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UN Report: 2024 Could Errand Protracted Period of Low Growth

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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

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KACRAN Commends NEDC for Critical Water Projects, Strategic Leadership in North East Nigeria

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KACRAN Commends NEDC for Critical Water Projects, Strategic Leadership in North East Nigeria

By: Michael Mike

The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) formally commends the North East Development Commission (NEDC) for its responsiveness and commitment to improving the welfare of pastoralists across the region.

The KACRAN National President, Hon. Khalil Moh’d Bello, in a statement on Thursday said: “We express our profound gratitude to the NEDC for the installation of solar-powered boreholes in Dangel Lantaiwa Ward (Tarmuwa LGA, Yobe State) and Siddikiyo Jauro Gambo Ribadu Ward (Funakaye LGA, Gombe State). These projects provide a vital lifeline to thousands of pastoralists and their livestock, addressing the critical challenge of water scarcity in these Pastoralists concentration centers.

“KACRAN acknowledges that the NEDC stands out as a model of responsive governance. The Commission has demonstrated a genuine determination to alleviate suffering and enhance social services beyond standard expectations.”

Bello noted that: “Recently, KACRAN advocated for more inclusion of livestock development in the NEDC’s 2026 policies to ensure pastoralists benefit equitably alongside other residents of the region.

“We are pleased to note the Commission’s positive reaction to this appeal. This willingness to listen to complaints and adjust programs reflects the sterling leadership qualities of the current management.

“We applaud the consistency of the NEDC in prioritizing projects that foster peace and unity.

“The synergy between the NEDC, North East Governors, Local Government Chairmen, security agencies, and traditional rulers has been instrumental in stabilizing the region.

“The North East is no longer defined by devastation, but by its rapid reconstruction and rehabilitation.”

Bello added that: “As direct beneficiaries of these people-oriented policies, KACRAN passionately appeals to His Excellency, President Bola Ahmed Tinubu, to ensure the timely release of adequate funds to the NEDC. This support is essential for the Commission to sustain its impactful work under the Renewed Hope Agenda.

“Furthermore, we call upon the newly established development commissions in the North West and North Central regions to emulate the NEDC’s inclusive approach to foster development and peace across Nigeria.”

KACRAN also expressed its full confidence in the leadership of NEDC Managing Director, Alhaji Mohammed Alkali, and the Director of Administration and Finance, Dr. Garba Iliya., noting that: “Their administration has proven to the Presidency and the Nigerian people that they are capable, reliable partners in the quest for permanent peace and sustainable development in the North East.”

KACRAN Commends NEDC for Critical Water Projects, Strategic Leadership in North East Nigeria

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Troops rescue abducted Biu Councillor, religious cleric in Borno as hunt continues for five others

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Troops rescue abducted Biu Councillor, religious cleric in Borno as hunt continues for five others

By: Zagazola Makama

Troops of the Nigerian Army under Operation Hadin Kai have rescued two civilians abducted by terrorists along the Buni Gari–Buratai road in Borno, following a swift search-and-rescue operation.

Sources told Zagazola Makama that the rescue was carried out by troops of 27 Task Force Brigade in conjunction with 135 Special Forces Battalion and members of the Civilian Joint Task Force (CJTF).

The sources said the operation was launched at about 7:35 a.m. on Wednesday after the kidnapping of seven civilians at about 5:00 p.m. on Tuesday along the Buni Gari–Buratai axis.

“Consequently, at about 11:35 a.m. on Wednesday, troops discovered two of the kidnapped victims who were abandoned by the terrorists upon hearing the movement of troops towards their location ahead of Mangari village,” the source said.

The rescued victims were identified as Alhaji Mohammed Ali Maiakachi, a serving councillor representing Zera/Wuyep Ward in Biu Local Government Area, and Mallam Aliyu Yusuf, an Islamic scholar and Chairman of Shuaaraul Islam, Borno State.

