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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
NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja
NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja
By: Michael Mike
Operatives of the Nigeria Security and Civil Defence Corps (NSCDC) in the Federal Capital Territory have arrested three young men suspected of vandalising public infrastructure in Abuja.
The suspects were intercepted near the National Stadium area close to the National Hospital along Constitution Avenue during intensified patrols carried out as part of yuletide security operations.
According to the NSCDC, the men were allegedly caught in possession of damaged road safety installations, which they were believed to be preparing to transport from the area. Recovered items included several road crash barriers and a heavy-duty hammer.
The suspects were identified as Abdulsalam Aminu, 25, Mustapha Sale, 26, and Suleiman Sani, 19, and they are currently in custody while investigations is said to continue.
Speaking on the development, the FCT Commandant of the NSCDC, Dr. Olusola Odumosu, said the arrests were part of deliberate efforts by the command to protect critical public assets, particularly during festive periods when vandalism and theft often spike.
He lamented that public infrastructure provided to enhance safety and improve living conditions is frequently targeted by criminals for personal gain, describing such acts as a major threat to public welfare.
Odumosu stressed that the corps would remain relentless in safeguarding government facilities including roads, bridges, crash barriers, power installations and other vital infrastructure across the territory.
The commandant warned individuals involved in vandalism to desist or risk prosecution, noting that the agency would enforce the law without compromise. He also urged residents to support security agencies by reporting suspicious activities to help curb the destruction of public assets in the FCT.
NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja
News
Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly
Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly
By: Michael Mike
Borno State Governor, Prof. Babagana Zulum has presented an N890.33 billion budget proposal for the 2026 fiscal year to the State House of Assembly, with the education sector receiving the largest allocation.
The budget, titled “Budget of Sustained Recovery and Growth,” places strong emphasis on capital development, with over 61 per cent of the total expenditure devoted to capital projects, while recurrent spending accounts for about 39 per cent.p

Addressing members of the House of Assembly, Zulum disclosed that the proposal comprises N353.77 billion for recurrent expenditure and N536.56 billion for capital expenditure, stressing that the spending plan is designed to deepen recovery efforts and accelerate development in the state.
According to the governor, the budget reflects the administration’s commitment to rebuilding infrastructure, revitalising the economy and improving the quality of life for residents following years of insurgency.
The sectoral breakdown of allocations showed that education tops the list with N135.43 billion. The funds are expected to support the construction and rehabilitation of schools, teacher recruitment, and scholarship programmes across the state.
The works and housing sector received N94.27 billion to fund road construction, bridge projects and housing development, while the health sector was allocated N66.41 billion for the completion of hospitals, procurement of medical equipment and supply of essential drugs.
Other key allocations include N58.71 billion for the Ministry of Reconstruction, Rehabilitation and Resettlement to facilitate the return and resettlement of displaced persons, N44.95 billion for agriculture to boost food production, and N21.35 billion for water resources projects. Funds were also set aside for information and internal security to strengthen peace and stability.

On the revenue side, the state expects N317.69 billion from the Federation Account, N44.30 billion from internally generated revenue, and N417.23 billion from capital receipts, including grants and development funds.
In his response, Speaker of the House of Assembly, Abdulkarim Lawan, assured the governor that the legislature would give the budget proposal prompt and thorough consideration to ensure it aligns with the state’s development priorities before passage.
Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly
News
VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri
VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri
By: Bodunrin Kayode
VP, Kashim Shettima is expected to flag off the second Bi-annual Kanem–Borno Cultural Summit 2026 taking place in Maiduguri from 1st–2nd January, 2026.
Announcing this recently, chairman of the Borno Emirate concerned citizens forum Zanna Boguma said that about 1000 other visitors from all over the world will join the VP in gracing the occasion.
He said the 1000 delegates are also expected from across the country and the world especially from several countries where kanuri people reside are coming for the summit.
“Ministers, top political figures and National Assembly members of Borno in other states will be coming including our kiths and kins in lafia and Kanam on the plateau.
” Lots of traditional stuffs will be showcased to announce that kanem Borno never fell in the hands of its enemies as is being portrayed in some quarters.
“There will be displays of cultural artifacts to entertain the visitors. Prayers will be held on Friday of that week for the success of the occasion. However, consistent prayers must continue to ensure that there is stability during the period.
In a recent world new conference, the chairman of the committee Zanna Hassan Buguma maintained that the theme for this year’s summit is ” Echoes of Resilience: Harnessing Culture for Peace and Regional Stability”
“We are pleased to formally announce the 2nd edition of the Bi-annual Kanem–Bornu Cultural Summit 2026, scheduled to hold on 1st and 2nd January, in Maiduguri, Borno State, under the theme “Echoes of Resilience: Harnessing Culture for Peace and Regional Stability.
“This Summit will serve as a global homecoming, bringing together sons and daughters of Kanem–Bornu from across Nigeria and around the world, including members of the diaspora, scholars, professionals, traditional leaders, cultural custodians, youth and women. It is a deliberate effort to reconnect our people to their shared heritage and mobilize collective wisdom, resources, and networks for the peace and stability of our region.
“Building on the success of the maiden edition, the 2nd Bi-annual Kanem–Bornu Cultural Summit seeks to deepen conversations around identity, resilience, and responsibility. At a time when the Lake Chad Basin continues to face security, humanitarian, and socio-economic challenges, this Summit positions culture as a unifying force and a strategic tool for peacebuilding, reconciliation, and regional cooperation and integration.
“The Kanem–Bornu civilization remains one of Africa’s most enduring legacies, renowned for governance, scholarship, trade, diplomacy, and coexistence across ethnic and cultural lines. For centuries, it nurtured systems that emphasized justice, tolerance, consultation, and social harmony. The Summit draws inspiration from this legacy to address contemporary challenges, reminding us that solutions to today’s crises can be found in the wisdom of our past.
” The Summit will explore how traditional institutions, indigenous conflict resolution mechanisms, cultural education, arts, language, and heritage preservation can be harnessed to counter violence, promote healing, and strengthen regional stability.
“Over the two days, the Summit will feature keynote addresses, high-level panel discussions, diaspora dialogues, youth and women forums, cultural and religious exhibitions, traditional performances, and policy-oriented sessions. Special attention will be given to diaspora engagement, knowledge exchange, investment in cultural industries, and pathways for youth participation in peace and development initiatives.
“Maiduguri, our host city, is both symbolic and strategic. It stands as a historic centre of Kanem–Bornu civilization and a contemporary symbol of courage and resilience. Hosting this Summit in Maiduguri underscores a powerful message: that the people of Kanem–Bornu, wherever they reside, remain united in purpose and committed to rebuilding, healing, and progress.” Said Dr Hassan.
VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri
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