Niger Delta
African Leaders Commit To Implementing Macro-Economic Output Report
African leaders have pledged to take immediate action to integrate recommendations from the newly released Africa’s Macro-Economic Performance and Outlook report into their national development plans.
The leaders made the pledge at the on-going 36th African Union (AU) Summit in Addis Ababa.
In a statement issued on African Development Bank’s (AfDB) website, they spoke during presentation of the bank’s Macroeconomic Performance and Outlook Report.
Zambian President, Hakainde Hichilema, said the study, conducted by the AfDB group, provided an impetus for the continent’s leaders to forge ahead with needed reforms.
Hichelema, represented by his Minister of Finance and National Planning, Dr Situmbeko Musokotwane, described the report as a significant milestone in the quest for evidence-based knowledge.
According to him, the report will inform policymaking for a more prosperous and sustainable future for Africa.
“The findings of this important report, therefore, provide us with a set of concrete policies that we must urgently implement to sustain the recovery and build resilience in Zambia and on the continent.
“Although, Zambia was not spared from global shocks, the country’s economy has shown resilience,” he said.
Hichelema acknowledged the impact of Zambia’s heavy debt burden on the country’s fiscal stability.
He said his administration had inaugurated reforms that would spur economic growth to 4.0 per cent in 2023 and 4.3 per cent in 2024.
The Tide source reports that the AfDB group released the inaugural Africa’s Macroeconomic Performance and Outlook report on January 19.
It has since attracted significant interest among decision-makers in Africa and globally.
The bi-annual report offers policymakers, global investors, researchers, and other development partners up-to-date, evidence-based assessments of the continent’s recent macroeconomic performance.
It also provides a short-to-medium-term outlook.
The AU Commission Chairperson, Moussa Mahamat, said the report would be presented to heads of state at the African Union Summit to help steer national planning.
“Knowledge is power. The report, to be published twice a year, is a wealth of knowledge with deep insight into what is going on in Africa in the macroeconomic sphere.
“It identifies challenges and opportunities for the good of our continent.
“If governments, the private sector, and other stakeholders adopt the report, they will be better placed to make informed decisions.
“The report calls for timely structural reforms to enhance government-enabled private-sector industrialisation in key areas,” Mahamat said.
Nigeria’s Minister of Finance, Budget, and National Planning Zainab Ahmed said the issues in the report also affected Nigeria.
Ahmed said, “We have steered the country toward pre COVID-19 era, but we still face some challenges.
“We have been asking for a liquidity facility as part of the SDRs (Special Drawing Rights) to act as a cushion for us. We have also asked multilateral development banks to give us longer-term financing.
“Nigeria has shown a lot of resilience. We just need that support to enable us to take the full potential.”
AfDB President, Dr Akinwumi Adesina observed that although African economies had shown impressive resilience, global support was needed to help the continent navigate financial burdens and its security challenges.
“In spite the slowdown occasioned by multiple shocks, Africa demonstrated continued resilience in all but one country.
“And maintained a positive growth rate in 2022 with stable outlook in 2023 and 2024. African economies are indeed resilient,” Adesina said.
He called for strong and collective support to Africa to help the continent navigate the challenges it faced, especially debt burden and debt vulnerabilities.
The bank president said, “Africa cannot run up the steep hill carrying a bag of debt on its back.
“The channeling of the additional 100 billion dollars of Special Drawing Rights will make a huge difference.
“We must join hands to harness the enormous opportunities in Africa. There is no doubt that we will make good progress. However, we must work fast, be inclusive, and be competitive.”
Also speaking, Assistant Minister of Finance for Policies and Economic Affairs of Egypt, Dr Mohammed Ibrahim, said the report was helpful.
Ibrahim said it would enable African policymakers and researchers as a timely databank of sound and evidence-based projects for development and planning.
In a presentation, the Director, Centre for Sustainable Development, Columbia University, Prof. Jeffrey Sachs, said that Africa had the capacity to achieve seven to 10 per cent yearly growth.
Sachs observed that Africa could take advantage of its population to grow a robust single market, citing examples like China and India.
“Building a single market will enable Africa to position among the three largest global marketplaces.
“The continent has the greatest growth potential. And I urge African leaders to build vital regional infrastructure and close the infrastructure gaps over the following decades,” he said.
The director urged governments to lead a revolution to bring about affordable access to health care and education.
Sachs called for greater financing for the continent to place it on sustainable growth, observing that the AfDB was critical to meeting the continent’s financial needs.
“The African Union needs to become a permanent of the G-21,” he said.
Acting Chief Economist and Vice President of AfDB, Prof. Kevin Urama, highlighted the importance of Africa’s Macroeconomic Performance and Outlook 2023.
Urama said, “as we gather here today, global macroeconomic conditions have become increasingly uncertain due to multiple overlapping shocks that make policymaking and investment decisions very challenging.
“Countries need regular diagnostics and focused policy actions to address these recurring and overlapping shocks.”
The professor affirmed that Africa remained the place to invest in spite suffering global shocks.
According to the report, African economies, following two years of global shocks, will overcome various domestic and global shocks and return to a path of economic recovery, stability, and growth.
It said lingering effects of COVID-19 pandemic, the ravages of accelerating climate change, and impact of rising geo-political conflicts and tension slowed Africa’s growth to an average of 3.8 per cent in 2022.
It further said to sustain growth, Africa’s economies would require comprehensive information and insights to navigate a labyrinth of intertwined global risks, the report said.
The source reports that the bank will release the report in the first and third quarters of each year to complement its flagship Annual African Economic Outlook.