The troops, according to the source, immediately secured the release of the victims and pursued the fleeing terrorists for about 5.4 kilometres, but no contact was made.

The rescued victims reportedly informed troops that five other civilians were still being held captive, including the past and current Vice Chairmen of Biu Local Government Area, as well as three women.

“The effort to rescue the remaining five civilians is ongoing,” the source added.

The victims were initially taken to medical reception station for medical attention before being moved to Biu, where they were reunited with their families.

Troops rescue abducted Biu Councillor, religious cleric in Borno as hunt continues for five others

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Northern Christian Youth Coalition Calls for Sack of Matawalle

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Northern Christian Youth Coalition Calls for Sack of Matawalle

By: Michael Mike

The Northern Christian Youth Coalition (NCYC) has asked for the sack of the Minister of State for Defence, Bello Matawalle, over what it described as “grave allegations” undermining the integrity of the nation’s security architecture.

In a statement issued on Thursday by its National Coordinator, Jeremaid Hudso Bako, the group said the call was driven by the need to uphold accountability and restore public trust in government institutions.

Bako said the recent dismissal of Farouk Ahmed, the former Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), was a welcome step toward promoting transparency in public service but urged that the same standard be applied to other high-ranking officials facing serious allegations.

He said: “The recent dismissal of Farouk Ahmed, the former chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), serves as a crucial reminder of the need for accountability in public office. While we commend this action, we must insist that the Bola Ahmed Tinubu administration extend this cleansing process to include the Minister of State for Defense.

“The accusations against Bello Matawalle are not only severe but also deeply troubling, as they touch upon issues of national security that are paramount to the stability and safety of our nation.

“The allegations surrounding Bello Matawalle are grave and cannot be overlooked. Reports indicate that he has been implicated in various activities that compromise the integrity of our defense apparatus and, by extension, the safety of our citizens.

“In a time when insecurity looms large over our nation, with rampant banditry, terrorism, and other forms of violence threatening the very fabric of our society, it is unacceptable to have a Minister of State for Defense whose actions may exacerbate these challenges.

“The defense of our nation is not merely a bureaucratic function; it is a sacred duty that demands the highest standards of ethical conduct and accountability.
As Northern Christian Youth Coalition, we are deeply concerned about the implications of retaining an individual in such a critical position when there are credible accusations against him.

“The Ministry of Defense is tasked with safeguarding our nation’s sovereignty and ensuring the protection of our citizens. Any compromise in this regard is not just a failure of leadership; it is a betrayal of the trust placed in public officials by the people. We believe that the integrity of our government must be upheld, and this can only be achieved through decisive action against those who threaten it.”

Bako noted that the defence portfolio is a “sacred trust” that demands the highest standards of ethical conduct and transparency.

The NCYC stressed that the Tinubu administration’s stated commitment to transparency, accountability, and good governance must be reflected in decisive action against officials whose conduct raises questions of integrity.

He said: “Thhe failure to act against Bello Matawalle would send a contradictory message, undermining the very principles that the administration seeks to uphold.

“It is essential that the government demonstrates its resolve to cleanse the ranks of leadership of any elements that may threaten the stability and security of our nation.

“Moreover, the Northern Christian Youth Coalition believes that the removal of Bello Matawalle is not just about addressing individual misconduct; it is about setting a precedent for future governance. It is a clarion call for all public officials to understand that their actions have consequences and that accountability is non-negotiable.

“We urge President Bola Ahmed Tinubu to take this opportunity to reinforce the values of integrity and accountability within his administration, ensuring that all officials are held to the highest standards of conduct.

“The Northern Christian Youth Coalition calls upon the President to act swiftly and decisively in the matter of Bello Matawalle’s continued tenure as Minister of State for Defense.

“The time for action is now, as the safety and security of our nation depend on the integrity of those who lead us. We stand ready to support any measures that will contribute to the establishment of a clean and accountable government, one that prioritizes the welfare of its citizens above all else.”

Northern Christian Youth Coalition Calls for Sack of Matawalle

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