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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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$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States

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$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States

By: Michael Mike

Nigeria’s push to strengthen food security and cut dependence on poultry imports is set to gain fresh momentum as the $1 billion National Integrated Poultry Project moves into its pilot phase in Enugu, Kaduna and Oyo states.

The project, driven under the Nigeria–China Strategic Partnership (NCSP), is designed as one of the most ambitious agricultural investments in the country’s history, targeting large-scale egg and meat production, expanded feed cultivation and direct support for local farmers.

Director-General and Global Liaison of the NCSP, Joseph Tegbe, announced the take-off of the pilot phase at the weekend during the Chinese New Year Temple Fair in Abuja, held to mark the 55th anniversary of diplomatic relations between Nigeria and China.

According to Tegbe, the initiative is structured to go beyond commercial farming. When fully operational, it is expected to produce about six million eggs daily, house more than seven million laying birds and over two million broilers, while supporting the cultivation of more than 60,000 hectares of maize and soybeans for feed.

He said the scale of the project positions it as a game-changer for Nigeria’s poultry value chain, with direct implications for employment, farmer incomes and food affordability.

“This is not just a farming project. It is a strategic intervention to stabilise food supply, create jobs across the value chain and restore dignity to agricultural livelihoods,” Tegbe said.

A key component of the initiative, he explained, is the provision of subsidised feedstock, which will not only serve the integrated farms but also support existing poultry farmers who have been hit by rising feed costs.

Beyond agriculture, Tegbe highlighted parallel Nigeria–China collaboration in heavy industry, particularly the planned revitalisation of the Ajaokuta Steel Complex. He said renewed operations at Ajaokuta are projected to yield up to 10 million metric tonnes of steel annually, potentially reshaping Nigeria’s industrial landscape.

“A functional Ajaokuta will power manufacturing, unlock jobs and reposition Nigeria as an industrial force in Africa,” he said, adding that the government is determined to translate long-standing plans into measurable economic outcomes.

On human capital development, Tegbe noted that educational and knowledge-exchange programmes between Nigeria and China are expanding, with more scholarships, joint research initiatives and industrial parks in the pipeline to support technology transfer and innovation.

China’s Chargé d’Affaires to Nigeria, Zhou Hongyou, said the poultry project and other joint initiatives reflect the maturity of bilateral relations built over 55 years. He described the Year of the Horse—under which the celebration falls—as symbolic of hard work, perseverance and progress, values he said mirror the trajectory of Nigeria–China cooperation.

Also speaking, Director of the China Cultural Center in Nigeria, Yang Jianxing, described the growing partnership as one rooted in mutual trust and shared development, stressing that cooperation must continue to deliver concrete benefits for ordinary Nigerians.

The anniversary celebration featured cultural performances, exhibitions and a showcase of Chinese traditions, underscoring the people-to-people dimension of the Nigeria–China relationship as both countries pursue deeper economic and cultural ties.

$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States

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Experts Push Structured Islamic Estate Planning to Protect Wealth, Prevent Family Disputes

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Experts Push Structured Islamic Estate Planning to Protect Wealth, Prevent Family Disputes

By: Michael Mike

Legal, financial and Islamic scholars have urged Nigerians to embrace structured Islamic estate planning, warning that informal and undocumented wealth transfer practices continue to expose families to conflict, asset loss and prolonged court battles.

The call was made in Abuja at the 8th Annual Islamic Estate Planning Clinic, themed “From Informality to Legacy: Structuring Islamic Wealth Transfer.” The event was organised by The Metropolitan Law Firm in partnership with First Trustees Limited and Al-Ameen Trustees Limited.

Speakers at the forum stressed that increasing reliance on verbal agreements and family-based arrangements often undermines the intentions of asset owners and creates avoidable disputes among beneficiaries.

Managing Partner of The Metropolitan Law Firm, Hajia Ummahani Amin, said many Nigerian families fail to document their estate plans, leading to mismanagement and outcomes that contradict Islamic inheritance principles.

She explained that estate planning enables individuals to organise their affairs ahead of death and ensure their wishes are carried out in line with both legal and religious requirements.

“Leaving assets with relatives or friends without proper documentation has resulted in serious challenges for many families,” Amin said.

She noted that while Islamic law provides clear inheritance guidelines, individuals are permitted to allocate up to one-third of their estate through structured instruments such as wills, trusts and endowments. According to her, these tools are essential for protecting beneficiaries and sustaining long-term family legacies, especially as Nigeria adjusts to digitalisation and emerging tax reforms.

Delivering the keynote address, Professor Isa Pantami, Co-Chairman of the African Union’s 4th Industrial Revolution Policy Council, called for a shift from informal practices to properly documented, Sharia-compliant estate planning systems.

Pantami said verbal agreements are unreliable and often fuel disputes, adding that structured wealth transfer is both a legal necessity and a religious obligation in Islam.

He advocated the use of modern technologies, including blockchain-based systems, to secure wills and estate documents, while also highlighting challenges such as delayed will-writing, undocumented property ownership and cultural practices that conflict with Islamic inheritance laws.

Chairperson of the Better Life Programme for the African Rural Woman, Dr Hajiya Aisha Babangida, emphasised the need for sustained public education on Islamic financial instruments.

She noted that tools such as waqf (Islamic endowment), trusts and Sukuk could be leveraged to support education, infrastructure and community development if properly understood and utilised.

“Awareness and education are critical,” she said. “Structured planning helps families preserve wealth while contributing to broader social development.”

Also speaking, Associate Director of First Trustees Limited, Mr Abimbola Ajinibi, identified cultural misconceptions as a major obstacle to effective estate planning among Muslims.

