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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)
FCT police arrest 59 suspects in raid, investigate suicide in Lugbe
By: Zagazola Makama
The Federal Capital Territory (FCT) Police Command has arrested 59 suspects during coordinated raids across major black spots and criminal hideouts in Abuja.
Sources revealed that the raids were conducted late Saturday by operatives from Apo, Kubwa, Karu, Karmo, Life Camp, Maitama, Wuse, Mabushi, Nyanya, Jikwoyi, Zuba, and Tungan Maje Divisions.
The police said the operation targeted uncompleted buildings and identified criminal hideouts within the divisions’ areas of responsibility.
According to the sources, all suspects are currently undergoing screening and interrogation, and those found culpable will be charged to court upon completion of investigations.
Meanwhile, the command is also investigating an alleged suicide involving a 20-year-old labourer identified as Alfred Habila, from Bogoro Local Government Area of Bauchi State.
Habila was reportedly found hanging in an uncompleted building behind River Park Estate, Lugbe, on Sunday morning.
A resident, Engr. Jatto Abdulkareem, told the police that he received a distress call from another resident, Joshua, who discovered the deceased’s body around 8 a.m.
Police operatives who visited the scene took photographs and conveyed the victim to the University of Abuja Teaching Hospital, Gwagwalada, where he was confirmed dead on arrival.
The corpse has been deposited at the hospital’s mortuary for autopsy and preservation, while investigation into the circumstances surrounding the incident is ongoing.
FCT police arrest 59 suspects in raid, investigate suicide in Lugbe
Security forces repel bandits’ attack in Sokoto community
By: Zagazola Makama
Security forces in Sokoto State have foiled an attempted attack by armed bandits on Mangwarori Kwandawa area of Isa town, Isa Local Government Area of the state.
Sources told Zagazola Makama that
heavily armed bandits invaded the community, shooting sporadically in an attempt to penetrate the town.
According to the sources , troops of Operation FANSAN YANMA army responded swiftly and engaged the bandits in a gun duel that lasted several minutes.
The superior firepower of the security forces forced the attackers to retreat into the nearby forest with gunshot wounds.
The sources added that four civilians sustained minor injuries from stray bullets during the exchange, while no casualties were recorded among security personnel.
Security operatives are currently conducting bush combing operations to trace the fleeing bandits, while adjoining divisions have been placed on alert to block possible escape routes.
Security forces repel bandits’ attack in Sokoto community
NSA, service chiefs meet over Trump’s directive on Nigeria
By: Zagazola Makama
The National Security Adviser (NSA), Malam Nuhu Ribadu, is currently meeting with service chiefs and heads of security and intelligence agencies at the National Counter Terrorism Centre (NCTC), Abuja, following reports of a directive by U.S. President Donald Trump to prepare for possible military action in Nigeria.
A security source told Zagazola Makama that the emergency meeting, which began on Monday afternoon, is aimed at assessing the implications of Trump’s statement accusing the Nigerian government of failing to protect Christians from Islamist militant groups.
Trump’s remarks, made late Saturday, alleged that the U.S. military was being prepared to “act in Nigeria to tackle Islamist militancy” a statement that has triggered widespread concern across diplomatic and security circles in Abuja.
According to the source, the NSA convened the session to coordinate a unified national security response and review intelligence assessments on the potential fallout of the U.S. president’s pronouncement.
Zagazola reports that Trump did not specify which killings he was referring to, though claims of a “genocide against Christians” in Nigeria have been circulating in some right-wing U.S. circles in recent months.
However, independent monitoring groups and analysts have noted that both Christians and Muslims have been victims of terrorism and banditry in the country, with no evidence of a targeted campaign against one faith.
The outcome of the meeting is expected to be communicated through official channels from the Office of the National Security Adviser.
NSA, service chiefs meet over Trump’s directive on Nigeria
FCT police arrest 59 suspects in raid, investigate suicide in Lugbe
Electoral officer rescued as one killed, others injured in Kontagora election violence
Security forces repel bandits’ attack in Sokoto community
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