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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
National Progressive Hub (NPH) Urges Support for President Tinubu’s Second Tenure
National Progressive Hub (NPH) Urges Support for President Tinubu’s Second Tenure
By Comrade Philip Ikodor
The National Progressive Hub (NPH), a leading support group for the All Progressives Congress (APC), has called on all Nigerians to rally behind President Ahmed Bola Tinubu GCFR for a successful second term in office come 2027.

In a statement, National Coordinator/Convener, Honorable Bukie Okangbe, praised the APC administration for its efforts towards nation-building and economic stability. Okangbe highlighted the NPH’s previous support for President Tinubu, including a National Security and Endorsement event in 2022 that contributed to the party’s successful general election outcome.
The NPH is gearing up for a Grand Endorsement event for President Tinubu’s second term, scheduled to hold on February 26th at the Musa Yaradua Center, CBD, Abuja. The event will also feature the inauguration of 36 state coordinators, including the FCT, and address critical national issues.
“We invite everyone to join us at this significant event,” Okangbe said. “Your presence will be a testament to our collective commitment to Nigeria’s progress and the APC’s vision for a better future.”
The event promises to be a landmark occasion, showcasing the NPH’s dedication to the APC and President Tinubu’s leadership.
National Progressive Hub (NPH) Urges Support for President Tinubu’s Second Tenure
News
Borno: Zulum distributes farm tools, commissions school in Damasak
Borno: Zulum distributes farm tools, commissions school in Damasak
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Sunday, distributed farm tools to farmers and commissioned a new high Islamic school in Damasak, headquarters of Mobbar Local Government Area.
Governor Zulum was accompanied by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, and the Minister of Agriculture and Food Security, Senator Abubakar Kyari.

Zulum’s agricultural intervention aimed to boost dry-season farming and enhance the livelihoods of returnees who are gradually resettling in the community.
Zulum said, “From the beginning of this administration, dry season irrigation farming was adopted as a strategic component of the state’s food security framework. Recognising the limitations of rain-fed agriculture in the context of climate variability, insecurity, and population growth, the government implemented a dual-season production strategy to ensure year-round farming.”

He added, “Today’s distribution of 1,000 solar-powered water pumps and 200 complete tubewell drilling kits build upon earlier targeted interventions in Damasak and surrounding communities, including irrigation infrastructure development, mechanisation services, farmer-training, cooperative support, and security stabilisation measures.”
He stated, “The state remains aligned with the Presidential Food Systems Coordinating Unit and continues collaboration with relevant Federal Ministries and development partners to strengthen agricultural productivity, processing, and market integration.”

At the commissioning of the newly constructed high Islamic school, Zulum noted, “the commissioning of the Higher Islamic College, Damasak, represents a major milestone in the state government’s policy to expand and modernise sangaya education across Borno State. This intervention reflects our commitment to building an inclusive education system that integrates spiritual development with academic and vocational advancement.”
“All Higher Islamic Colleges operate under the approved curriculum of the National Board for Arabic and Islamic Studies (NBAIS), enabling students to obtain O-Level equivalent certification and pursue further education where desired.”
In his remarks, the commissioner of education, Engr Lawan Abba Wakilbe, underscores Governor Zulum’s giant strides, stating, “this institution forms part of a wider education recovery and expansion programme implemented across Borno State. Under the leadership of His Excellency,”
“The state has constructed One Hundred and Four (104) Mega Schools, rehabilitated and remodelled One Thousand and Eighty-Seven (1,087) classrooms, executed major works in forty (40) additional schools, restored thirty (30) flood-affected schools, and delivered numerous classroom projects through the State Universal Basic Education Board.”

“These strategic investments have yielded measurable progress. The number of out-of-school children has declined significantly from approximately 2.2 million to fewer than Eight Hundred Thousand (800,000). Current enrolment for the 2025 academic year stands at One Million Four Hundred and Eighteen thousand two hundred and seventy-nine (1,418,279) learners, with further increases expected as Women Leader, Hajiya Fati Alkali Kakenna.
Borno: Zulum distributes farm tools, commissions school in Damasak
News
Air-ground offensive foils Kukawa attack, destroys gun trucks
Air-ground offensive foils Kukawa attack, destroys gun trucks
By: Zagazola Makama
Troops have thwarted a coordinated multi-pronged terrorist assault on positions in Kukawa after a prolonged overnight battle supported by air strikes.
Military sources said the attackers, mounted on gun trucks, motorcycles and on foot, launched the assault from multiple directions late on Feb. 20.

Troops mounted a determined defence, engaging the insurgents in intense combat that lasted into the early hours of Feb. 21 before forcing them to withdraw while dragging away casualties.
Air strikes later destroyed one gun truck and several motorcycles carrying fleeing fighters, neutralising additional terrorists.

During follow-up exploitation, troops recovered 13 AK-47 rifles, 16 loaded magazines, three handheld radios, and other items believed to have been used by the attackers, as well as evidence of casualties evacuated by the group.
One soldier was killed during the encounter, while some equipment was damaged by rocket fire. Injured personnel were evacuated and are reported to be in stable condition.
Military authorities said the coordinated operations demonstrated sustained pressure on insurgent elements and continued efforts to degrade their combat capability across the theatre.
Air-ground offensive foils Kukawa attack, destroys gun trucks
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