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Egypt leads regional integration in Africa

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President Abdel Fattah El Sisi hosted five African heads of state and top business leaders from across the continent. The Heads of State stressed on the need for self-reliance and domestic resource mobilisation. The event offered business owners with an opportunity to meet investors, engage with political leaders and policy makers and explore new ideas to improve business environment across the continent. The Forum wraps up with a focus on China-Africa cooperation.

In two private roundtables held on the sidelines of the event that the President held alongside other African heads of state and business leaders from Egypt and the rest of the continent, it was said that Al Sisi would do whatever he could to bring the continent together, both politically and economically.

The Forum had a strong focus on increasing intra-Africa trade, inclusive growth and stronger China-Africa cooperation, especially in terms of technology transfer.

During the event, Egypt also has signed a deal with the World Bank for a USD $1.15 billion development policy loan to fund the government’s plan to boost economy. It is the last one in a series of three annual loans provided from 2015 to 2017 totalling USD 3.15 billion. The deal supports the Egyptian economic reform program aimed at creating jobs, ensuring energy security, strengthening public finances and enhancing business competitiveness.

The final day of the Forum focused on industrial revolution for Africa and China-Africa economic relations. It was agreed that China-Africa relationship was a win-win one. Ambassador Helen Hai, CEO, Made in Africa initiative, China, said China had a clear strategy for Africa but the continent needs to be in the driving seat when it comes to discussions about the China-Africa relationship. She said the relationship was moving on from resources to partnerships with African countries but they needed to be clear about what they wanted from China. She said 85 million jobs were likely to be exported from China in the next few years as labour costs increased in that country and Africa was well placed to attract them. “If Africa can capture those jobs they can enjoy the same economic transformation China had.”

However, Carlos Lopes, Former Executive Secretary, UNECA, and Professor, Graduate School of Development Policy and Practice, University of Cape Town, Guinea-Bissau, said it was not inevitable that the jobs would migrate to Africa.

He warned that many jobs that could move out of China could be replaced by robots and automation, not Africans, and that other regions would also compete for the kind of jobs that Africa seeks – those at the lower end of the value chain. “A few African countries will make it, but not all,” he said.

“This huge move to get jobs can be elusive if we are not fast enough in creating opportunities. The window is closing very fast. We need to move quickly and do so in a way that is commensurate with the interests of China’s strategy.”

The three-day event, organised by Egypt’s Ministry of Investment and International Cooperation and the COMESA Regional Investment Agency (RIA), saw over 2,000 delegates from 75 countries attend the Forum. Minister of Investment and International Cooperation Sahar Nasr said that the forum’s sessions offered a chance to exchange expertise and showcase investment opportunities in Egypt and Africa.

The conference has put forward five recommendations:

1- Pumping new investments in Africa to boost economic growth and development
2- The establishment of joint projects, particularly in infrastructure, to support investment and trade among African states.
3- Enhancing the role of the African private sector to increase investment rates in the continent.
4- The execution of programs that encourage entrepreneurship and the adoption of programs that would increase youth’s participation in the African economy.
5- Empowering women in all fields of economic activity, considering them as active members in the process of developing Africa and achieving economic stability.

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National Issues

16 Governors Back State Police Amid Security Concerns

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In response to the escalating security challenges plaguing Nigeria, no fewer than 16 state governors have thrown their weight behind the establishment of state police forces.

This development was disclosed by the National Economic Council (NEC) during its 140th meeting, chaired by Vice President Kashim Shettima, which took place virtually on Thursday.

Minister of Budget and Economic Planning, Atiku Bagudu, who briefed State House Correspondents after the meeting, revealed that out of the 36 states, 20 governors and the Federal Capital Territory (FCT) were yet to submit their positions on the matter, though he did not specify which states were among them.

The governors advocating for state police also pushed for a comprehensive review of the Nigerian Constitution to accommodate this crucial reform. Their move underscores the urgency and gravity of the security situation across the nation.

Similarly, the NEC received an abridged report from the ad-hoc committee on Crude Oil Theft Prevention and Control. This committee, headed by Governor Hope Uzodinma of Imo State, highlighted the areas of oil leakages within the industry and identified instances of infractions.

Governor Uzodinma’s committee stressed the imperative of political will to drive the necessary changes and reforms needed to combat crude oil theft effectively.

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Weak Institutions Impede Nigeria’s Sustainable Development – Says US Don

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Renowned academician, Professor Augustine Okereke, from the Medgar Evers College/City University of New York, has emphasised the detrimental impact of a lack of strong social institutions on Nigeria’s sustainable development.

Presenting a lead paper at the First Annual Ibadan Social Science Conference hosted by the University of Ibadan, Professor Okereke urged President Bola Tinubu to foster robust institutions capable of combatting corruption and addressing social ills.

“All our institutions are on the decline,” warned Professor Okereke, underscoring the urgent need for effective structures to facilitate sustainable development. He highlighted the challenges faced by African countries, emphasising the risk of continued poverty, underemployment, and injustice without these foundational structures.

The Dean of the Faculty of Social Sciences at the University of Ibadan, Professor Ezebunwa Nwokocha, asserted the university’s commitment to providing intellectual, context-specific solutions to Nigeria’s challenges.

