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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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Troops Neutralise Terrorist, One Vigilante Injured in Sokoto

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Troops Neutralise Terrorist, One Vigilante Injured in Sokoto

By: Zagazola Makama

Troops of the Nigerian Army have neutralised a suspected terrorist during a firefight in Wurno Local Government Area of Sokoto State.

Security sources told Zagazola Makama that the incident occurred at about 12:10 a.m. on April 23 when troops of 8 Division Garrison, deployed at Forward Operating Base (FOB) Marnona, responded to intelligence on terrorist activities at Illela village.

The sources said the troops made contact with the assailants and engaged them in a gun battle.

“Following the exchange of fire, one terrorist was neutralised, while others fled the scene,” the sources said.

They added that a vigilante member who supported the operation sustained a gunshot wound during the encounter and was evacuated for medical attention.

According to the sources, troops have continued to dominate the general area to forestall further terrorist activities.

Troops Neutralise Terrorist, One Vigilante Injured in Sokoto

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285 Graduate From the NOUN Maiduguri Centre

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285 Graduate From the NOUN Maiduguri Centre

By: Bodunrin Kayode

285 students have graduated from the Maiduguri study centre of the National Open University (NOUN) last weekend.

The convocation ceremony which was conducted at the Baga road centre by the director Associate Prof Buba Shani was the largest so far in the history of the Borno centre.

Revealing this in a post convocation chat was the director of centre, Associate Prof Buba Shani who spoke with this reporter on the gains, achievements and the challenges associated with managing the only centre in Borno state.

He revealed that electricity supply from the national grid was the primary challenge he had to face headlong when he took charge adding that it was very obvious power supply affected the daily administration and the conducive nature of the environment for students to study.

To him, a study centre without constant electricity was a big minus on the very academics which the centre was created to support adding that they were very happy to be hooked up with the national grid now.

“But we have been able to get over it because the centre was not on the national grid but we are now connected to the national supplies after almost six years of not having supplies.

” And with support from the North East Development Commission (NEDC) and the NOUN alumni association, we now have a lighted compound where students can read even in the evenings if they wish to.” Said the director.

He said that since he took charge as head of management, the student population has increased from 600 to about 1,200 and they are still counting adding that inspite of the previous instability of the city, students now operate with peace of mind with the stability of the security within the city of Maiduguri.

Above all, Prof Shani noted that he was happy with the existing relationship within the staff and students in the centre, which is ensuring that their studies are smooth.

Restriction of law from NYSC

On restriction of some courses from the National Youth Service Corp (NYSC), he hinted that no course is suffering from that syndrome.

” Whatever applies to the centre applies to the whole country and it is not just in the Maiduguri centre alone.

” But I must tell you that the undergraduate course for law has been scrapped for now and this is a decision of the National Universities Commission (NUC).

“Sadly, the previous management did not do much about ensuring that the course is properly situated and offering it doesn’t become a challenge during their time.

“However, we admit only post graduate courses in law and related courses for now. We would continue to push to get to our expected end at all cost concerning the undergraduate law program ” he concluded.

The Maiduguri study centre has operated for about 22 years defying all the threats of the lingering insurgency in Borno State.

285 Graduate From the NOUN Maiduguri Centre

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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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