E-Business
The Hanke’s Misery Index: How Africa’s Economic Challenges Are Holding Back the Continent Part 3
By Evans Woherem, Ph.D
Addressing the Root Causes
The section highlights the urgent need to address the root causes of poverty and economic challenges in many African nations. It emphasizes the importance of decisive action, effective leadership, and learning from successful examples to overcome these challenges and foster sustainable development.
The section also covers various key areas, including addressing immediate challenges, implementing sustainable economic strategies, promoting infrastructure development and regional integration, and the significance of unity among African nations.
- Addressing Immediate Challenges
Addressing the immediate challenges faced by African nations, as highlighted by the Hanke’s Annual Misery Index of 2022, is crucial. This section emphasizes the importance of tackling inflation, unemployment, and poverty-contributing factors to create an enabling environment for economic growth and improved well-being. To overcome these challenges, decisive action and effective leadership are required, prioritizing the well-being of citizens and implementing sustainable economic policies.
In order to accelerate development, African countries need to learn from successful examples. By studying countries that have transformed their economies and improved living standards, Africa can adapt their strategies and adopt a comprehensive, multi-pronged approach. This approach should include economic reforms, investments in education and skills, promotion of entrepreneurship, strengthening of institutions, improvement of infrastructure, and fostering regional cooperation.
By addressing the challenges highlighted by the Misery Index, African nations can create a favorable environment for economic growth and improved well-being. Effective leadership, learning from successful experiences, and implementing a comprehensive approach are essential for overcoming the present challenges and setting Africa on a sustainable path of development and prosperity.
- Implementing Sustainable Economic Strategies
To foster sustainable economic growth in Africa, it is crucial to address the root causes of economic challenges with comprehensive and innovative strategies. This includes implementing prudent fiscal policies to combat inflation effectively, controlling government spending, managing public debt, promoting transparency and accountability, and tackling waste and corruption in government spending. Additionally, creating sustainable employment opportunities through investments in sectors with growth potential, promoting entrepreneurship, vocational training programs, and public-private partnerships can empower individuals and drive economic progress.
Political stability is paramount for long-term economic growth. Fostering peaceful and inclusive societies, resolving conflicts through dialogue, and strengthening democratic institutions are key aspects to focus on.
By promoting the rule of law, protecting human rights, ensuring citizen participation, and establishing transparent governance structures, African nations can create a favorable environment for investment and sustainable development, attracting investments and encouraging the establishment of transparent governance structures.
Facilitating affordable and accessible credit is vital for stimulating investment and economic growth. African governments should work towards creating an enabling environment for credit access by implementing sound financial regulations, promoting competition among financial institutions, improving financial literacy, and empowering individuals and businesses with favorable credit terms through measures like credit guarantees for small enterprises.
- Promoting Infrastructure Development and Regional Integration
To achieve a sustainable future, Africa must prioritize infrastructure development and regional integration. Addressing Africa’s reliance on imported energy sources is a critical aspect of this endeavor.
By promoting decentralized renewable energy systems, such as mini-grids and community-owned projects, Africa can provide electricity access to remote areas while involving local communities in renewable energy initiatives.
These decentralized systems not only reduce dependence on imports but also yield cost savings, enhance energy security, lower emissions, and stimulate local economic growth. Successful implementation of these projects necessitates government support, financial incentives, and collaboration with the private sector.
In addition, digital connectivity and financial inclusion are instrumental in driving economic growth and development in Africa. By expanding broadband infrastructure and leveraging blockchain technology, Africa can revolutionize access to digital services, e-commerce, and education, thereby uplifting millions of lives.
This expansion of internet access extends the benefits of online banking, e-commerce platforms, and educational resources to underserved rural communities, fostering communication and collaboration between businesses and government agencies. Blockchain technology ensures secure and transparent financial transactions, effectively curbing fraud and corruption and bolstering trust in financial systems. Together, digital connectivity and financial inclusion empower Africa, promoting inclusivity and prosperity.
