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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
Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria
Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria
By: Michael Mike
The Embassy of the Russian Federation in Nigeria has hosted a special classical music concert in Abuja, describing the event as a significant step toward strengthening cultural dialogue and people-to-people relations between Nigeria and Russia.
The event, which drew diplomats, cultural enthusiasts, academics and members of the public, featured performances by three talented young Russian musicians from the Tchaikovsky Moscow State Conservatory, one of Russia’s most prestigious music institutions.

Speaking at the event, the Russian Ambassador to Nigeria, Andrey Podelyshev noted that the concert was organized with the support of the Russkiy Mir Foundation and the Department for Multilateral Humanitarian Cooperation and Cultural Relations of the Ministry of Foreign Affairs of the Russian Federation.
According to him, the concert represents the first cultural event of its kind organized by the Russian Embassy in Nigeria in several years and marks an important effort to revive cultural engagement between the two nations.
“This evening is not simply a concert,” the envoy said. “It is an important step toward strengthening cultural dialogue between the Federal Republic of Nigeria and the Russian Federation. We hope it will mark the beginning of a new tradition that brings our peoples closer through the universal language of music.”
He expressed appreciation to several Nigerian institutions for supporting the initiative, including the National Universities Commission for providing the venue, as well as the Federal Ministry of Art, Culture, Tourism and Creative Economy and the Nigeria Immigration Service for their cooperation.
Special recognition was also given to Abba Music School for its role in coordinating the event and facilitating the participation of the visiting musicians.
The envoy said Russia also hopes to deepen cultural exchange by creating opportunities for Nigerian artists and creative groups to perform in Russia in the future, allowing Russian audiences to experience Nigeria’s rich cultural heritage.
“We look forward to the day when Nigerian creative groups will visit Russia, enabling our audiences to appreciate the depth, diversity and richness of Nigeria’s culture,” he said.
Guests at the concert were treated to a carefully curated repertoire of classical masterpieces drawn from Russian and global musical traditions, showcasing the technical brilliance and artistry of the visiting performers.
The evening also provided an opportunity for cultural interaction among diplomats, academics, students and music lovers, reinforcing the role of arts and culture in fostering international understanding.
The Russian envoy concluded his remarks by congratulating Muslims on the occasion of Eid al-Fitr and thanking guests for attending the event.
Observers noted that the concert reflects a renewed effort by Russia to use cultural diplomacy to deepen engagement with Nigeria, particularly in the areas of education, arts and cultural exchange.
Russia Hosts Classical Music Concert in Abuja to Revive Cultural Ties with Nigeria
News
Fire destroys 10 shops in Gusau shopping complex
Fire destroys 10 shops in Gusau shopping complex
By: Zagazola Makama
A fire outbreak has destroyed ten shops at a shopping complex in Garejin Mai Lena area of Gusau Local Government Area, Zamfara State.
Sources said the incident occurred at about 2:00 a.m. on Thursday, causing extensive property losses valued at millions of naira.
The blaze was brought under control through a joint effort by security operatives and local residents who assisted in putting out the fire.
Authorities confirmed that no lives were lost and no injuries were reported during the incident.
The cause of the fire is currently under investigation as efforts continue to assess the full extent of the damage.
Fire destroys 10 shops in Gusau shopping complex
News
Boko Haram: The worse days are over….Zulum
Boko Haram: The worse days are over….Zulum
By: Bodunrin Kayode
Borno state Governor Prof Babagana Zulum has assured citizens of the state that the worse days of insurgency are over.
In a state wide broadcast as soon as he arrived from his visit to Saudi Arabia, the Governor extinguished any iota of fear in the minds of the residents adding that they should not loose hope now that a ray of hope is waiting for them at the end of the tunnel.
He noted that what residents are witnessing now is the results of the rattling of the criminals in the Timbuktu triangle which is why they are unleashing such wickedness on the citizenry.
“However, I want to reassure you that the worst days are over. We have been constantly assessing the situation, and a robust, coordinated response is already in motion.
” These cowardly elements who seek to disturb our peace will obtain no sanctuary in Borno State. We will deal decisively with their recent resurgence.
“Fellow citizens, this fight is not the responsibility of the military alone; it is a collective effort. I must emphasise the importance of cordial, close collaboration with our military.
“They are here to protect us, and they need our eyes and our ears. I extend my deepest sympathies to the families of our gallant soldiers, security personnel and our volunteer forces who have sacrificed their lives in the line of duty. My heart also goes out to every civilian whose life has been disrupted by this situation. Your resilience is the bedrock of our state, and the power of prayer in unison is a weapon no enemy can withstand.
“Furthermore, let me issue a stern warning to any individual or group that aids or collaborates with these criminals. To those who feed them with information, shelter them and their sympathisers, and provide logistical support, your time is up. You are not patriots; you are enemies of the state. You will be hunted down and made to face the full wrath of the law. Your actions betray our collective peace, and we will no longer tolerate them.”
Said Zulum.
Below is the full text of the governor’s broadcast to the state:
STATEWIDE BROADCAST BY THE EXECUTIVE GOVERNOR OF BORNO STATE, PROFESSOR BABAGANA UMARA ZULUM, ON THURSDAY, 19TH MARCH 2026
My dear good people of Borno State,
I address you today at a moment that requires both our solemn reflection and our resolute unity.
