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UN Report: 2024 Could Errand Protracted Period of Low Growth
UN Report: 2024 Could Errand Protracted Period of Low Growth
By: Michael Mike
A United Nations flagship economic report has raised an alarm that protracted period of low growth looms large, and could undermine progress on sustainable development.
According to the report released on Friday, weakening global trade, high borrowing costs, elevated public debt, persistently low investment, and mounting geopolitical tensions put global growth at risk.
The global economic growth is projected to slow from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024, trending below the pre-pandemic growth rate of 3.0 per cent, according to the United Nations World Economic Situation and Prospects (WESP) 2024, launched on Friday.
This latest forecast comes on the heels of global economic performance exceeding expectations in 2023. However, last year’s stronger-than-expected GDP growth masked short-term risks and structural vulnerabilities, according to the report.
The UN’s flagship economic report presents a sombre economic outlook for the near term. Persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, pose significant challenges to global growth.
The report stated that the prospects of a prolonged period of tighter credit conditions and higher borrowing costs present strong headwinds for a world economy saddled with debt, while in need of more investments to resuscitate growth, fight climate change and accelerate progress towards the Sustainable Development Goals (SDGs).
Reacting to the report, the United Nations Secretary- General, António Guterres, said: “2024 must be the year when we break out of this quagmire. By unlocking big, bold investments we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all,” adding that:
“We must build on the progress made in the past year towards an SDG Stimulus of at least $500 billion per year in affordable long-term financing for investments in sustainable development and climate action.”
The report stated that growth in several large, developed economies, especially the United States, is projected to decelerate in 2024 given high interest rates, slowing consumer spending and weaker labour markets. The short-term growth prospects for many developing countries – particularly in East Asia, Western Asia and Latin America and the Caribbean – are also deteriorating because of tighter financial conditions, shrinking fiscal space and sluggish external demand.
Low-income and vulnerable economies are facing increasing balance-of-payments pressures and debt sustainability risks. Economic prospects for small island developing States, in particular, will be constrained by heavy debt burdens, high interest rates and increasing climate-related vulnerabilities, which threaten to undermine, and in some cases, even reverse gains made on the SDGs, according to the report.
The report further showed that global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. Price pressures are, however, still elevated in many countries and any further escalation of geopolitical conflicts risks renewed increases in inflation.
In about a quarter of all developing countries, annual inflation is projected to exceed 10 per cent in 2024, the report highlighted, showing that since January 2021, consumer prices in developing economies have increased by a cumulative 21.1 per cent, significantly eroding the economic gains made following the COVID-19 recovery. Amid supply-side disruptions, conflicts and extreme weather events, local food price inflation remained high in many developing economies, disproportionately affecting the poorest households.
“Persistently high inflation has further set back progress in poverty eradication, with especially severe impacts in the least developed countries,” said United Nations Under- Secretary-General for Economic and Social Affairs, Li Junhua,.
He said: “It is absolutely imperative that we strengthen global cooperation and the multilateral trading system, reform development finance, address debt challenges and scale up climate financing to help vulnerable countries accelerate towards a path of sustainable and inclusive growth.”
According to the report, the global labour markets have seen an uneven recovery from the pandemic crisis. In developed economies, labour markets have remained resilient despite a slowdown in growth. However, in many developing countries, particularly in Western Asia and Africa, key employment indicators, including unemployment rates, are yet to return to pre- pandemic levels. The global gender employment gap remains high, and gender pay gaps not only persist but have even widened in some occupations.
Stronger international cooperation needed to stimulate growth and promote green transition.
It advised that Governments will need to avoid self-defeating fiscal consolidations and expand fiscal support to stimulate growth at a time when global monetary conditions will remain tight, adding that Central banks around the world continue to face difficult trade-offs in striking a balance between inflation, growth and financial stability objectives. Developing country central banks, in particular, will need to deploy a broad range of macroeconomic and macroprudential policy tools to minimize the adverse spillover effects of monetary tightening in developed economies.
Furthermore, the report emphasized that robust and effective global cooperation initiatives are urgently needed to avoid debt crises and provide adequate financing to developing countries. Low-income countries and middle-income countries with vulnerable fiscal situations need debt relief and debt restructuring to avoid a protracted cycle of weak investment, slow growth and high debt-servicing burdens.
It added that in addition, global climate finance must be massively scaled up. Reducing – and eventually eliminating – fossil fuel subsidies, following through on international financing commitments, such as the $100 billion pledge to support developing countries, and promoting technology transfer are critical for strengthening climate action worldwide. It also underscores the ever- increasing role of industrial policies to bolster innovation and productive capacity, build resilience and accelerate a green transition.
UN Report: 2024 Could Errand Protracted Period of Low Growth
News
Army troops of Operation Fansan Yamma repel bandits’ attack, recover arms in Sokoto
Army troops of Operation Fansan Yamma repel bandits’ attack, recover arms in Sokoto
By: Zagazola Makama
Troops of the Nigerian Army under Operation FANSAN YAMMA, in collaboration with other security agencies, have repelled a bandits’ attack on Kola Village in Salame Local Government Area of Sokoto State.
Sources told Zagazola Makama that the incident occurred on Jan. 1, 2026, at about 6:15 a.m., following a distress call that a large number of armed bandits, wielding sophisticated weapons, had invaded the community.
According to the source, the Army Forward Operating Base (FOB) troops of Operation FANSAN YAMMA and operatives of the Anti-Kidnapping Unit were swiftly deployed to the area
“The joint security team engaged the hoodlums in a gun duel that lasted for some time. The bandits were overpowered and fled into the nearby forest with their casualties,” the source said.
