Addis Ababa, 15 March 2023 (ECA) – Africa must lead the charge in mobilizing domestic resources to recover from multiple economic and social crises which have deepened poverty and widened inequality on the continent, Acting Executive Secretary of the Economic Commission for Africa, Antonio Pedro, has urged, warning that Africa risks missing the Sustainable Development Goals.
“Africa currently leads in global poverty,” Mr. Pedro told participants at the 41st meeting of the Committee of Experts that kicked off today, ahead of next week’s Conference of African Ministers of Finance, Planning and Economic Development Addis Ababa, Ethiopia.
Mr. Pedro cautioned that without bold financial and climate action, Africa will be locked into a poverty trap. With more than half of the world’s poor – 54.8 per cent in 2022 being in Africa, the continent had overtaken South Asia with 37.6 percent, while the COVID-19 outbreak had pushed 62 million people into poverty in just one year, with an additional 18 million estimated to have joined their ranks by the end of 2022.
As many as 149 million non-poor remain at high risk of falling into poverty, Mr. Pedro said, further elaborating that 695 million people in Africa were either poor or face the risk of falling into poverty.
“Women and girls remain particularly vulnerable, and we are facing a potential reversal of the hard-won gains made on gender equity,” said Mr. Perdo, adding that, “Africa cannot just stay the course and hope that it gets better. It must lead the charge.”
The challenges are not insurmountable if Africa can implement systemic change and build resilient and sustainable systems, shifting away from a primary focus on efficiency that has dominated past decades.
Mr. Pedro said investments in sustainable building up capital in critical assets – including human, infrastructure, and natural resources – were needed to provide an environment that can facilitate achieving the ambitions of the 2030 Agenda and Agenda 2063. Therefore, governments must design strategies that simultaneously integrate economic, social and environmental objectives, he noted.
“First, we need to finance our development, ” Mr. Perdo urged, emphasizing that getting the macroeconomic fundamentals right can unlock the potential of home-grown solutions.
Nonetheless, he said, Africa still needs a fairer and more just global financial architecture that responds to its needs, bemoaning that many countries currently cannot access international financial markets because of rising interest rates and unworkable existing debt relief mechanisms.
He noted that Africa must aggressively pursue sustainable industrialization and economic diversification to transform its natural resources into tangible benefits for its people. The battery and electric value chain development was a case in point.
“Put simply, our wealth in natural resources must work for the majority, not the few. To get to this point, we must be intentional in our approach, said Mr. Pedro, citing that the African Continental Free Trade Area (AfCFTA) can increase intra-Africa trade.
“We must take center stage on climate action. While we cannot overlook the fact that we are disproportionately suffering on impact and financing alike, we have significant opportunities to rebalance the scales on climate finance,” he said.
Africa rainforests and the development of its carbon markets, for instance, could unleash an estimated $82 billion a year in value at $120 per ton of CO2 sequestered and create 167 million additional jobs.
In opening remarks at the conference, Nemera Gebeyehu Mamo, State Minister for Planning and Development of the Government of the Federal Democratic Republic of Ethiopia, emphasized that Africa must accelerate changes needed for its economic recovery.
“Poverty is Africa’s most pressing challenge,” Mr. Mamo told participants, remarking that Africa should advocate for financial changes to aid recovery.
“Climate action is impossible without finance,” stressed Mr. Mamo, noting that leveraging climate change financing can help tackle poverty in Africa.
Africa’s growing poverty is linked to the worsening economic and financial conditions it has experienced, Mahamodou Bamba Diop, Director General of Planning and Economic Policies of the Republic of Senegal and Outgoing Chair of the Bureau of the Committee of Experts, said in an overview of the situation in Africa.
Mr. Diop noted that Africa’s economic growth had slowed over the past year due to the combined effects of COVID pandemic, the Ukraine war, global economic slowdown and climate change.
“We need to build a resilient Africa,” Mr. Diop urged, highlighting the need to reform the current financial architecture, develop effective data and statistical systems and tackle the impact of climate change.
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AKERE MARKET FIRE: SANWO-OLU COMPENSATES TRADERS WITH N100M
- Lays foundation for new market building
- As former Ekiti woos Lagos airport taxi drivers for Governor
Lagos State Governor, Mr. Babajide Sanwo-Olu on Wednesday donated N100 million to traders in the burnt Akere Motor Parts and Allied Dealers Association (AMPADA) market in the Ajegunle area of the State.
The Governor also laid the foundation for a new market building.
Speaking during his visit to the burnt site of the Akere market on Wednesday, Governor Sanwo-Olu said the efforts by the Lagos State Government were to help alleviate the plight of the traders who lost goods and cash in the fire when the market got burnt last week.
He said: “A week or less ago we promised to come back here to give immediate support to the people who were affected by the unfortunate incident. This is not politics, it is just a coincidence that it is a political season.
“I am happy to be here to lay the foundation for the new market building. Now it is a storey building and a small compensation that will alleviate the suffering and loss of our traders here. It is for us to make a clear stand that we are not about ethnic or religious division. We are a government that is people-centered and working to make things better for them, no matter what party or where they come from.
“As long as they are law-abiding, keep to laws guiding the environment, and respect the heritage of where they do business, they will always be accommodated.
“This will also send a clear message to people who want to divide us that we won’t let a small number disunite a large number of people. We won’t give them a space in Lagos and our government.”
Governor Sanwo-Olu also urged Lagos residents to come out and vote massively for him on Saturday, noting that the 18 percent vote cast during the presidential election is not a good representation of the Lagos population.
Speaking earlier, the Chairman of Ajeromi-Ifelodun Local Government Area, Hon. Fatai Ayoola thanked Governor Sanwo-Olu for keeping to his promise of helping the people.
He promised that the people in the council would reciprocate the good gesture by voting for Governor Sanwo-Olu during Saturday’s governorship poll.
He said: “True to your word you are here today in Ajegunle to compensate the marketers for their loss and also lay the foundation for their new market. We thank you and wish that your efforts will be rewarded in Saturday’s election.
“We assure you that in Ajegunle we will do all within the ambit of the law to canvass for you because you have done so much for us. You rebuilt the Obafon and Mbakadoso roads. You also help us build Maracana Stadium for our youths.
“We are grateful and we would forever remain grateful for your stewardship and leadership that you have shown to the true people of Ajegunle.”
Also speaking, the Market Chairman, Mr. Izuchukwu Uba, assured Governor Sanwo-Olu of the trader’s support in Saturday’s gubernatorial election.
Traders at the market thanked Governor Sanwo-Olu for the good gesture promising to come out enmasse on Saturday to vote for him and all APC candidates.
Meanwhile, former Ekiti State Governor, Mr. Ayo Fayose, on Wednesday drummed support for Governor Sanwo-Olu, calling on Lagos residents to re-elect the Governor on Saturday.
Fayose who was joined by Governor Sanwo-Olu at the local wings of the Murtala Muhammed Airport spoke to taxi drivers at the airports and urged them to come out in large numbers and vote for the All Progressives Congress (APC) candidate in the March 18 governorship poll.
“Sanwo-Olu is our candidate. Let us all come out on Saturday to re-elect him,” Fayose urged the Airport taxi drivers.
Governor Sanwo-Olu promised to address all the issues raised by the Airport taxi drivers during his meeting with them.
SIGNED
GBOYEGA AKOSILE
CHIEF PRESS SECRETARY
15 MARCH 2023