The AfDB is the first institution to release a macroeconomic outlook for Africa for 2023.
The Head of Rivers State Newspaper Corporation, Mrs Stella Dornubari Gbaraba, has charged the National Association of Ogoni Media House Workers (NAOMEW) World Wide, to be committed to professionalism, patriotism and effective service delivery in the discharge of their duties and rendering of patriotic gestures.
Mrs Gbaraba gave the charge yesterday when the NAOMEW, The Tide Chapter paid her a courtesy call in her office in Port Harcourt.
She expressed deep appreciation for the visit, and assured the Association of her commitment to being a worthy Ogoni Ambassador like late Mr Augustine Nwikinaka, former General Manager of the corporation, to promote the fortunes of the corporation, while counting on their unflinching encouragement, prayers and support to succeed.
“ I am very happy to receive the National Association of Ogoni Media House Workers (The Tide Chapter) today in my office. I am glad you people came to my office, for those that know me in a short while in the corporation, I am a serious-minded person. I heard that the time the corporation was functioning well was under the leadership of late Austin Nwikinaka. Any where I go to, I will rather come down and show working example and that is what the Ogoni person is known for. So I am always proud to associate myself with an Ogoni man, so your support means so much to me,” Mrs Gbaraba said.
She assured them of running an open-door policy in the management of the corporation, and urged stronger partnership between NAOMEW, other unions, interest groups, corporate organisations, institutions and the Rivers State Newspaper Corporation in professional service delivery.
Speaking on behalf of the NAOMEW, The Tide Chapter, the National Secretary of the association, Comrade Taneh Beemene welcomed her into The Tide family and also congratulated her on her very important appointment.
Taneh, who expressed confidence in her experience and abilities to deliver on her assignments, thanked her for the uncommon feats recorded in the corporation within her brief leadership. He said the corporation has been revived from its comatose status that predated her appointment.
“ Within your short time, you have given the corporation a remarkable facelift. We pray that God should give you the enablement to restore the dignity of the corporation. We have come to inform you that we are solidly behind you and will make our untiring contributions to make you succeed, “ he stated.
In his vote of thanks and closing remarks, the Chairman, National Union of Printing, Publishing and Paper Production Workers (NUPPPPROW), Comrade Keyirale Donatus Nwiueh thanked the Head of the Rivers State Newspaper Corporation, Mrs Stella Dornubari Gbaraba for receiving the association in a warm manner, adding that she should count on the support of the association to succeed.
Kiadum Edookor
Niger Delta
OBALGA Sole Administrator Presents Brand New Fire Extinguishers To Council …Commiserates With Traders Over Rumuomasi Market Fire Incident …Commences Desilting Of Drainages
The Sole Administrator of Obio/Akpor Local Government Council, Dr Clifford Ndu Walter has presented 150 brand new fire extinguishers to the council.
Dr Walter who spoke to newsmen at the council premises at Rumuodumanya said the gesture was part of measures by his administration to ensure safety of lives and council property from unforeseen fire incidents.
He urged the staff of the council to ensure the safety of the extinguishers, while promising to engage experts to teach them how to handle and operate the extinguishers.
Meanwhile, Sole Administrator of Obio Akpor Local Government Council, Dr Clifford Ndu Walter has commiserated with traders at the Rumuomasi Market over the unfortunate fire incident that gutted parts of the market.
Dr Walter who visited the market to assess the level of damage caused by the fire, described it as unfortunate
Addressing the crowd of distressed traders and community members, Dr. Walter acknowledged the historical significance of the market, which was originally built under the administration of the former Obio/Akpor Chairman and current Minister of the Federal Capital Territory, Chief (Barr.) Nyesom Ezenwo Wike, CON.
He noted that preliminary findings suggest the fire may have been caused by an electrical fault, though a full investigation is still underway.
“As a local government, we will constitute a thorough investigation team to determine the root cause of the fire,
“Most importantly, we thank God that no lives were lost. I want to assure our traders that the Local Government will not abandon you.
“We will also work with security operatives to safeguard salvaged goods and prevent further losses,” he said.
He encouraged traders to adopt stricter safety measures, especially concerning electrical appliances in markets prone to fire hazards.
“There are many ways fires can ignite, even without an open flame. Let us all be vigilant and prioritise safety,” he cautioned.
Dr. Walter also commended those who stepped in to assist during the emergency.
“We are grateful to all who helped salvage goods and support affected persons during the crisis. Your kindness embodies the spirit of Obio/Akpor. The forthcoming investigation will help us put preventive structures in place,” he said.
The Chairman of the market, Mr. Prince Adele, who accompanied Dr. Walter, during the inspection, identified K-Lane as the most severely affected area.
A statement by the information officer to the council, Ominini Leslie Wokoma said no incident of death was reported by the traders during the visit.
In another development, the Sole Administrator of Obio/Akpor local government council, Sir Clifford Ndu Walter, has commenced a comprehensive canal clearance campaign with a view to identifying and removal of all blockages including illegal structures hindering the free flow of waters in the area.
A statement from the council Press Secretary, Ominini Leslie Wokoma said during the inspection of key canals in the area, several unauthorised barricades and blockages were discovered and removed.
According to the statement, Dr Walter emphasised that illegal dumping, unapproved structures and poor drainage habits endanger communities and undermine government efforts, adding that his administration is committed to protecting lives and property of the citizens.
It said the Sole Administrator also declared his readiness to ensure that all canals and drainages are cleaned, maintained and functioning effectively.
He also warned against further dumping of waste in waterways, citing impending flooding.