The added that during a combing of the surrounding bushes, the security operatives recovered one AK-47 rifle with 24 rounds of live ammunition, believed to belong to a neutralised bandit.
The team also recovered 48 rustled sheep that had been taken from villagers during the attack.
“No casualty was recorded on the side of the troops and the villagers,” the source said.
The sources said confidence-building patrols were ongoing in the area, while all FOB’s had been placed on alert to watch out for any injured bandits seeking refuge.
The troopd reassured residents of Salame and adjoining communities of sustained security presence and urged them to continue to cooperate with security agencies by providing timely and credible information.
Army troops of Operation Fansan Yamma repel bandits’ attack, recover arms in Sokoto
News
Air force strikes bandit camps in katsina, neutralized 27 in dawn operation
Air force strikes bandit camps in katsina, neutralized 27 in dawn operation
By: Zagazola Makama
The Nigerian Air Force (NAF) component of Operation FANSAN YANMA has recorded a major operational success in Katsina State following a precision air operation that neutralised a large number of armed bandits in Faskari Local Government Area.
Zagazola learnt that the operation, conducted in the early hours of Feb. 1, targeted known bandit enclaves in the Shawu–Mununu forest axis, Ruwan Godiya area of Faskari LGA.
According to sources involved in the mission, the strikes followed sustained aerial reconnaissance that confirmed the presence of heavily armed elements believed to be responsible for recent attacks along the Bakori–Guga corridor.
“At about 6:30 a.m., NAF air assets executed a coordinated reconnaissance and strike mission on identified bandit camps in the Shawu Mununu forest,” the sources said.
“The targets were strongly linked to recent violent incidents in the area. The operation achieved its objective, with approximately 27 armed bandits neutralised.”
The sources said follow-up assessments indicated that the surviving members of the group fled the area in disarray, abandoning their hideouts and logistics.
The sources added that the precision of the air strikes significantly degraded the group’s operational capability and disrupted their freedom of movement within the forested belt stretching across parts of southern Katsina.
“There will be no safe haven for criminals anywhere in this region,” he said.
The sources said that NAF has since intensified aerial patrols and surveillance along the Faskari–Bakori–Guga axis to prevent regrouping and to support ground forces in maintaining pressure on fleeing elements.
The sources further noted that the operation forms part of a broader, sustained air-ground campaign to dismantle bandit across the North-West.
“We remain committed to supporting national security objectives. Our air crews will continue to dominate the airspace, deny these groups sanctuary and protect law-abiding communities,” said the sources.
He also urged residents to continue cooperating with security agencies by providing timely and credible information that could help identify criminal movements and hideouts.
“The safety of our people is our priority. With the support of the public, we will continue to degrade and defeat all armed groups threatening peace and stability,” the sources said.
Air force strikes bandit camps in katsina, neutralized 27 in dawn operation
News
NAPTIP Raids Onitsha Hotel, Arrests Six Suspects, Rescues 17 Trafficking Victims
NAPTIP Raids Onitsha Hotel, Arrests Six Suspects, Rescues 17 Trafficking Victims
By: Michael Mike
The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has uncovered an alleged human trafficking operation following a coordinated raid on a popular hotel in the 33 Area of Onitsha, Anambra State, resulting in the arrest of six suspects and the rescue of 17 victims.
The operation, which was carried out with the support of military personnel, led to the arrest of four suspected traffickers at the hotel, while two other suspects believed to be involved in the buying and selling of babies within the South-East region were apprehended during related operations.
NAPTIP disclosed that four of the rescued victims were diagnosed with HIV and are currently receiving counselling and medical support from the agency, alongside volunteers from the Anambra State AIDS Control Agency (ANSACA).
According to the agency, the raid was triggered by credible intelligence from a non-state actor in Anambra State, which indicated the presence of underage girls allegedly being exploited within the facility.
The intelligence also revealed concerns about the health conditions of the victims, prompting voluntary medical screening after proper counselling.
Investigations revealed that residents in the area had previously raised alarm over suspicious activities at the hotel, which has about 45 rooms. The hotel was reportedly known for frequent visits by men suspected to be engaging in illicit activities with underage girls.
During the operation, some victims were found in compromising situations with clients, while others were reportedly dressed provocatively and waiting for customers.
The victims were said to have told investigators that they were recruited from Benue, Imo, Ebonyi and Akwa Ibom states and trafficked to Onitsha under false pretences before being forced into prostitution.
The victims further disclosed that they were compelled to remit between ₦20,000 and ₦25,000 daily to their handler, popularly referred to as their “Madam,” after engaging multiple clients each day.
One of the rescued victims recounted being lured to Onitsha by a promise of employment, only to discover upon arrival that she had been forced into sex work.
Another victim alleged that after undergoing HIV testing, their handler seized the medications provided and physically assaulted them for attempting to seek medical treatment.
Reacting to the development, the Director-General of NAPTIP, Hajiya Binta Bello, expressed deep concern over the victims’ suffering and deteriorating health conditions.
She commended the military and the Gender and Human Rights State Response Team domiciled at ANSACA for their swift intervention and collaboration.
Bello described the denial of medical care to the victims as a criminal act, revealing that NAPTIP has launched a manhunt for the fleeing handler. She also confirmed that the owner of the hotel has been invited for questioning as investigations continue.
The NAPTIP boss reaffirmed the agency’s commitment to intensifying its crackdown on human trafficking, warning traffickers that 2026 would be a difficult year for anyone involved in the crime.
NAPTIP Raids Onitsha Hotel, Arrests Six Suspects, Rescues 17 Trafficking Victims
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