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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)
Security forces arrest “Gwandara” notorious kidnap kingpin, logistics supplier in Bwari Abuja
By: Zagazola Makama
Security forces have arrested a notorious kidnapper and major logistics supplier to bandits identified as Y’au Ibrahim Dauda, popularly known as “Gwandara 01”.
Zagazola Makama gathered that the suspect was apprehended by the Scorpion Squad at about 5:40 p.m. on Thursday in Bwari following actionable intelligence.
According to sources , Dauda has been on the wanted list of security agencies for his alleged role in several coordinated kidnapping operations within the FCT, particularly across the Bwari axis, from 2024 to date.
Investigations further linked him to multiple abductions around the Garam area of Tafa LGA in Niger State and Bwari, including the kidnapping of a pastor in 2024 at the El-Rufai Estate, near the Nigerian Law School, Bwari.
The sources said that efforts are ongoing to apprehend other fleeing members of the gang and recover their weapons.
Security forces arrest “Gwandara” notorious kidnap kingpin, logistics supplier in Bwari Abuja
News
VP Shettima Returns To Abuja After Successful Engagements At G20, AU–EU Summits In South Africa, Angola
VP Shettima Returns To Abuja After Successful Engagements At G20, AU–EU Summits In South Africa, Angola
By: Our Reporter
Vice President Kashim Shettima has arrived in Abuja from Luanda, Angola, after successfully representing President Bola Ahmed Tinubu at the 7th African Union–European Union (AU-EU) Summit held in that country.
The Vice President had on Sunday departed South Africa for Luanda after a successful outing at the 2025 Group of 20 (G20) Leaders’ Summit in Johannesburg, where he also represented the President.
In Angola, Senator Shettima delivered President Tinubu’s statement in which the Nigerian leader intensified the nation’s call for Africa to secure permanent seats with veto-wielding authority on the United Nations (UN) Security Council, insisting that comprehensive reform of the global governance system is long overdue.
The President, in his statement, also tasked the European Union (EU) with co-creating peace and security initiatives alongside its African partners, anchored on African-led frameworks as a pathway to achieving sustainable stability across the continent.
The Nigerian leader reaffirmed the country’s firm commitment to advancing peace, security and democratic governance across Africa, and collaborating with the European Union to build a more stable, just, and prosperous world.
Earlier at the first session of the G20 Leaders’ Summit in Johannesburg, South Africa, the President urged world leaders to come up with a more equitable and responsive system to manage global financial flows and sincerely address the recurring debt crises in a manner that meets the needs of all nations.
In his speech delivered by VP Shettima on Saturday, President Tinubu noted that the multilateral frameworks, currently being relied on, no longer reflect the complexities of the present world, as they were “built in an era far removed from” the present challenges.
At the third session of the G20 Leaders’ Summit on Sunday, the President called for a global framework that benefits communities hosting critical minerals in Nigeria and Africa, ensuring value addition at the source.
He also backed the creation of global ethical standards for Artificial Intelligence (AI), aimed at accelerating development across the world.
VP Shettima Returns To Abuja After Successful Engagements At G20, AU–EU Summits In South Africa, Angola
News
WAFAI COMMENDS PRESIDENT TINUBU FOR RECENT RESCUES; DEMANDS URGENT, DECISIVE ACTION ON NATIONAL SECURITY
WAFAI COMMENDS PRESIDENT TINUBU FOR RECENT RESCUES; DEMANDS URGENT, DECISIVE ACTION ON NATIONAL SECURITY
The Women and Family Advancement Initiative (WAFAI), an NGO focused on family values, societal morals, policy implementation, and advocacy, has commended His Excellency, President Bola Ahmed Tinubu, GCFR, for his resilience and commitment in securing the release of the 38 recently abducted church worshippers in Kwara State and some students from Saint Mary’s Private Secondary School, Papiri, in Niger State.
The Founder & CEO of WAFAI, Dr. Uche Francisca Obi, made the remarks in a press release today at the organization’s headquarters in Abuja. Dr. Obi said, “While we celebrate these victories, more must be done to curb the rising insecurity so that families across Nigeria can rest peacefully.”
She added, “The President’s efforts are greatly lauded, especially the good news that all 25 girls abducted from a school in Kebbi have regained their freedom. However, we are deeply concerned about the silence surrounding other kidnapped students still awaiting rescue. As a family-oriented leader, I share the pain of families yet to be reunited with their wards.”
Dr. Obi urged, “We call on the government to expedite efforts to safely return these students to their parents.”
She concluded, “Prioritizing security and tackling it head-on at this critical period will diminish narratives of foreign interference. Nigeria is a sovereign nation capable of handling its internal matters. With the willpower and right perspective from the government, insurgency can be defeated, restoring hope and self-sufficiency to families nationwide.”
WAFAI Media
Security forces arrest “Gwandara” notorious kidnap kingpin, logistics supplier in Bwari Abuja
VP Shettima Returns To Abuja After Successful Engagements At G20, AU–EU Summits In South Africa, Angola
WAFAI COMMENDS PRESIDENT TINUBU FOR RECENT RESCUES; DEMANDS URGENT, DECISIVE ACTION ON NATIONAL SECURITY
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