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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
India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership
India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership
By: Michael Mike
The Government of India is seeking to recalibrate its strategic engagement with Africa through the forthcoming 2026 India-Africa Forum Summit, with Nigeria positioned at the centre of New Delhi’s renewed diplomatic, economic and cultural outreach to the continent.
India’s High Commissioner to Nigeria, Abhishek Singh, disclosed this in Abuja while briefing journalists ahead of the fourth edition of the India-Africa Forum Summit scheduled to hold on May 31 in New Delhi.
The summit, which is returning after a decade-long break, is expected to bring together African heads of state, ministers, business leaders, investors, diplomats and cultural stakeholders as India seeks to strengthen its influence across Africa amid growing global competition for economic and strategic partnerships on the continent.
“This summit is not merely a diplomatic gathering. It is a platform to deepen political dialogue, security cooperation, trade relations, developmental partnerships, people-to-people exchanges and cultural collaboration between India and Africa,” Singh said.
The envoy noted that the last summit was held in 2015 and argued that both Africa and India had undergone major political and economic changes since then, making the upcoming meeting particularly significant.
According to him, the summit will begin with senior officials’ engagements on May 28, followed by a meeting of foreign ministers on May 29 before the main leaders’ summit on May 31.
He disclosed that President Bola Tinubu has been invited by Indian Prime Minister Narendra Modi to lead Nigeria’s delegation to the summit.
“We would be truly honoured to have the participation of His Excellency, the President,” Singh stated.
The High Commissioner described Nigeria as a strategic pillar in India’s Africa policy, citing the country’s democratic credentials, economic weight and regional influence.
“Nigeria is Africa’s largest democracy and one of the continent’s biggest economies. We see Nigeria as emblematic of India’s relationship with Africa,” he added.
Beyond diplomatic engagements, India is also using the summit to deepen commercial and cultural ties with African countries.
Singh revealed that business forums, cultural festivals, music and dance events, as well as Track Two diplomatic engagements involving academics and private sector players, would form part of the summit activities.
“One of the major components is economic dialogue. We have invited Nigerian businessmen, industrialists and chambers of commerce to participate and redefine how we engage economically,” he said.
India said bilateral trade between Nigeria and India currently stands at between eight and nine billion dollars annually, although both countries believe there is substantial room for expansion.
According to the envoy, discussions are ongoing on improving market access, reducing trade bottlenecks and unlocking new investment opportunities in sectors such as technology, manufacturing, digital infrastructure and education.
Singh also highlighted India’s growing interest in Nigeria’s creative and entertainment industries, particularly the rising global influence of Afrobeats music.
“The Afrobeats are becoming increasingly popular in India and names like Wizkid and Davido are not just famous in Nigeria but globally recognised and increasingly popular in India,” he said.
He further stressed India’s readiness to expand collaboration with Nigeria in information and communications technology, noting that India’s global strength in ICT and digital innovation presents major opportunities for partnership with African economies.
Analysts say the renewed India-Africa engagement reflects New Delhi’s broader geopolitical strategy to strengthen economic alliances, secure new markets and deepen influence in Africa amid intensifying competition from China, the United States, Europe and Gulf countries for strategic partnerships across the continent.
For Nigeria, the summit is expected to open fresh opportunities for trade expansion, investment inflows, educational cooperation, technology transfer and cultural exchange at a time the country is seeking stronger international economic partnerships to support growth and diversification.
India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership
News
Navy supports Adamawa community with classrooms, toilets
Navy supports Adamawa community with classrooms, toilets
Vice Adm. Idi Abbas, the Chief of Naval Staff on Thursday inaugurated six blocks of renovated classrooms and newly constructed toilets at Central Primary School, Mayo-Belwa Local Government, Adamawa State.
Abbas, who was represented by the Rear Admiral Raheem Taofeek, said the project was a special intervention scheme and cooperate social responsibility of the Nigeria Navy to give back to the community.
According to him, the project is being executed by the Rear Adm. Abdulhamid Baba-Inna, the Navy Secretary in his hometown in line with the vision of President Bola Tinubu.
He encouraged the beneficiaries to use the facilities responsibly for maximum benefit.
In his remarks, Baba-Inna, said the project was to improve the learning environment to be conducive for the pupils and teachers.
“Ladies and Gentlemen, this project aligns squarely with the Nigeria Navy’s Civil-Military Cooperation and Relations framework.
“We recognise that our effectiveness is not measured solely by operational successes at sea or on the battlefield but also by the strength of our relationship with the people we serve.
“Projects such as this are deliberate efforts to build trust, foster goodwill and strengthen the bond between the military and civil society”, he said.
According to him, the classes and offices were provided with tables and chairs as well as the solar power light to enhance safety and security in the school.
Baba-Inna urged the pupils and teachers to take ownership of the project for maximum benefit.
In his remarks, Mr Adiyal Kurdah, Member I, Adamawa State Universal Basic Education Board (ADSUBEB), expressed gratitude to the Nigeria Navy for such a project.
He said the project would significantly improve enrollment, retention and quality education in the area.
Alhaji Ardo Bamanga, District Head of Mayo-Belwa, described the project as a good legacy that would help to shape the character of children to be responsible citizens in future.
The event featured presentation of learning materials to pupils, tree planting, cultural displays and awards presentations.
Navy supports Adamawa community with classrooms, toilets
News
Troops repel attack by gunmen in Plateau – Army
Troops repel attack by gunmen in Plateau – Army
By: Zagazola Makama
Troops of Sector 6, Operation Enduring peace, have repelled an attack by unidentified gunmen in Riyom Local Government Area of Plateau State.
Sources said the incident occurred at about 8:00 p.m. on May 5 at Rim general area.
According to the source, troops deployed at the location came under sporadic gunfire from unknown assailants.
He said the troops swiftly responded and engaged the attackers, forcing them to withdraw from the area.
“Troops successfully repelled the attack, and the criminals fled,” the source said.
The source added that follow-up patrols had been intensified to track the fleeing attackers and prevent further security breaches in the area.
Troops repel attack by gunmen in Plateau – Army
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