Furthermore, sustainable infrastructure development plays a crucial role in building a greener and more efficient future for Africa. By prioritizing green infrastructure projects, such as renewable energy-powered transportation systems and energy-efficient buildings, Africa can significantly reduce greenhouse gas emissions, improve air quality, and generate employment opportunities in the clean energy sector. Integrating smart city concepts further enhances efficiency by leveraging technology to optimize traffic flow and monitor energy usage, promoting sustainable urban development.
To drive economic progress, regional integration and trade promotion are vital for Africa. Strengthening regional economic communities encourages collaboration, reduces trade barriers, and harmonizes regulations, facilitating cross-border investments.
Developing robust transport and logistics networks enhances connectivity, enabling seamless movement of goods and services between businesses and markets. By promoting cross-border investments, Africa can leverage new technologies, skills, and job opportunities, fostering sustainable growth and development across the continent.
In conclusion, promoting infrastructure development and regional integration is crucial for Africa’s sustainable future. By focusing on decentralized renewable energy systems, digital connectivity, sustainable infrastructure, and regional collaboration, Africa can overcome challenges, drive economic growth, and foster prosperity.
- Uniting African Nations for Economic Progress
The unity and cooperation among African nations through regional or continental integration are paramount for driving economic progress. Currently, intra-Africa trade represents just 14.4% of total African exports. However, according to forecasts from the United Nations Conference on Trade and Development, implementing the African Continental Free Trade Area (AfCFTA) has the potential to boost intra-Africa trade by approximately 33% and reduce the continent’s trade deficit by 51%. The relatively low levels of intra-regional trade in Africa compared to other regions like Europe (69%), Asia (59%), and North America (31%) underscore the need for enhanced collaboration within the continent.
The urgency for African countries to unite at the regional or continental levels cannot be overstated. Many African nations lack the necessary size and strength to effectively operate on their own. Encouragingly, the ongoing efforts made by East African countries towards unity serve as an inspiring example for the rest of Africa, emphasizing the importance of cooperation in addressing pressing economic challenges. Prompt adoption of the East African model by other African countries and regions is essential.
The African Union (AU) has already taken significant strides in tackling economic challenges through initiatives like the AfCFTA, African Agenda 2063, and the development of the Pan-African Payment and Settlement System by the African Export-Import Bank. These commendable efforts deserve recognition and support as they hold tremendous potential to drive Africa’s development. It is crucial to effectively implement these projects within their designated timeframes.
Successful execution of these initiatives would not only enhance intra-Africa trade but also contribute to overall economic growth and prosperity in Africa. Given the urgency of the situation, it is imperative for all African countries to unite and collectively overcome the obstacles that have hindered their progress.
Investing in critical areas such as inflation management, unemployment reduction, poverty alleviation, entrepreneurship promotion, political stability, affordable credit, renewable energy, digital connectivity, sustainable infrastructure, and regional integration is vital for Africa’s development.
By adopting a comprehensive approach and drawing inspiration from successful examples, Africa can reduce poverty, improve the quality of life, and stimulate economic growth. Effective leadership, innovation, and a commitment to learning from successful experiences are essential in paving the way towards a prosperous and inclusive future for Africa. The unity of African nations is the key to unlocking the continent’s economic potential.
Conclusion
The economic challenges faced by African countries, as evidenced by the Hanke’s Annual Misery Index of 2022, highlight the urgent need for comprehensive and targeted strategies to address the root causes of these issues. Factors such as inflation, unemployment, political instability, and poor governance have a profound impact on the well-being and development of African nations. To overcome these challenges and unlock Africa’s economic potential, a multi-faceted approach is necessary.
Addressing inflation requires prudent fiscal policies, control over government spending, transparency, and accountability to combat rising prices. High unemployment rates, particularly among the youth, call for investments in education, vocational training, entrepreneurship promotion, and public-private partnerships to create sustainable job opportunities. Political stability is crucial for long-term economic growth, and it can be fostered through peaceful and inclusive societies, resolving conflicts, and strengthening democratic institutions.
To stimulate investment and economic growth, affordable and accessible credit must be facilitated through sound financial regulations, competition among financial institutions, and favorable credit terms for individuals and businesses.