He called on state and federal governments to patronise researchers in the country, emphasising the faculty’s reputation for producing intellectual leaders.

Professor Nwokocha stated, “Our faculty is reputed for offering deeply intellectual, workable, and context-specific solutions to the challenges faced by Nigeria over the ages.” He emphasised the significance of the conference’s theme in aiding Nigeria’s navigation through its complex existential reality marked by despair, rising inflation, insecurity, corruption, and unemployment.

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During the conference’s opening, Vice Chancellor Professor Kayode Adebowale noted the relevance of the theme, “Social Science, Contemporary Social Issues, and the Actualization of Sustainable Development,” urging participants to generate transformative ideas for Nigeria.

Acknowledging the nation’s progress over 63 years, he expressed concern over setbacks in the economy and social indices, hoping the conference would proffer solutions.

In his keynote address, Professor Lai Erinosho stressed the rapid worldwide social change in the digital age, citing both benefits and unanticipated consequences for human survival. He cautioned against embracing same-sex relationships, citing dangerous implications for humanity.

The First Annual Ibadan Social Science Conference convened a diverse array of participants to explore solutions and intellectual leadership in addressing Nigeria’s pressing challenges.

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National Issues

Nigerians’ Wallets Under Strain As Inflation Soars to 28.92%

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As the country grapples with economic challenges, the latest figures from the National Bureau of Statistics (NBS) revealed a surge in the inflation rate to 28.92%, according to the December 2023 Consumer Price Index (CPI) released on a Monday afternoon.

The CPI, tracking the fluctuation in prices of goods and services, illustrates a notable increase from the previous month’s 28.20%, underscoring the pressing concerns surrounding the nation’s economic stability.

In a recent report, the Statistics Office revealed a notable uptick in the headline inflation rate for December 2023, marking a 0.72 percentage point increase from the previous month’s figure in November 2023.

On a year-on-year basis, the National Bureau of Statistics (NBS) highlighted a significant surge, with the December 2023 rate standing at 7.58 percentage points higher compared to the corresponding period in 2022.

December 2022 witnessed an inflation rate of 21.34 percent, underscoring the economic dynamics at play.

“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022),” NBS said.

In a further revelation, the bureau disclosed that the month-on-month headline inflation rate for December 2023 experienced a 2.29 percent surge, surpassing November 2023 by 0.20 percent. This indicates a swifter rise in the average price level compared to the preceding month.

The report highlighted a concerning acceleration in food inflation, reaching 33.93 percent on a year-on-year basis for December 2023. This marked a substantial 10.18 percent points increase from December 2022’s rate of 23.75 percent. The data underscores the persistent upward trend in food prices, a trend exacerbated by various government policies, including the removal of subsidies on petrol.

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Notably, in July 2023, President Tinubu declared a State of Emergency on food insecurity to address the escalating food prices. Taking decisive action, the President mandated that issues related to food and water availability and affordability fall under the jurisdiction of the National Security Council, recognising these as essential livelihood items in need of urgent attention.

In Monday’s inflation report, the National Bureau of Statistics (NBS) detailed the key contributors to the year-on-year increase in the headline index. The leading factors include food & non-alcoholic beverages at 14.98 percent, housing water, electricity, gas & other fuel at 4.84 percent, clothing & footwear at 2.21 percent, and transport at 1.88 percent.

Additional contributors encompass furnishings & household equipment & maintenance (1.45 percent), education (1.14 percent), health (0.87 percent), miscellaneous goods & services (0.48 percent), restaurant & hotels (0.35 percent), alcoholic beverages, tobacco & kola (0.31 percent), recreation & culture (0.20 percent), and communication (0.20 percent).

The report highlighted a substantial 24.66 percent change in the average Consumer Price Index (CPI) for the twelve months ending December 2023 over the previous twelve-month period. This represents a significant 5.81 percent increase compared to the 18.85 percent recorded in December 2022, indicating ongoing inflationary pressures in the economy.

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Food Inflation

In a concerning trend, the food inflation rate for December 2023 surged to 33.93 percent on a year-on-year basis, marking a substantial 10.18 percent points increase from the same period in 2022, when the rate stood at 23.75 percent.

The National Bureau of Statistics (NBS) attributed this rise in food inflation to notable increases in the prices of various essential items. Key contributors include bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, meat, fruit, milk, cheese, and eggs.

These price hikes collectively contributed to the intensified strain on consumers, highlighting the complex dynamics driving the upward trajectory of food prices.

“On a month-on-month basis, the Food inflation rate in December 2023 was 2.72 percent, this was 0.30 percent higher compared to the rate recorded in November 2023 (2.42 percent),” it said.

Clarifying the dynamics behind the recent uptick, the National Bureau of Statistics (NBS) explained that the month-on-month increase in food inflation for December 2023 was spurred by a heightened rate of escalation in the average prices of oil and fat, meat, bread, and cereals, potatoes, yam, and other tubers, as well as fish and dairy products like milk, cheese, and eggs.

“The average annual rate of food inflation for the twelve months ending December 2023 over the previous twelve-month average was 27.96 percent, which was a 7.02 percent points increase from the average annual rate of change recorded in December 2022 (20.94 percent),” the report added.

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