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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
Yobe: Buni urges journalists to uphold professionalism
Yobe: Buni urges journalists to uphold professionalism
By: Yahaya Wakili
Governor Mai Mala Buni of Yobe State has appealed to media practitioners in the state to continue to uphold professionalism while discharging their responsibilities.
He urges the journalists to abide by the ethics of the profession, remain united, and promote peace and harmony among themselves.
The governor made the appeal today while receiving the newly elected leadership of the Nigeria Union of Journalists (NUJ) Correspondents Chapel, led by its elected chairman, Mr. Nabilu Balarabe of the News Agency of Nigeria (NAN), at the Government House, Damaturu.
Ably represented by his deputy, Hon. Idi Barde Gubana (Wazirin Fune), he commends journalists in the state for their synergy and collaboration with the state government in projecting a positive image of the state.
Governor Buni commended the journalists for their professionalism and constructive engagement, acknowledging the critical role the media plays in democratic governance and national development.
He pledged the state government’s continued support and collaboration with the correspondents’ chapel to ensure the success of the present administration, particularly in promoting government policies, programs, and achievements.
Earlier, the newly elected chairman, Mr. Nabilu Balarabe, said the visit was to pay homage and formally present the new leadership of the chapel to the governor.
He said recently the chapel conducted an election of the leadership of the chapel, in which Nabilu Balarabe of the News Agency of Nigeria (NAN) emerged as chairman and Mr. Musa Buba Mingi of Channels Television as vice chairman.
Others include Malam Habibu Idris Gimba of Daily Trust, Secretary; Mr. Michael Oshoma of TVC, Treasurer; Sa’adatu Maina of Neptune Prime, Assistant Secretary; and Muhammed Mai Tela of People’s Daily, Auditor.
Yobe: Buni urges journalists to uphold professionalism
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NGX woos NPF to list viable businesses
NGX woos NPF to list viable businesses
The Group Chairman Nigerian Exchange Group, Dr. Umaru Kwairanga has urged the Nigerian Police Force to consider listing other viable business entities of its organisation on the Exchange as it has done with its Microfinance Bank.
Kwairanga made the call on Wednesday in Lagos at the closing gong ceremony in honour of the Inspector General of Police, Kayode Egbetokun, who was at the trading floor of the Nigerian Exchange.
Kwairanga gave the NGX’s assurance that such companies if listed would be given free publicity, easy access to greater ponds of capital, and greater transparency and efficiency in their operations.
He said that the Exchange, its operators and quoted companies would continue to provide environment conducive for NPF businesses, in view of the critical role that the police play in ensuring a stable environment for businesses to thrive.
“Our quoted companies have been key to the success of the Police Trust Fund and stand ready to cooperate with the Nigerian Police in other ways that you require logistical and other support to ensure that we have a secure nation and capital market.
“Apart from its core duties of ensuring Nigeria’s internal security, the Nigerian Police Force has over the years established and grown various thriving businesses for the welfare of its personnel.
“One of them, the Nigerian Police Microfinance Bank is in fact quoted on the main board of the Exchange and doing very well in terms of capital appreciation, dividends and corporate governance,” he said.
The NGX boss advised that the Pension Fund should consider increasing its allocations to eligible equity quoted on the Nigerian Exchange.
While commending Egbetokun for visiting the Exchange, Kwairanga pledged to strengthen the mutually beneficial relationship going forward.
Our Correspondent reports that the visit underscores the continued collaboration between key national institutions in promoting market confidence, investor trust and a transparent, well-functioning capital market.
NGX woos NPF to list viable businesses
News
Turkish–Nigerian Poets Unite in Abuja to Promote Peace Through Art
Turkish–Nigerian Poets Unite in Abuja to Promote Peace Through Art
By: Michael Mike
Nigeria and Turkey have reinforced their cultural partnership through a poetry exchange in Abuja designed to foster peace, dialogue, and mutual understanding between the two nations.
The literary gathering, hosted by the Yunus Emre Enstitüsü, brought together poets, cultural practitioners, diplomats, and arts administrators from both countries to explore shared human values through poetry and performance.

Speaking at the event, Director-General of the Kaduna International Film Festival, Israel Kashim Audu, described poetry as a powerful medium for cultural diplomacy and peacebuilding. He noted that although Turkish poetry is deeply influenced by Anatolian mysticism, Nigerian poetry often reflects post-colonial experiences, identity, and nationhood.
“Despite their different historical contexts, both poetic traditions meet in their pursuit of justice, harmony, and human dignity,” Audu said.
The Abuja Coordinator of Yunus Emre Enstitüsü, Fatih Erkin Mahdum, said the institute has remained committed to promoting Turkish language, arts, and culture in Nigeria since its establishment in 2021. He added that collaborations with Nigerian artists are central to strengthening cultural ties and encouraging creative exchange.
Diplomatic presence at the event underscored its international significance. Mrs Florence Nzako, Counsellor at the Embassy of the Democratic Republic of Congo, alongside Solveig Andresen of the Norwegian Embassy, welcomed participants and commended the initiative for using art to advance peace and intercultural understanding.
Poets at the gathering presented works exploring themes of peace, love, displacement, and resilience, drawing poetic connections between the Bosphorus and the Niger River as symbols of unity and shared humanity.
Also speaking, Director-General and Artistic Director of the National Troupe of Nigeria, Kattumu Bulama Gana, said artistic collaborations provide unique opportunities to understand common histories and aspirations. He described the poetry exchange as a valuable contribution to cultural diplomacy between Nigeria and Turkey.
Turkish–Nigerian Poets Unite in Abuja to Promote Peace Through Art
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