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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
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HOMEF, CAPPA Seek Review of GMO Approvals, Advocate Agroecology as Nigeria’s Food Security Path
HOMEF, CAPPA Seek Review of GMO Approvals, Advocate Agroecology as Nigeria’s Food Security Path
By: Michael Mike
Civil society organisations have intensified calls for a review of genetically modified organism (GMO) approvals in Nigeria, urging the federal government to adopt agroecology as a cornerstone of the country’s food security strategy amid growing concerns over food sovereignty, public health and environmental sustainability.
The call was made during a media training on Biodiversity and Agroecology in Nigeria themed “Nigeria’s Food Future,”organised by the Home of Mother Earth Foundation (HOMEF) and its partners, where participants challenged the increasing adoption of genetically modified crops and called for stronger biosafety oversight.
Executive Director of HOMEF, Nnimmo Bassey, warned against what he described as the growing influence of multinational corporations on Nigeria’s agricultural system, arguing that the country’s food future should remain in the hands of local farmers.
According to him, smallholder farmers account for more than 80 per cent of food production in Nigeria, yet face mounting pressure from proprietary seed systems and corporate-controlled agricultural technologies.
“Smallholder farmers produce more than 80 per cent of the food consumed in Nigeria, yet there are strong vested interests trying to increase dependency on patented seeds and corporate-controlled technology. This is why we describe it as food colonialism,” Bassey said.
He also questioned the effectiveness of Nigeria’s biosafety governance framework, expressing concerns about transparency and accountability in the approval of genetically modified crops.
“The question is, who is really in charge? If another agency can approve GMOs outside the established regulatory process, where are we in terms of biosafety?” he asked.
Bassey maintained that agroecology, which emphasises biodiversity, ecological balance and indigenous farming knowledge, offers a sustainable pathway to food security while protecting local ecosystems and rural livelihoods.
Public health expert, Dr. Ifeanyi Casmir, urged policymakers to broaden the national conversation beyond food availability to include food safety and food sovereignty.
“Food security is just one leg of the tripod. You must also look at food safety and food sovereignty. If, because of one leg of the tripod, you jettison the other two, then there are very germane reasons for us to be circumspect about genetically modified crops in Nigeria,” he said.
Casmir argued that genetic modification can alter the composition of crops and potentially introduce proteins capable of triggering allergic reactions in some consumers.
He also warned that increasing reliance on proprietary seed systems could undermine the role of smallholder farmers and weaken local food systems.
“If you take away control and make access to seeds very difficult and cost-prohibitive, you have destroyed our food system. Smallholder farmers are the people who feed the world, and they must not be pushed aside through proprietary control of staple crops,” he said.
On the environmental and health implications of agricultural chemicals, Casmir expressed concerns about the use of herbicides and pesticides associated with some GMO farming systems, noting that chemical residues could find their way into the food chain.
Executive Director of the Corporate Accountability and Public Participation Africa, Akinbode Oluwafemi, called on the government to apply the precautionary principle in decisions relating to genetically modified crops.
“There have been global concerns about the health implications of genetically modified organisms across the world, and many countries are taking precautionary steps. We do not want the Nigerian government to open our food system to issues of concern,” he said.
Oluwafemi stressed the need to safeguard indigenous seeds and traditional farming systems, arguing that food production is closely linked to culture, identity and national heritage.
“Local farmers are responsible for over 80 per cent of the food we consume in Nigeria. There is an attempt to take over our food chain and food system by corporations outside our shores. It rests on the Nigerian people and government to protect our food environment, our indigenous seeds and our indigenous crops,” he said.
Presenting a communiqué issued at the end of the training, Associate Director of CAPPA, Ogunlade Olamide Martins, said participants resolved to campaign for a comprehensive review of GMO approvals and biosafety regulations in Nigeria.
According to him, stakeholders called for greater transparency, public participation and independent scientific assessments in all biosafety-related decisions.
“Participants resolved to advocate for a comprehensive review of GMO approvals and biosafety governance measures in Nigeria, while promoting transparency, public participation and independent risk assessment in all biosafety decision-making processes,” Martins said.
The communiqué further called on the government to suspend new GMO approvals pending independent, long-term and peer-reviewed assessments covering feeding trials, environmental impacts, performance evaluations and social consequences.
Participants also urged authorities to strengthen legal protections for farmers’ rights to save, exchange and reuse indigenous seeds while increasing public investment in agroecological research, innovation and farmer training programmes.
In her closing remarks, HOMEF Programme Director, Joyce Brown, said Nigeria was at a defining moment in determining how it would address food insecurity and climate change.
“We seem to be at a crossroads in Nigeria and largely in Africa as to which pathway we need to take in responding to food insecurity and climate change challenges. There are efforts towards promoting agroecology, while some actors are strongly pushing GMOs. We are advocating for a concrete decision. We can’t be on the fence and we can’t be both ways,” she said.
The advocacy groups maintained that while food production must increase to meet the needs of a growing population, such efforts should not come at the expense of biodiversity conservation, farmers’ rights and long-term environmental sustainability.
HOMEF, CAPPA Seek Review of GMO Approvals, Advocate Agroecology as Nigeria’s Food Security Path
News
Indigenous Arms Production Gains Momentum as DICON Partner Unveils Tactical Shotgun Platform
Indigenous Arms Production Gains Momentum as DICON Partner Unveils Tactical Shotgun Platform
By: Michael Mike
Nigeria’s push for greater self-reliance in defence production received a boost on Tuesday as DICON Gray Insignia Ltd (DGI), a strategic partner of the Defence Industries Corporation of Nigeria (DICON), unveiled an indigenous tactical shotgun platform aimed at supporting state-led security initiatives across the country.