Fellow citizens, the recent resurgence of insecurity in parts of our dear state over the past few weeks is deeply concerning. As the Chief Security Officer, let me assure you that the overall security environment, while tested, remains under control, and we are doing everything possible to protect lives and property.
Over the past seven years, we have worked tirelessly to restore peace and prosperity to the great land and rebuild our state. Within the period, we have responded with prompt, positive actions on every occasion. We have not allowed the dark dreams of the wayward ones to take root, and instead, we have fostered hope and resilience among the communities affected by the conflict. Through a combination of consultations and collective planning, with the strong support of our security agencies and the civilian JTF, the Almighty Allah (SWT) has helped us achieve some measure of success and peace.
We do not believe that the decrease in past attacks signals the end of the insurgency. No, it is not. In fact, at the leadership level, we are very conscious of the fact that much more needs to be done to permanently address the root of this madness and the menace of illogical attacks among our peace-loving people.
The recent spike in activity by these criminal elements is a direct consequence of the sustained and aggressive military operations being conducted across the theatre. These operations have dislodged the criminals, forcing them to flee and seek respite by infiltrating our communities.
However, I want to reassure you that the worst days are over. We have been constantly assessing the situation, and a robust, coordinated response is already in motion. These cowardly elements who seek to disturb our peace will obtain no sanctuary in Borno State. We will deal decisively with their recent resurgence.
Fellow citizens, this fight is not the responsibility of the military alone; it is a collective effort. I must emphasise the importance of cordial, close collaboration with our military. They are here to protect us, and they need our eyes and our ears. I extend my deepest sympathies to the families of our gallant soldiers, security personnel and our volunteer forces who have sacrificed their lives in the line of duty. My heart also goes out to every civilian whose life has been disrupted by this situation. Your resilience is the bedrock of our state, and the power of prayer in unison is a weapon no enemy can withstand.
Furthermore, let me issue a stern warning to any individual or group that aids or collaborates with these criminals. To those who feed them with information, shelter them and their sympathisers, and provide logistical support, your time is up. You are not patriots; you are enemies of the state. You will be hunted down and made to face the full wrath of the law. Your actions betray our collective peace, and we will no longer tolerate them.
Let me at this juncture commend the President and Commander-in-Chief, Bola Ahmed Tinubu GCFR, for releasing the necessary funding to the Multi-National Joint Task Force (MNJT) and several other military operations across different theatres in Nigeria. This support is vital to the sustainability of the ongoing military operations.
I also wish to extend my appreciation to the Vice President, Senator Kashim Shettima, who represented the President for the sympathy visit over the recent unfortunate incident.
I also want to extend our profound gratitude to the gallant men and women of the Nigerian Armed Forces, the Nigerian Police Force, the Department of State Services (DSS), the Nigerian Security and Civil Defence Corps (NSCDC), other law enforcement agencies, our dedicated CJTF, hunters, and vigilantees. Your professionalism, bravery, and sacrifices are the only reasons we have a state to return to. The nation owes you a tremendous debt that can never be fully repaid.
To our revered traditional rulers, I appreciate your steadfastness and your role as the custodians of our culture and conscience. I am equally grateful to our religious leaders and the entire people of Borno for their relentless prayers. I want to urge my colleagues in the political class to unite and support our efforts to restore peace. Our people look up to us for leadership, not division.
My dear people, as the political season intensifies, tensions may rise. But we must align our political interests with the stark realities of our security situation, including ongoing threats from insurgent groups and the need for community stability. Let us not allow politics to undermine the hard-earned peace we have built. I therefore call on all aspirants and their supporters to prioritise the greater interests of Borno State above their personal ambitions.
Since assuming office in 2019, I have been fair, just, and inclusive in my dealings with the entire political class. My loyalty to His Excellency, the Vice President, need not be overemphasized.
Furthermore, as a leader, I have embraced all and sundry. I have never betrayed the trust of members of the national and state assemblies, as well as political office holders of Borno extraction, at the state or national level.
Therefore, I want to call on all political actors to be wary of elements seeking to exploit the current situation to create unnecessary political instability.
As we look to the future and choose a new leader for our state, I urge all citizens to pray fervently for a worthy successor. Let me remind us that power belongs to Allah and He grants it to whom He wills.
As we approach the end of Ramadan, I call on all residents, both Christians and Muslims, to use this last hour of fasting and Sallah celebration to intensify prayers for peace, unity, and stability in our state and the country at large.
Consequently, let me use this opportunity to encourage citizens of Borno to be more vigilant. As we gather to break our fast toward the end of 2026 Ramadan, let us pay attention to our environment. Let us identify strangers, report suspicious movements to security agencies, and take the necessary precautions.
Once again, and with all the emphasis I can command, I urge you all to remain calm and observe your Eid prayers within your communities.
In conclusion, I seek your understanding and forgiveness for our wrongdoings and reassure you that Borno shall not fall into the hands of Boko Haram insurgents, insha Allah.
May God bless the Federal Republic of Nigeria and the people of Borno State.
Thank you and God Bless You
Boko Haram: The worse days are over….Zulum
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