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Sustainable growth and building resilience in Africa require structural transformation – Economic Report on Africa (ERA 2023)

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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)

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2027: I’ll make Adamawa better with my 10-point agenda- Dr Girei

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2027: I’ll make Adamawa better with my 10-point agenda- Dr Girei

Dr Salihu Girei, a former Director of Research, Development and Centre of Excellence, Tertiary Education Trust Fund (TETfund), has formally declared interest to contest the Governorship seat in Adamawa under the platform of the All Progressives Congress (APC).

Girei made his intention to govern the state known at a press conference in Yola while unveiling a 10-point agenda for the development of the state.

He said if given the mandate he would impact positively in the state especially at the grassroots.

He listed some of the agenda to include: free and quality education at the primary and secondary levels, healthcare service delivery, agriculture, women and youth empowerment, employment opportunities rural development among others.

Girei promised to provide a special salary package for teachers and 100 per cent review of pension for retirees.

He explained that he is presenting himself to the electorate to vote for in order to provide good governance, saying, he has a lot to offer towards improving the wellbeing of citizens of Adamawa State.

According to him, he contributed enormously to the development of the state and country at large for 33 years as a public administrator, and as a policy maker.

“I was Executive Chairman of Adamawa State Universal Basic Education Board, where I was privileged to transform the education landscape, especially at the basic education level.

“I built at least 5,500 classrooms record. Were able to recruit at least 17,000 teachers in four years.

“We promoted teachers that were lagging behind in promotion. We trained and retrained teachers. We did a lot in terms of supervision of teachers and schools”, he said.

He said, based on those factors, he knows Adamawa well and its challenges and has the capacity to deliver for the citizens.

“There is no ward in Adamawa that I have not been to. I’ve visited all in my capacity as Chairman of SUBEB and Commissioner for LG Affairs”, he said.

Dr Girei earlier visited the APC Secretariat to formally declare his intentions to the party Executives and congratulated them for their emergence as the new EXCO.

In his remarks, Alhaji Hamza Madagali appreciated the visit and assured the party’s readiness to conduct free, fair and credible primary elections across all political offices.

2027: I’ll make Adamawa better with my 10-point agenda- Dr Girei

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Troops Ambush Terrorist Logistics Suppliers, Recover Items in Borno

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Troops Ambush Terrorist Logistics Suppliers, Recover Items in Borno

By: Zagazola Makama

Troops of Operation HADIN KAI have foiled an attempt by suspected terrorist logistics suppliers along the Ngoshe–Ashigashiya road in Gwoza Local Government Area of Borno State.

Security sources said the troops of 82 Division Task Force Battalion, deployed at Ngoshe, laid an ambush at a known crossing point along the route at about 2:20 a.m. on April 24.

The sources said the troops made contact with suspected Boko Haram/ISWAP logistics suppliers conveying items to terrorist elements and engaged them with disciplined fire.

The suspects were forced to abandon the items and fled in disarray.

Items recovered during exploitation of the area include 10 pairs of women’s slippers, 28 sachets of 500g salt, 39 sachets of powdered milk, a motorcycle tube, a pair of joggers, two pieces of clothing materials measuring 10 yards each, two one-litre containers of engine oil and a black shirt.

The sources said no casualty was recorded on the side of the troops, while casualties on the part of the fleeing suspects could not be immediately ascertained.

They added that the troops returned to base at about 6:00 a.m. after completing the operation.

According to the sources, the general security situation across the theatre remains calm but unpredictable, while troops’ morale and combat efficiency remain high.

Troops Ambush Terrorist Logistics Suppliers, Recover Items in Borno

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Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents

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Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents

By: Zagazola Makama

Troops of Operation HADIN KAI have repelled a Boko Haram/ISWAP terrorist infiltration into Kanama town, neutralising four insurgents during a swift response operation in Borno State.

Security sources said the incident occurred at about 6:00 p.m. on April 22 when troops of 159 Battalion, deployed in Kanama, responded to sounds of gunfire within the town.

On arrival, the troops reportedly discovered that terrorists had infiltrated parts of the community.

The troops immediately made contact and engaged the attackers with disciplined fire, forcing them to retreat in disarray.

Subsequent exploitation of the general area led to the neutralisation of four terrorists.

One member of the Civilian Joint Task Force (CJTF) sustained injuries during the encounter and has been evacuated for medical attention.

No military equipment was lost during the operation.

Items recovered from the terrorists include two torchlight mobile phones and the sum of ₦21,000.

Security sources said the general situation across the theatre remains calm but unpredictable, while troops’ morale and fighting efficiency remain high.

Troops Repel Terrorist Infiltration in Kanama, Neutralise Four Insurgents

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