Home Business

African leaders to integrate macroeconomic performance outlook into devt plans – AfDB

February 20, 2023

in Business

VIEWS

Share on Facebook Share on Twitter

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.

The leaders in a statement issued on African Development Bank’s (AfDB) website 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.

He said “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. According to him, “although, Zambia was not spared from global shocks, the country’s economy has shown resilience”.

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 AfDB group released the inaugural Africa’s Macroeconomic Performance and Outlook report last month and 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 that the report would be presented to heads of state at the African Union Summit to help steer national planning.

According to him “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. 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”, the AfDB President stated.

Naira Scarcity: Informal operators in FCT lament low sales

Naira Redesign: CIBN Calls for Calm

2027: Dickson not against Obidents and Kwankwasiya groups – NDC

Politics

2027: NDC fixes October 20 for Campaign Council inauguration, Presentation of Certificates of Return

by Myke Uzendu

October 10, 2026

By Myke Uzendu, Abuja The Nigeria Democratic Congress (NDC) has fixed October 20, 2026, for the inauguration of its Presidential Campaign Council (PCC), presentation of Certificates of Return to its candidates for the 2027 general elections and a strategic dinner for candidates contesting various elective positions. The party also disclosed that its presidential and vice-presidential candidates, Peter Obi and Rabiu Musa Kwankwaso, respectively, would participate in consultations to determine key appointments in the campaign council. National Chairman of the NDC, Senator Moses Cleopas Zuwoghe, announced this on Saturday at a press conference at the party’s national secretariat in Abuja. He said the campaign council’s organisational structure and timetable had been ready since the end of August, but its inauguration was being delayed to allow Obi and Kwankwaso to conclude consultations and recommend nominees for strategic positions. According to him, the activities scheduled for October 20 would follow a meeting of the party’s National Executive Committee (NEC), where key decisions concerning preparations for the 2027 elections are expected to be considered and ratified. Cleopas said the delay did not indicate inactivity or internal division, explaining that the party was committed to establishing a properly constituted campaign structure capable of coordinating its nationwide electoral activities. He added that appointments would reflect national spread, competence, capacity and the ability of nominees to contribute meaningfully to the campaign. The NDC chairman disclosed that Obi and Kwankwaso were expected to recommend nominees for several strategic positions in the Presidential Campaign Council, including Director-General, Deputy Director-General, campaign spokesperson, Director of Social Media and Financial Controller. The candidates are also expected to nominate two additional officers who, alongside the party’s National Treasurer, will oversee the campaign council’s separate and dedicated bank account. Cleopas said the arrangement was intended to ensure that the presidential and vice-presidential candidates were actively involved in decisions affecting the organisation, financing and direction of their campaign. He maintained that the party leadership, the candidates and the National Leader, Senator Henry Seriake Dickson, were united in their preparations for the 2027 elections. The chairman said the campaign council would be formally announced after the national leadership received the candidates’ nominations and recommendations. He argued that constituting the council without the active participation of the presidential candidate and his running mate would be inappropriate, given their central roles in the presidential contest. Cleopas also dismissed reports suggesting that the party was divided or struggling to organise itself ahead of the 2027 elections. He said the press conference was partly convened to address concerns raised by party members, supporters and Nigerians over the apparent delay in establishing the presidential campaign structure. The chairman maintained that the National Working Committee (NWC), NEC, National Leader and party structures at the state, local government and ward levels remained committed to the party’s candidates. He equally rejected suggestions that Dickson was working with the ruling All Progressives Congress (APC) to undermine the NDC presidential ticket. Questioning the basis of the allegation, Cleopas said it would have been easier for Dickson to join the APC than to undertake the more demanding process of establishing and registering a political party if his objective had been to work for the ruling party. He urged journalists to exercise caution in reporting political allegations and speculation, warning that misinformation could create unnecessary distrust and mislead the electorate. ...