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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
Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect
Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect
By: Michael Mike
The European Union (EU) Ambassador to Nigeria and ECOWAS, Gautier Mignot has described the ties between the continents of Europe and Africa as destined and rest on long-term impact, sustainability and mutual respect.
Speaking at a reception organized for African Union and European Union in Abuja, Mignot said “the ties between both continents as a “community of destiny,” adding that Africa’s and Europe’s wellbeing are deeply interconnected.
He emphasized that the partnership rests on long-term impact, sustainability and mutual respect—principles he believes will continue to guide cooperation in the coming years.
The reception which marked the successful conclusion of the 7th African Union–European Union Summit and the 25th anniversary of the AU–EU partnership hosted by the European Union Delegation to Nigeria and ECOWAS, in collaboration with the Embassy of Angola, had in attendance envoys from both European and African countries.
The reception was jointly led by the EU Ambassador and the Ambassador of Angola, José Bamóquina Zau, whose country hosted the summit in Luanda at the end of November.
In his remarks, the EU Ambassador praised Angola for its hospitality, noting that the summit’s success was anchored largely on the commitment and support of the host government and people. He extended the appreciation of all participating delegations to Ambassador Zau and commended Angola for facilitating what he described as “a real sense of community” among nations.
Although President Bola Ahmed Tinubu was unable to attend the summit in Angola due to domestic engagements, Nigeria was represented by Vice-President Kashim Shettima.
The ambassador noted that the strong representation from both African and European sides underscored the significance attached to the partnership. According to him, the joint statement endorsed in Luanda by countries representing about 40 percent of the global community demonstrated unity and shared resolve.
He said the summit reaffirmed a shared commitment to a more inclusive global order and a fairer international financial system capable of addressing the needs of citizens across the two regions. Over the past 25 years, he added, the AU–EU partnership has matured into a platform that drives concrete results across critical areas including peace and security, economic transformation, green and digital transitions, education and regional integration.
Highlighting the Global Gateway Investment Strategy, Mignot noted that more than half of its 264 flagship projects are focused on Africa, with investment commitments of at least €150 billion.
He also cited major initiatives aligned with the AU Agenda 2063, including the €1.2 billion Team Europe programme supporting the African Continental Free Trade Area, and the Africa-Europe Green Energy Initiative targeting the delivery of 50 GW of renewable energy and electricity access for 100 million Africans by 2030.
He noted that despite occasional misconceptions about the strength of the relationship, but stressed that the EU remains Africa’s largest trading partner, leading investor, top provider of development and humanitarian assistance, and the biggest contributor to the African Peace and Security Architecture.
He highlighted youth mobility and women’s empowerment as areas of particular pride for the partnership.
On his part, Ambassador of Angola, José Bamóquina Zau on the event hosted in Angola, said: “Luanda stood up as a platform of hope and a symbol of the African desire to establish continuous relations with Europe in search of benefits of both sides.”
He said hope must be anchored on building channels of dialogue and cooperation in the areas of peace and security, trade and investment, governance, education and health, climate action, and digital transformation.
The envoy said: “We must guide our actions with a spirit of pragmatism, free from the prejudice and bureaucracy that so often hinder the implementation of important decisions taken together.”
He however stated that Africa cannot continue to be dominated by poverty while remaining a major supplier of essential raw materials to the world.
He added that: “We must to build a new, solid, and effective vision between Africa and European financial institutions, with investments in development. This is the most assertive way to avoid the suffocation caused by excessive debt burdens.”
He however said: “Our strategic partnership will only be strong and resilient if it aligns with the African Union’s Agenda 2063, and capable of responding to current global and local geopolitical challenges.”
Mignot: Africa/Europe Ties Destined, Rests on Mutual Respect
News
Syrian national dies in suspected suicide in Sokoto
Syrian national dies in suspected suicide in Sokoto
By: Zagazola Makama
A Syrian national resident in Sokoto for more than 40 years has died in a suspected case of suicide after allegedly consuming insecticide, the Sokoto State Police Command has confirmed.
Zagazola report that the incident occurred on Wednesday at about 9:30 p.m. at Gawon Nama Zaga Road.
Police said the Divisional Police Officer (DPO) received a distress call from one Tukur Registrer, who reported that a 16-year-old boy, Ahmad Aliyu of Gagi area, rushed into a nearby mosque to alert worshippers that his employer, identified as Abdulrahman Badenjki, had been found ingesting mosquito insecticide.
Upon receiving the information, the DPO and operatives immediately mobilised to the residence. The victim was found unconscious, lying on his bed. A container of Executor mosquito insecticide was reportedly found on a blue plastic chair beside him.
Police said the scene was photographed and secured for further investigation, while the victim was rushed to the Usmanu Danfodiyo University Teaching Hospital (UDUTH), Sokoto, where a medical doctor confirmed him dead on arrival.
The corpse has since been deposited at the hospital mortuary for autopsy.
According to a source from the Command, the Deputy Commissioner of Police, Criminal Investigation Department (DC CID), has visited the scene and taken over the case for discreet investigation to determine the circumstances surrounding the incident.
End
News
Vigilante rescue attempt turns fatal in Yobe, one killed, another injured
Vigilante rescue attempt turns fatal in Yobe, one killed, another injured
By: Zagazola Makama
A rescue attempt by vigilante operatives in the early hours of Thursday turned tragic in Sandi Village, Gulani Local Government Area of Yobe State, leaving one person dead and another injured.
According to local sources, a group of vigilante members from Damaturu, led by Danshuwa and Umar Birnigadam, arrived in Sandi Village at about 4:30 a.m. to rescue alleged kidnapped victims. The team, acting independently, reportedly proceeded straight to the scene of the suspected abduction.
During the operation, the vigilantes allegedly shot Ahmed Shuwa, 37, and Muhammad Bello, 27, both residents of the area. The operatives also arrested one Alhaji Lawan and took away a motorcycle and a bicycle.
Community members rushed the injured victims to the hospital in Bara for medical attention. However, Ahmed Shuwa later died from the gunshot wounds sustained during the incident.
Reacting to the incident, the Police in Yobe Command said that the vigilantes proceeded to the scene without notifying police operatives in Bara Division. During which they allegedly shot Ahmed Shuwa and Muhammad Bello.
Upon receiving the report, a police team visited the scene and evacuated the victims to Bara Hospital for treatment.
Sources from the Command confirmed that an investigation has commenced to determine the circumstances leading to the shooting and to ensure that the persons responsible are identified and apprehended.
The Police assured residents that decisive action will be taken to address the incident and prevent a recurrence.
Vigilante rescue attempt turns fatal in Yobe, one killed, another injured
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