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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
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
By: Zagazola Makama
Troops have rescued an official of the Independent National Electoral Commission (INEC) and arrested three suspects following a reported kidnapping and disruption of election-related activities in Yakurr Local Government Area of Cross River State.
Security sources disclosed that the incident occurred at about 11:15 p.m. on May 22 when two groups of suspected kidnappers stormed the venue of ADC primary elections at Wummy Hotel, Ekori community.
According to the sources, one of the groups abducted the INEC returning officer, forced him into a vehicle, and compelled him to transfer ₦70,000 before fleeing the scene.
The second group, operating on a motorcycle, reportedly carted away ballot boxes from the venue.
Following intelligence on the incident, troops in Yakurr Local Government Area laid an ambush on the fleeing suspects, successfully intercepting the vehicle and rescuing the kidnapped INEC official.
Three suspects were arrested during the operation, while one armed suspect reportedly escaped into nearby bush with a pistol, a mobile phone, ATM card, travelling bag and other election materials.
The rescued official, arrested suspects and recovered vehicle are currently in military custody for further investigation and action.
Security forces have intensified efforts to track down the fleeing suspects and recover the stolen electoral materials.
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
By: Zagazola Makama
Troops of 103 Battalion, in collaboration with the Nigeria Police Force, have raided a suspected cultists’ hideout in Achi town, Oji River Local Government Area of Enugu State, arresting three suspects and recovering items believed to be linked to criminal activities.
Security sources disclosed that the operation was carried out at about 4:30 a.m. on May 23 following credible intelligence on the activities of suspected cultists and other criminal elements operating in the area.
According to the sources, the troops stormed a residential building suspected to be used as a hideout by the criminal group.
During the raid, three suspects were apprehended, while items recovered include eight motorcycles and two buckets of locally made gunpowder.
The suspects and recovered items were subsequently handed over to the Nigeria Police Force for further investigation and necessary action.
Security authorities have continued to intensify joint operations in Enugu State and surrounding areas to curb cult-related activities and other forms of violent crime.
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
Troops Launch Manhunt for Berom Militia After Attack on Cattle in Plateau Community
By: Zagazola Makama
Troops of Sector 4 Operation Enduring Peace have launched efforts to track down Berom Militia following an attack on cattle in Barkin Ladi Local Government Area of Plateau State.
Security sources disclosed that the troops responded to a distress report at about 5:12 p.m. on May 23 concerning an attack on cattle belonging to a local herder identified as Alhaji Tambari at Gassa village.
According to the sources, the cattle were grazing in the area when the attackers struck and fled before the arrival of security personnel.
Upon reaching the scene, troops discovered that one cow had been shot dead during the incident.
The Berom militia were said to have escaped from the area before security operatives arrived.
Troops have since intensified efforts to identify and apprehend those responsible for the attack while patrols have been heightened within the community and surrounding areas to prevent further incidents.
Security authorities reiterated the commitment of Operation Enduring Peace to protecting lives and property and maintaining peace in communities across Plateau State.
Troops Launch Manhunt for Berom Militia After Attack on Cattle in Plateau Community
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
Troops Launch Manhunt for Berom Militia After Attack on Cattle in Plateau Community
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