• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, August 16, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Africa needs adequate financing to tackle poverty – ECA

Africa

The Matters Press by The Matters Press
March 21, 2023
Reading Time: 3 mins read
0

The Economic Commission for Africa (ECA), says Africa needs adequate financing to tackle poverty on the continent and cushion the vulnerable groups while meeting its long-term development objectives.

RELATED POSTS

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

Acting Secretary-General of ECA, Antonio Pedro, said this during his closing remarks at the 55th Meeting of the Conference of African Ministers of Finance, Planning, and Economic Development in Addis Ababa, Ethiopia.

Pedro said these were part of the issues prominently deliberated upon at the conference, which he urged organisations to ensure they followed up on.

“ We saw from presented evidence that the effects of COVID-19, the war in Ukraine, the looming debt crisis and climate change impacts characterise the deep and interlocking crises in Africa.

“Therefore, overcoming these challenges, occasioned by the overlapping crises, will require African countries to formulate innovative and multifaceted strategies that provide a range of policy options.

“Thus, the continent needs sufficient energy, the right infrastructure mix, agricultural and food systems that are resilient to external shocks, and climate mitigation measures that reduce the impact of climate change,’’ he said.

According to Pedro, innovative and scalable solutions are imperative and must be developed for Africans by African countries and investing in green sectors in Africa has significant benefits.

He said green and blue bonds, debt-for-climate investment swaps and carbon credits offered unique opportunities to raise the resources necessary for development on the continent.

He said:“ value addition in mining is yet another avenue for resource mobilisation that has remained largely unexploited on the African Continent.

“A just energy transition remains an imperative for the continent, and universal access to electricity and sustainable industrialisation are essential for Africa’s economic transformation.’’

The acting secretary explained that implementing the agreement establishing the African Continental Free Trade Area (AfCTA) continued to be the blueprint for the African pro-poor economic recovery.

He stressed the need to expedite the agreement’s implementation, given its innumerable benefits to member states, including resilience to shocks.

“We acknowledge that harmonisation of the AfCFTA protocols and domestication of the national AfCFTA strategies are critical for speeding up its implementation.

“The Commission is working toward streamlining the agreement’s national strategies within the UNCT’s programmes of work as a first step toward mainstreaming the AfCFTA within the UN entities,’’ he said.

On the management of debt crises, Pedro reiterated the urgent need to reform the global financial architecture to level the playing field for both low and middle-income countries.

Pedro expressed the commitment of ECA to strengthen its collaboration with the African Union (AU) Commission, particularly in supporting the continent with strategic perspective thinking.

He said the commission would also ensure foresight studies on achieving prosperity by 2030 and speed up the process of realising the objectives of agendas 2063 and 2030 in Africa.

Pedro said ECA was committed to deepening support to member states in improving their data and statistical systems.

“Working closely with the AU, we will continue building quality and harmonised SDG data ecosystems.

“We have taken note of the member states’ suggestion to form peer-learning groups to tap into the richness and diversity of innovations and successful policy interventions across the continent.

“ECA will be reaching out to your respective organisations with the modalities for taking this request forward,

“We will support Member States, the AU, regional economic communities, intergovernmental organisations and other development partners to achieve Africa’s structural transformation, social and economic recovery and sustained growth,’’ he said.

The acting secretary said ECA would support interventions around the pillars of trade, sustainable industrialisation, economic diversification, and regional integration.

Pedro said the commission would also support macroeconomic policy for sustainable and inclusive development, poverty, gender and social policy, private-sector development and innovative financing, data, statistics and digital transformation, climate change and the green economy.

“We have the mandate to deliver on our promise of shared prosperity to the people of Africa.

“We were reminded during the deliberations that Africa must develop sustainable solutions and that strengthened partnership and collaboration are key in delivering to our people a transformed Africa.

“Let me end by challenging each of us to rise to the occasion and ensure this century belongs to Africa,’’ Pedro said.

Tags: Africa
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Next Post
Chinese company to partner African countries to advance technologies

Shanghai’s foreign trade hits high record

July petrol pump price ranges between N140.80 and N143.80

Petrol price increased by 54.76% a litre in one year – NBS

Recommended Stories

South Africa in load shedding to manage dip in power

Minister seeks increased investment in electricity sector

August 23, 2022
Compressed Natural Gas Initiative for rollout

Compressed Natural Gas Initiative for rollout

April 21, 2024
Scheme to repatriate $200bn in forex requires right mechanisms

CBN should stop depleting foreign reserves

December 4, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎
  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us