Close Menu
MarketForces AfricaMarketForces Africa
    What's Hot

    Risk-off Sentiment Drives Nigerian Bonds Yield Higher

    July 2, 2026

    NASCON, Unilever Join NGX 30 Index as Oando, Transcorp Exit

    July 2, 2026

    Ethiopia Unlocks Access to $484 Million IMF Loan

    July 2, 2026
    Facebook X (Twitter) Instagram
    Trending
    • Risk-off Sentiment Drives Nigerian Bonds Yield Higher
    • NASCON, Unilever Join NGX 30 Index as Oando, Transcorp Exit
    • Ethiopia Unlocks Access to $484 Million IMF Loan
    • Banks’ Loans to Grow by 20% as New Capital Boosts Lending Appetite -Note
    • XRP Rallies as Ripple Unveils XRPL Lending Protocol Plan
    • Naira Rallies as Interbank FX Turnover, Deals Count Decline
    • Dangote, Aradel Selloffs Drag NGX Index, Investors Lose N2.4trn
    • EU Cuts Steel Import Quotas to Protect Industry
    • Home
    • About Us
    Facebook X (Twitter) Instagram LinkedIn WhatsApp TikTok Telegram
    MarketForces AfricaMarketForces Africa
    Subscribe
    Thursday, July 2
    • Home
    • News
    • Analysis
    • Economy
    • Mobile Banking
    • Entrepreneurship
    MarketForces AfricaMarketForces Africa
    MarketForces Africa » MarketForces News » African Cities Vital to Continent’s Economic, Social Development – ECA

    African Cities Vital to Continent’s Economic, Social Development – ECA

    Julius AlagbeBy Julius AlagbeSeptember 5, 2024 News No Comments4 Mins Read
    African Cities Vital to Continent’s Economic, Social Development – ECA
    Share
    Facebook Twitter LinkedIn Pinterest Email Tumblr Reddit Telegram WhatsApp Copy Link

    African Cities Vital to Continent’s Economic, Social Development – ECA

    African cities are vital to the continent’s economic and social development, contributing over 50 per cent of its Gross Domestic Product (GDP).

    However, the rapid pace of urbanisation has brought about many challenges, including underdeveloped infrastructure, climate vulnerabilities, and socio-economic inequalities.

    The ECA Executive Secretary, Mr Claver Gatete, said this in a statement on the commission’s website at the inaugural African Urban Forum in Addis Ababa.

    The News Agency reports that the event’s theme is “Sustainable Urbanisation for Africa’s Transformation – Agenda 2063”.

    The Government of Ethiopia and the African Union Commission co-organised the event in partnership with UN-Habitat and the ECA.

    The Forum is being held against the backdrop of critical challenges in Africa’s rapid urbanisation that require collective resolve while promoting opportunities.

    Experts predict that 60 per cent of Africans will reside in cities by 2050, thus, the need for sustainable urban solutions has never been more critical.

    Gatete was represented by Dr Stephen Karingi, Director, Regional Integration and Trade Division of the ECA.

    “We need to ensure that African cities are not only engines of growth but also exemplars of sustainable and inclusive development.

    “The time for action is now, and with collective effort, we can pave the way for a brighter, more sustainable future for all urban dwellers in Africa.

    “The Forum is exploring financing options, forging partnerships, and advancing solutions for sustainable urbanisation to commit to actionable strategies that can transform urban landscapes across the continent,” Gatete said

    The executive secretary restated the need for sound macroeconomic policies and development financing for stable and robust economic environments.

    According to him, regional integration, economic diversification, and industrialisation are important for enhancing Africa’s competitiveness and strengthening its economic resilience and industrial base.

    He also underlined the need to prioritise infrastructure, technology connectivity, and energy to build the backbone of modern, efficient cities that could support sustainable development.

    “In addition, we must also address climate change and food security because sustainable urban development must be resilient to environmental changes.

    “In response to these pressing challenges, the ECA is working with member states to create stable and robust economic environments that foster growth and enhance development financing for urban infrastructure and services.

    “The ECA is collaborating with development banks and private sector stakeholders to develop innovative financing mechanisms tailored to the unique needs of African cities.

    “These partnerships will ensure that cities have the necessary capital for sustainable infrastructure, affordable housing, and essential services,” Gatete said.

    The ECA boss said efforts were underway to strengthen the competitiveness of African economies, bolster resilience, and enhance the industrial base across the continent.

    “ECA recognises the need for technology connectivity and reliable energy sources, which are essential for building modern, efficient cities capable of supporting sustainable development.

    “We are also leveraging technology and innovation in urban management, producing analytical reports, and creating the Africa Urban Portal.

    “These resources offer valuable insights into urban development trends, guiding policymakers in making informed decisions about sustainable urban growth,” he said.

    Gatete further said that addressing climate change and ensuring food security were crucial to sustainable urban development.

    He said this would allow cities to remain resilient to environmental changes and thrive in the long term.

    He said these efforts aligned with key African Union strategies, particularly Agenda 2063, which envisioned livable, equitable, and resilient cities.

    Gatete said the ECA, in partnership with UN-Habitat and the United Nations Capital Development Fund (UNCDF), was leading initiatives to expand the municipal fiscal space in African cities.

    He said this effort empowered local governments to effectively generate and manage financial resources, enabling them to invest in critical infrastructure and services. #African Cities Vital to Continent’s Economic, Social Development – ECA

    Minister Pledges Sustained Investment in Agricultural Production in FCT

    ECA
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Julius Alagbe
    • Website
    • LinkedIn

    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

    Keep Reading

    Risk-off Sentiment Drives Nigerian Bonds Yield Higher

    NASCON, Unilever Join NGX 30 Index as Oando, Transcorp Exit

    Ethiopia Unlocks Access to $484 Million IMF Loan

    Banks’ Loans to Grow by 20% as New Capital Boosts Lending Appetite -Note

    XRP Rallies as Ripple Unveils XRPL Lending Protocol Plan

    Naira Rallies as Interbank FX Turnover, Deals Count Decline

    Add A Comment

    Comments are closed.

    Editors Picks

    Risk-off Sentiment Drives Nigerian Bonds Yield Higher

    July 2, 2026

    NASCON, Unilever Join NGX 30 Index as Oando, Transcorp Exit

    July 2, 2026

    Ethiopia Unlocks Access to $484 Million IMF Loan

    July 2, 2026

    Banks’ Loans to Grow by 20% as New Capital Boosts Lending Appetite -Note

    July 2, 2026

    XRP Rallies as Ripple Unveils XRPL Lending Protocol Plan

    July 1, 2026
    Latest Posts

    Risk-off Sentiment Drives Nigerian Bonds Yield Higher

    July 2, 2026

    NASCON, Unilever Join NGX 30 Index as Oando, Transcorp Exit

    July 2, 2026

    Ethiopia Unlocks Access to $484 Million IMF Loan

    July 2, 2026

    Banks’ Loans to Grow by 20% as New Capital Boosts Lending Appetite -Note

    July 2, 2026

    XRP Rallies as Ripple Unveils XRPL Lending Protocol Plan

    July 1, 2026

    Subscribe to News

    Get the latest sports news from Dmarketforces Africa about finance, business and tech.

    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • Politics
    • Economy
    • Business
    • Opinions
    • Fintech
    • Science & Technology

    Company

    • About us
    • Advertising
    • Classified Ads
    • Contact Info
    • Editorial Policy

    Services

    • Subscriptions
    • Research
    • Due Diligence
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Subscribe to updates from MarketForces Africa, an independent financial news service provider.

    © 2026 MarketForces Africa. All rights reserved.
    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.