The promotion of decentralized renewable energy systems can reduce Africa’s reliance on imported energy sources, improve energy security, and foster local economic development. Digital connectivity, financial inclusion, and the adoption of blockchain technology can revolutionize access to digital services, e-commerce, and education, promoting inclusivity and prosperity.
Sustainable infrastructure development, prioritizing green projects and smart city concepts, is essential for building a greener and more efficient future in Africa. Regional integration and trade promotion play a vital role in economic progress by fostering collaboration, reducing trade barriers, and enhancing connectivity. In fact, Africa needs to unite into confederated countries in order to maximize its potential and its place in the committee of nations.
By investing in these areas and adopting innovative strategies, Africa can address the root causes of economic challenges, reduce poverty, and promote sustainable economic growth. Effective leadership, learning from successful examples, and a commitment to comprehensive development are crucial in transforming the economic landscape of Africa and improving the livelihoods of its people. With the right policies and actions, Africa can pave the way for a prosperous and inclusive future.
National Identity Management Commission (NIMC) has clarified that all its verification service platforms remain fully functional and accessible to all authorized partners, including security agencies.
Abisoye Coker-Odusote, DG, NIMC
In a statement on Thursday, the Commission firmly denied claims that it had denied the Police Service Commission (PSC) access to its verification server.
Dr. Kayode Adegoke, head of Corporate Communications, NIMC, described the reported “inability of the Police Service Commission to access the NIMC verification server” as misleading and inaccurate.
He suggested that any challenges faced by the PSC may be due to internal issues within the commission itself, not from NIMC’s end.
The statement reads: “To set the record straight, the NIMC granted verification access to all Nigerian Police formations for the verification of the National Identification Number (NIN). The NPF, PSC and other security agencies have been enjoying uninterrupted verification services for over five years.
“NIMC has provided top-notch verification services for recruitment into the Nigeria Police Force, as conducted by the PSC and at no time have there been any complaints or issues regarding NIN Verification by the NPF or PSC.
“The Commission has a robust and harmonious working relationship with the Nigerian Police Force and the Police Service Commission. The Information Communications and Technology (ICT) department of the Nigeria Police Force is actively managing the long-standing verification and integration service between the NIMC and all Nigeria Police formations.Entertainment tourism packages
“NIMC will continue to provide flawless verification services for the purpose of recruitment, security mapping, cybercrime control, and any other security matters.
“The framework by which NIMC provides services to the security agencies was recently restructured for standardization and effective implementation, following consultation with the Office of the National Security Adviser, and NPF has confirmed the verification services have continued to be available. We therefore believe that any service interruption experienced by PSC may be due to internal matters.
“NIMC is committed to providing excellent verification services to the PSC, NPF and all its partners but the terms and conditions inherent must be adhered to for uninterrupted flow of service.”
Nigerian government, through the Office of the National Security Adviser (ONSA) and the National Information Technology Development Agency (NITDA), has announced a strategic collaboration to strengthen cybersecurity and clean up the nation’s cyberspace.
Recognizing that cybercrime knows no borders, Nigeria also reaffirmed its commitment to fostering stronger global partnerships within the cybersecurity ecosystem.
This announcement was made during a press conference before the inaugural National Cybersecurity Conference, which is scheduled to take place in Abuja from July 9th to 11th, 2025.
Sa’ad Abubakar, national cybersecurity coordinator from the Office of National Security Advisor, said fighting cybercrime must take the whole of society and the whole of the government approach.
According to him, “Apart from the deterrent approach whereby government agencies such as Economic and Financial Crimes Commission (EFCC) arrest individuals, take them to court and prosecute them, the youth can be nurtured into better citizens who can showcase their capacity in better ways and be useful to the country.”
Similarly, Kashifu Abdullahi, director-general, NITDA, also stressed the need for collaborative efforts in fighting cybercrimes.
According to him “Then, in addition to that, we also want to build a stronger global collaboration with the global cyber security ecosystem, because when you look at cybercrime in general, it doesn’t respect the borders.
“Someone can commit a crime from Ghana using a Nigerian ID in the US. So you can look at him physically in a different jurisdiction, pretending to be in another jurisdiction, committing the crime in another jurisdiction.
