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Sustainable growth and building resilience in Africa require structural transformation – Economic Report on Africa (ERA 2023)

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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)

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Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions

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Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions

By: Michael Mike

The Nigeria Movement of Solidarity with Cuba (NMSC) has expressed deep condolences to the government and people of Cuba following the killing of 32 Cuban internationalists in Venezuela.

In a press statement issued in Abuja on Saturday, the pro-people coalition, which includes labour unions, civil society organisations and intellectuals, alleged that the Cuban nationals were killed during an attack in Caracas on January 3, 2026, while protecting Venezuelan President Nicolás Maduro, his wife, Cilia Flores, and what it described as the sovereignty of Venezuela.

The group said the Cubans chose to resist despite being overwhelmed, describing their actions as a demonstration of courage, honour and commitment to international solidarity.

NMSC drew parallels between the incident and past historical events where Cuban nationals were involved in overseas struggles, including the 1983 U.S.-led invasion of Grenada and Cuba’s military support for African liberation movements in Angola, Namibia and South Africa during the fight against apartheid.

According to the organisation, thousands of Cuban youths lost their lives in Africa while contributing to the dismantling of apartheid systems backed by Western powers. The group noted that Cuba’s internationalism has not been limited to armed conflicts, citing the country’s long-standing medical outreach to developing nations, including Nigeria.

The statement also recalled Cuba’s response during the COVID-19 pandemic, when it dispatched medical teams to dozens of countries and received hundreds of stranded cruise ship passengers at a time many nations had closed their borders.

NMSC extended its sympathy to the families of those killed in Venezuela and called on the United States government to respect international law, halt what it described as foreign military interventions, and lift sanctions imposed on Cuba, Venezuela and other countries.

The group further aligned itself with repeated resolutions of the United Nations General Assembly calling for the end to the decades-long U.S. embargo against Cuba, insisting that global peace and development require cooperation rather than conflict.

The statement was signed by veteran labour activist and writer, Owei Lakemfa, on behalf of the Nigeria Movement of Solidarity with Cuba

Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions

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NGX’s N100 trillion milestone, proof of growing sophistication of Nigeria’s capital market- Stockbrokers

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NGX’s N100 trillion milestone, proof of growing sophistication of Nigeria’s capital market- Stockbrokers

The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have congratulated the Board, Management, and staff of Nigerian Exchange Group Plc and Nigerian Exchange Limited on the historic achievement of the Nigerian capital market crossing the N100 trillion market capitalisation mark.

The commendation was issued via a press statement on Friday, jointly signed by Mr Samuel Sehinde Adenagbe, Chairman, Association of Securities Dealing Houses of Nigeria and Mr Oluropo Dada, the 13th President/Chairman of Council Chartered Institute of Stockbrokers.

They described the NGX’s achievement as a remarkable milestone and a major affirmation of the resilience, depth, and growing sophistication of Nigeria’s capital market, and a clear signal of renewed investor confidence in the Nigerian economy.

“Crossing the N100 trillion threshold is not only a symbolic landmark; it reflects the capacity of Nigeria’s capital market to mobilise long-term funds for infrastructure, enterprise development, and economic transformation.

“It underscores the vital role of the market in financing growth, creating wealth for investors, and supporting national development objectives,” the said.

According to them, the achievement will not have been possible without the visionary leadership and strategic direction of the NGX Board, as well as the professionalism and dedication of its Management and staff, led by versatile stockbrokers: Dr. Umaru Kwairanga; Mr. Temi Popoola; and Mr. Jude Chiemeka and Mr. Femi Sobanjo.

“We also commend the unwavering commitment and versatility of dealing member firms and stockbrokers who continue to serve as the backbone of the market, ensuring liquidity, transparency, and investor protection.

“Their collective efforts have strengthened market integrity, broadened participation, and improved the overall efficiency of the Exchange.”

The CIS and ASHON also commend the Federal Government of Nigeria for providing a supportive macroeconomic and regulatory environment that has encouraged domestic and foreign investment, promoted market reforms, and enhanced the attractiveness of Nigerian assets.

They stated that policy stability, ongoing reforms, and a clear commitment to private sector-led growth have played a crucial role in creating the conditions for this historic market expansion.

They further commended SEC for providing sound regulations and market development.
They stated that the CIS and ASHON would continue to advocate ethical governance in the capital market with all stakeholder playing by the rules of the game.

They further restated their commitment to sustaining the momentum through robust regulation provided by Securities and Exchange Commission, market innovation, and strong investor protection frameworks.

“We look forward to working closely with all stakeholders to further deepen the market, broaden product offerings, and ensure that the Nigerian capital market continues to serve as a strong engine for inclusive and sustainable economic growth.”

NGX’s N100 trillion milestone, proof of growing sophistication of Nigeria’s capital market- Stockbrokers

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Troops neutralise bandit, recover arms in Plateau raid

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Troops neutralise bandit, recover arms in Plateau raid

By: Zagazola Makama

Troops of 3 Division of the Nigerian Army, under the Joint Task Force Operation Enduring Peace (JTF OPEP), have neutralised a notorious bandit and recovered arms and ammunition during a raid on a hideout in Plateau State.

Sources told Zagazola Makama that the operation was conducted on Jan. 8 at Yolan Gboka–Yama Da Lahdi, following sustained efforts to track and arrest perpetrators of the Dec. 16, 2025 attack on illegal miners at Tosho community in Fann District, Barkin Ladi Local Government Area.

According to the sources, troops made contact with the bandits during the raid and engaged them in a firefight.

“One of the bandits was neutralised during the exchange of fire and was later identified as Sadiq Isah, while others fled the area,” the sources said.

The sources added that troops subsequently exploited the hideout and recovered two AK-47 rifles and 162 rounds of 7.62mm (special) ammunition.

The recovered arms and ammunition are currently in military custody, while troops have commenced follow-up operations to intercept the fleeing suspects and prevent further criminal activities in the area.

Zagazola reports that Operation Enduring Peace is a joint security initiative aimed at restoring peace and stability across Plateau and neighbouring states.

Troops neutralise bandit, recover arms in Plateau raid

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