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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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VP Shettima’s Agricultural Assessment Visit To Ethiopia

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VP Shettima’s Agricultural Assessment Visit To Ethiopia

By: Our Reporter

An agricultural economist by training whose love for agricultural transformation and development has never been hidden, as demonstrated recently when he visited the International Institute of Tropical Agriculture (IITA) in Ibadan for an on-the-spot assessment of the Institute’s crops and resource potentials, Vice President Kashim Shettima today embarked on an assessment of the popular Adama Industrial Zone near Addis Ababa in Ethiopia.

Farms visited by the Vice President for the on-the-spot assessment included the Adama Dairy Farms, Luke Avocado Nursery site, Shera Dibandiba Mojo Family Integrated Farm, Biyyo Poultry Farm, and the Bishoftu Pea Farm.

While speaking on areas of agricultural collaboration between both countries, the Vice President ordered specialised coffee beans seeds for massive production in Nigeria while also directing the immediate training of selected Nigerian agricultural extension farmers on the production of specialized avocado seedlings for the Nigerian market.

VP Shettima also sought an exchange of mechanisation technologies between both countries, stressing that the potential of both Nigeria’s and Ethiopia’s agricultural sectors was capable of capturing world markets, especially when fully harnessed and exploited.

VP Shettima’s Agricultural Assessment Visit To Ethiopia

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Leboku-in-Abuja 2025 Festival Celebrates New Yam Festival to Bolster Nigeria’s Rich Cultural Heritage

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Leboku-in-Abuja 2025 Festival Celebrates New Yam Festival to Bolster Nigeria’s Rich Cultural Heritage

By: Michael Mike

One of the nation’s most celebrated events, the New Yam ear Festival would berth in Abuja, the Federal Capital Territory (FCT) as the Kedei Seh Umor-Otutu, in collaboration with the Federal Ministry of Arts, Culture, Tourism and Creative Economy stage the Lenoku-in-Abuja 2025.

It promises to bolster Nigeria’s cultural heritage and showcase the rich cultural heritage of the Yakurr people in Cross River, the South-South and South-East in the nation and the world at large.

Addressing a pre-festival press conference in Abuja, President of Kedei Seh Umor-Otutu, a community-based association, Queency Patrick said the forthcoming festival with the theme: “A celebration of heritage, unity and harvest,” is one of the kind.

She explained that Lenoku-in-Abuja 2025 is an internationally acclaimed New Yam festival that is celebrated on August 30 in Abuja, under auspices of Kedei Seh Umor-Otutu, an association of Ugep people living in the FCT.

Patrick said: “Leboku-in-Abuja-2025 aligns with national goals of cultural preservation, inter-ethnic harmony and in promoting Nigeria as a cultural destination.

“The Federal Capital Territory provides the ideal backdrop to unite heritage and modernity, welcoming all who believe in peace, identity and pride of origin.

“For us, it is not just a cultural event, it is a call to national unity, peace and cultural tourism development.

“It is also an opportunity for us to showcase the rich cultural heritage of the Yakurr people in Cross River, the South-South and South-East in the nation and the world at large.”

She further explained that: “The event fosters appreciation of Nigeria’s diverse ethnic-root and culture. Leboku-in-Abuja is more than a festival, it is a stage for celebrating our cultural identity, building bridges through tradition and encouraging investment in the creative economy and tourism sector.”

According to her, Mr Obi Asika, DirectorGeneral/CEO of the National Council for Arts and Culture, had in a letter which formally endorsed the association’s collaboration with government described Leboku-in-Abuja, as annual New Yam Festival celebrated in Abuja by Yakurr people of Cross River.

Patrick further quoted him by saying the Leboku festival, deeply rooted in the traditions of the Yakurr people of Cross River, has long been a symbol of unity, celebration, and agricultural prosperity.

Asika, in the letter noted that: “Bringing this renowned festival to Abuja will provide a unique opportunity for cultural exchange, tourism development, and deeper appreciation of our diverse traditions.

“It aligns with the Federal Government’s Renewed Hope Agenda and NCAC’s mandate to promote arts and culture, as essential drivers or Nigeria’s creative economy,” Asika added.

Patrick revealed the event would provide platform for public lecture, economic empowerment, traditional food festival, cultural and arts exhibition, sports, agriculture, trade and tourism development.

The event scheduled to hold at the Bolton White event centre, Wuse Zone 7, Abuja is centered on promoting unity and peace with the toga: “One Yam, One People.”

Leboku-in-Abuja 2025 Festival Celebrates New Year Festival to Bolster Nigeria’s Rich Cultural Heritage

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Crisis brews in Gombe SDP as Yakubu emerges acting chairman

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Crisis brews in Gombe SDP as Yakubu emerges acting chairman

The Gombe State chapter of the Social Democratic Party (SDP) has appointed a new chairman, Aaron Yakubu to serve in acting capacity following the suspension of its state chairman, Comrade Adamu Abubakar Modibbo, over allegations of mismanagement, lack of transparency, and misuse of party resources.

His suspension was announced at a news conference held in Gombe on Saturday by the party’s Welfare Secretary, Usman Yahaya, on behalf of concerned members of the state executive.

Reading the statement, Yahaya said there were countless complaints against the now suspended chairman, whom he said had side-lined party stakeholders and running the party like his personal property.

“Since Comrade Modibbo assumed office, the party has experienced no meaningful progress. Instead, the leadership claims he has used his position to witch-hunt loyal stakeholders and frustrated committed party members for his personal gain.”

He accused Modibbo of systematically “caging” the party’s executive members and aspirants, depriving over 90% of both returning and newly acting executive members of access to official SDP membership cards.

He further alleged that the selection of party candidates has been done without due process or consultation, with names being announced solely via national platforms involving prominent figures like Malam Nasir El-Rufai, thereby side-lining the state executive.
Yahaya also accused the suspended chairman of allegedly using his personal residence as the de facto party office.

This, the executives say, violates proper procedures and comes despite funds being made available to renovate the official state party office and rent offices across the local government areas.

“As it stands, the SDP in Gombe State does not have a functional or recognised operational office,”

In the light of the above weighty and numerous allegations against Modibbo, the Welfare Secretary said that the Gombe State chapter of the party has taken decisive action by suspending Comrade Adamu Abubakar Modibbo as chairman with immediate effect.

“In this regard, we hereby announce that the current State Secretary of the party, Mr. Aaron Yakubu, will now serve as the Acting State Chairman of the SDP in Gombe.

“Similarly, Ambassador Lukman Adamu Elkanem, previously serving as the Acting Assistant Public Relations Officer, has now been appointed as the Acting State Secretary of the party.”

Yahaya, on behalf of the state chapter of the SDP, appealed for intervention from the national body of the party to look into the allegations against the former chairman and to restore discipline, accountability, and credible leadership to the Gombe chapter of the party.

Speaking shortly in an interview, Yakubu said he would work to build inclusiveness in the party and ensure all party members were carried along in line with the constitution of the party.

He stated that out of the 13 working committee members of the party, nine were present and in support of the suspension of Modibbo.

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