According to the sources, the troops made contact with a group of terrorists moving on bicycles at about 10:15 p.m.
The troops immediately engaged the insurgents forcing them to withdraw into nearby bushes.
During exploitation of the area, the troops recovered the corpse of one suspected terrorist, four bicycles and other sundry items believed to have been abandoned by the fleeing insurgents.
Troops ambush terrorist group, recover bicycles in Marte–Dikwa axis
Oshodi will represent Africa’s interest at WTT, says Mailantarki
The Vice President of the Nigeria Table Tennis Federation (NTTF), Hon. Khamisu Ahmed Mailantarki, has hailed the appointment of Nigeria’s foremost table tennis administrator, Wahid Oshodi to the Board of World Table Tennis (WTT).
Hon. Mailantarki described the appointment as a “round peg in a round hole,” noting that Oshodi’s elevation to the game’s apex commercial body is a testament to his track record of excellence.
Oshodi, who is the current President of the African Table Tennis Federation (ATTF) and Executive Vice President of the International Table Tennis Federation (ITTF), was appointed as a Director to represent the ITTF on the WTT Board alongside ITTF President Petra Sörling.
“This is a proud moment for Nigeria and a victory for the African continent,” Mailantarki stated.
“Barrister Oshodi has risen through the ranks from the national level to the continental stage with a vision that has transformed the sport.
“Having him as a decision-maker at the highest level of World Table Tennis ensures that African interests are well-represented.”
The NTTF Vice President further congratulated the Nigerian sports community, emphasizing that Oshodi’s presence in the WTT inner circle will serve as a catalyst for the continued growth and commercialization of the game globally.
Oshodi will represent Africa’s interest at WTT, says Mailantarki
Troops rescue six kidnapped victims after gun battle with terrorists in Kaduna
By: Zagazola Makama
Troops of the 1 Division Nigerian Army under Operation FANSAN YANMA have rescued six kidnapped victims after engaging suspected terrorists in a gun battle in Kachia Local Government Area of Kaduna State.
Sources told Zagazola Makama that the rescue operation followed credible intelligence on the movement of armed terrorists suspected to be transporting abducted victims through forest routes in the area.
According to the sources, troops deployed at the Forward Operating Base (FOB) Gurara, under Sub-Sector 4 of Operation FANSAN YANMA, responded swiftly to the intelligence at about 7 a.m. on March 14.
The troops subsequently laid an ambush at a suspected crossing point used by the terrorists around Sabon Kurutu Village in Kachia LGA.
“During the operation, troops made contact with the terrorists and engaged them in a fierce gun battle. The criminals, overwhelmed by the superior firepower of the troops, fled into the surrounding bush, abandoning some items,” the source said.
Following the engagement, troops combed the general area and successfully rescued six kidnapped victims. However, a seventh victim, a minor, was reported to have died during the crossfire between the troops and the fleeing terrorists.
Troops also recovered three motorcycles believed to have been used by the terrorists during the movement of the abducted victims.
Preliminary interrogation of the rescued victims revealed that they were abducted earlier on March 14 from Janjala Village in Kagarko Local Government Area of Kaduna State. The victims said they had been moved through forest routes by the terrorists before the troops intercepted them.
The rescued victims and the body of the deceased minor were evacuated to Katari Hospital for medical attention and other necessary procedures.
Military sources said families of the rescued victims had been contacted.
The Military said the troops 1 Division Operation FANSAN YANMA and other task force has continued sustained offensives and intelligence-driven operations aimed at dismantling terrorist and bandit networks across the North-West region.
Troops rescue six kidnapped victims after gun battle with terrorists in Kaduna
Troops ambush terrorist group, recover bicycles in Marte–Dikwa axis
Oshodi will represent Africa’s interest at WTT, says Mailantarki
Troops rescue six kidnapped victims after gun battle with terrorists in Kaduna
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