“So without that kind of synergy and working together, it will be difficult to address these challenges. The third one is challenge. The third one is getting an alternative to cybercrime for our kids in Nigeria. We have this as a major challenge.”
Inuwa further highlighted the upcoming conference’s importance, noting that it would tackle key issues through workshops, discussions on emerging threats, cross-border cybersecurity collaboration strategies, and training programmes.
He also announced that the National Cybersecurity Conference 2025 would feature the Cybersecurity Excellence Awards, recognising top contributions in the field.
The DG extended an invitation to global partners to collaborate with Nigeria in building a safer digital future.
The press conference was attended by notable figures, including Ahmad Sa’ad Abubakar, National Coordinator of, the National Cybersecurity Coordination Centre (NCCC); Hanniel Jafar, Representative of the President, of Cyber Security Experts Association of Nigeria (CSEAN); Ankit Shukla, Managing Director, QNA Marketing Management LLC and members of the press and other stakeholders.
XIAN Telecom has acquired an 8% stake in pan-African e-commerce company Jumia Technologies, citing the platform’s fintech and logistics strengths as key drivers of its backing.
This marks the first major telecom investment in Jumia since MTN Group’s exit in 2020.
AXIAN, a fast-growing telecom and digital services provider with operations across Africa, disclosed the purchase in a Schedule 13D filing with the U.S. Securities and Exchange Commission.
While the financial terms were not disclosed, AXIAN Telecom CEO, Hassan Jaber, described the move as a strategic alignment with Jumia’s growth trajectory and digital ecosystem.
“Jumia’s achievements in digital retail and fintech, particularly through JumiaPay and its logistics network, make it a very attractive investment for us. We believe in Jumia’s potential to promote financial and economic inclusion, which aligns with our core values,” said Jaber.
Once dubbed the “Amazon of Africa,” Jumia became the first African-founded tech company to list on the New York Stock Exchange in 2019.
But years of underperformance, leadership changes, and competitive pressures dented investor confidence.
In October 2020, South Africa’s MTN Group offloaded its 18.9% stake for $138 million, well below the $698 million value it once held post-IPO.
Since then, Jumia has undergone a significant transformation. Under CEO Francis Dufay, appointed in 2022, the company exited low-performing markets like South Africa and Tunisia, cut costs, and doubled down on core markets – Nigeria, Kenya, Egypt, and Morocco.
The firm is now focused on high-growth verticals, including everyday essentials and digital financial services.
Jumia’s regional CEO for East Africa, Vinod Goel, recently revealed plans to scale up international brand offerings and open its logistics network to third-party businesses.
Jaber underscored that AXIAN Telecom’s investment signals renewed confidence in Jumia’s long-term potential.
The telecom firm’s CEO said the company views Jumia as a key player in advancing Africa’s digital economy, aligning with AXIAN’s mission through its fintech and digital infrastructure brands such as Yas and Mixx by Yas.
NOTAP Boss Laments Loss of IPR by Nigerian Researchers
NIMC Denies Blocking Police Commission from Verification Server
PalmPay Seeks $100m Funding Round
AFC Proffers Action Plans for Nigeria, Africa to Unlock $4trn from Investors to Grow Economy
Ayo Adepoju Joins Ecobank Board as Group Executive Director
E-Business3 days agoAXIAN Telecom Invests in Jumia Post-MTN Era
- E-Financial3 days ago
UBA Compiles with NCC, to Deduct USSD from Customers’ Accounts
E-Business3 days agoNigeria Strengthens Cybersecurity, Launches National Cleanup Plan
News3 days agoARCON to Crackdown on AI-Generated Fake Ads
Telecom3 days agoUnion Bank and PAPSS Revolutionize Cross-Border Payments
News3 days agoFG, UNICEF Partner to Train 20m Youths on Digital Skills
Telecom3 days agoMTN Nigeria Unveils 21 Days of Y’elloCare to Empower Communities through Digital Tools
Telecom2 days agoTelcos Threaten to Disconnect Banks over Misinformation on New USSD Charges