He explained that many wrongly assume Islamic inheritance laws eliminate the need for wills, whereas individuals retain discretionary powers over a portion of their estate.

“Failure to plan often results in intestate estates and lengthy probate processes, which can cost as much as 10 per cent of the estate value,” Ajinibi said.

He added that estate planning goes beyond wills to include trusts, gifts and powers of attorney designed to ensure smooth wealth transition.

On regulatory developments, Rotimi Obende of First Trustees highlighted the impact of tax reforms effective from January 1, 2026, noting that income generated from estates and trusts is now subject to reporting and taxation.

“Although inheritance transfers remain largely unaffected, income earned during estate administration must be declared,” he said, adding that proper structures help ensure taxes are assessed on net income.

Representative of Al-Ameen Trustees Limited, Ms Mutiat Olatunji, underscored the importance of regulated, faith-based trustees in ensuring ethical, transparent and Sharia-compliant estate management.

She said professional trusteeship plays a critical role in regulatory compliance and responsible wealth stewardship for both private beneficiaries and community development initiatives.

Participants concluded the clinic by urging Nigerians to combine religious guidance with legal expertise, professional trusteeship and modern technology to secure their families’ futures.

They agreed that structured Islamic estate planning is vital not only for preserving wealth, but also for promoting social stability, accountability and intergenerational prosperity.

Experts Push Structured Islamic Estate Planning to Protect Wealth, Prevent Family Disputes

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NDLEA Arrests China-Bound Businessman With 95 Cocaine Wraps at Kano Airport, Busts Drug Syndicates Nationwide

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NDLEA Arrests China-Bound Businessman With 95 Cocaine Wraps at Kano Airport, Busts Drug Syndicates Nationwide

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) has arrested a 62-year-old Lagos-based businessman, Nwabueze Izueke, at the Mallam Aminu Kano International Airport (MAKIA) for attempting to traffic cocaine to China.

Izueke was intercepted last Saturday, during the outward screening of passengers travelling to China via Addis Ababa on Ethiopian Airlines flight ET940. A body scan revealed that he had ingested illicit drugs, after which he was placed under medical observation.

According to a statement on Sunday by the spokesman of the anti-narcotics agency, Femi Babafemi, he later excreted 95 jumbo-sized wraps of cocaine, weighing a total of 1.589 kilogrammes, over seven separate excretions. The suspect told investigators he deals in clothing and automobile spare parts in Lagos and claimed he ventured into drug trafficking to raise funds to complete a house he is building in his hometown, Iwollo, Enugu State.

In Abuja, NDLEA operatives recovered 627.7 kilogrammes of skunk from a makeshift warehouse located within Fums Plaza, Kubwa, Federal Capital Territory. The agency also foiled an attempt to smuggle methamphetamine concealed inside MP3 speakers from Enugu to Abuja and Kaduna. The drugs were intercepted in a commercial bus laat Friday.

A follow-up operation led to the arrest of Ebube Okeke in Zuba, FCT, with 173 grammes of methamphetamine. Three other suspects—Evans Ugwu, Mohammed Arinze and Friday Michael—were arrested the following day in Kaduna while attempting to collect another consignment weighing 28 grams.

In Taraba State, NDLEA officers at the Dan-Anacha patrol point in Gassol Local Government Area intercepted a 32-year-old suspect, Yusuf Abubakar, conveying yogurt packs from Lagos to Mubi, Adamawa State. A search of the consignment uncovered 1.8 kilogrammes of methamphetamine concealed in some of the yogurt packs.

Meanwhile, in Oyo State, NDLEA operatives arrested a 29-year-old Beninoise, Shuaibu Abdulrahman, at Ibudo-Igboho village, Sooro Kishi, with 149.6 kilogrammes of skunk hidden inside rice shafts. In a separate operation in Ibadan, officers arrested Adeniyi Adeola, popularly known as “Prince,” at Agbeni Market and recovered over 10,800 ampoules of pentazocine injections and 117,820 capsules of tramadol from his truck.

Also in Ibadan, NDLEA dismantled a synthetic cannabis production facility in Badeku area, arresting a drug kingpin, Jimoh Nurudeen, 40, and his accomplice, Ogundipe Yusuf, 27. Recovered items included precursor chemicals, skunk, production equipment, ₦7.4 million in cash and two vehicles.

In Kwara State, NDLEA intercepted a fuel tanker travelling from Lagos to Maiduguri and recovered 395,400 capsules of tramadol concealed within the truck. The driver was taken into custody.

Further arrests were recorded in Imo State, where a couple was apprehended with 203 kilogrammes of skunk, and in Ondo State, where 420 kilograms of skunk were recovered from a bush in Ikun Akoko. In Lagos, 31 wraps of cocaine were seized from a suspect arriving from Côte d’Ivoire by boat, while another suspect was arrested on Lagos Island with 3.6 kilograms of Canadian Loud and Colorado.

In Enugu, NDLEA operatives arrested a 37-year-old drug dealer and recovered various quantities of skunk, methamphetamine, cocaine, molly and cash from his residence.

The agency also sustained its War Against Drug Abuse (WADA) sensitisation campaigns across schools, communities and traditional institutions nationwide during the period.

Commending officers involved in the operations, NDLEA Chairman and Chief Executive Officer, Brig. Gen. Buba Marwa (Rtd), urged personnel across the country to remain committed and professional in the fight against drug trafficking and abuse.

NDLEA Arrests China-Bound Businessman With 95 Cocaine Wraps at Kano Airport, Busts Drug Syndicates Nationwide

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