The announcement comes amid growing investments by state governments in forest guards, vigilante services, civilian protection units and other community-based security structures established to complement the efforts of conventional security agencies in tackling insecurity.
In a statement issued to journalists on Tuesday and signed by its Managing Director and Chief Executive Officer, Bem Ibrahim Garba, the company said the platform was developed specifically to address the operational realities confronting security personnel working in rural communities, forests, agricultural zones and critical infrastructure corridors.
According to the statement, the initiative represents another milestone in efforts to strengthen Nigeria’s indigenous defence manufacturing capacity while reducing dependence on imported security equipment.
DGI said the platform is intended to support government-approved security formations, including Civilian Joint Task Forces (CJTFs), forest guards, community protection units, critical infrastructure protection teams and other state-backed security organisations.
The company noted that the increasing role of community-based security structures in safeguarding lives and property has heightened the need for equipment that is reliable, sustainable and supported locally.
“Security effectiveness is not simply about equipment. It is about providing a complete capability that includes training, maintenance support, responsible deployment and long-term sustainability,” the statement said.
Beyond equipment supply, DGI disclosed that it has developed a comprehensive training and capacity-building programme designed to improve professionalism, operational readiness and accountability among security personnel.
The training package includes weapons handling and safety, tactical marksmanship, armourer training, instructor development, leadership courses, protective security operations and range management.
According to the company, the programmes will be delivered by former military, intelligence and security professionals with extensive operational experience.
Industry stakeholders have long argued that Nigeria’s vast security requirements present an opportunity to deepen local defence production, create skilled jobs and retain critical technical expertise within the country.
Analysts say indigenous manufacturing can also help address recurring challenges associated with imported security equipment, including procurement delays, maintenance bottlenecks and foreign exchange constraints.
The collaboration between DGI and DICON is viewed as part of broader efforts to strengthen Nigeria’s defence-industrial base through partnerships that combine government support with private-sector innovation and technical expertise.
As states continue to expand investments in community security initiatives, access to locally manufactured and locally supported equipment is increasingly being seen as a critical component of sustainable security planning.
The company said it is engaging state governments, policymakers and security stakeholders across the country to demonstrate how indigenous defence solutions can contribute to improved security outcomes while supporting local industrial growth.
For observers, the unveiling underscores a growing shift in Nigeria’s security strategy—one that seeks not only to confront immediate threats but also to build the domestic industrial capacity needed to sustain long-term national security objectives.
With security concerns remaining high across several parts of the country, the emergence of locally developed defence solutions is expected to intensify discussions about the role indigenous manufacturers can play in strengthening Nigeria’s security architecture and reducing reliance on foreign suppliers.
Indigenous Arms Production Gains Momentum as DICON Partner Unveils Tactical Shotgun Platform
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Israel Reaffirms Commitment to Peace, Deepens Partnership with Nigeria at 78th Independence Anniversary
Israel Reaffirms Commitment to Peace, Deepens Partnership with Nigeria at 78th Independence Anniversary
By: Michael Mike
Israel has renewed its call for peace across the Middle East while unveiling fresh initiatives aimed at strengthening economic, agricultural and healthcare cooperation with Nigeria.
Speaking at celebrations marking Israel’s 78th Independence Anniversary in Abuja, Israeli Ambassador to Nigeria, Michael Freeman, said his country remains committed to the vision of peace outlined by Israel’s founding leaders despite decades of conflict and security challenges.
Drawing from a personal family connection to Israel’s founding in 1948, Freeman recalled the words of the country’s first Prime Minister, David Ben-Gurion, who called for cooperation and peaceful coexistence with neighbouring states at the birth of the Israeli nation.
The ambassador said that vision remains central to Israel’s foreign policy today, arguing that the country has consistently sought peaceful relations despite repeated conflicts in the region.
He pointed to the Abraham Accords as evidence that dialogue and cooperation can transform relationships in the Middle East, creating opportunities for economic growth, innovation and regional stability.
Freeman, however, accused Iran and its regional allies of undermining efforts to achieve lasting peace. He cited recent tensions involving Lebanon and ongoing missile attacks on Israeli communities, saying millions of Israelis had been forced into bomb shelters as hostilities escalated.
According to him, the people of Israel, Lebanon and the wider Middle East deserve a future free from violence and conflict.
“It is time to stop allowing Iran and other extremists and outside actors to hold the future of our region hostage,” he said.
Beyond regional security issues, the ambassador devoted significant attention to growing ties between Israel and Nigeria, describing the relationship as one built on innovation, entrepreneurship and shared development goals.
He announced that Israel would launch a fifth cohort of the Innovation Fellowship for Aspiring Inventors and Researchers (iFAIR) programme in 2027, providing additional opportunities for Nigerian entrepreneurs to receive mentorship and business development support from Israeli and Nigerian experts.
The programme, he said, has already helped young innovators transform ideas into businesses capable of creating jobs, attracting investment and addressing societal challenges.
Freeman also highlighted ongoing agricultural partnerships between both countries, noting that Israeli technology and seedlings are already being deployed by Nigerian farmers to improve productivity and food security.
He urged guests to view the agricultural products displayed at the event as symbols of what stronger collaboration could achieve across Nigeria’s farming sector.
“Imagine that success multiplied across Nigeria—higher yields, stronger rural communities, greater food security, and millions upon millions of lives improved,” he said.
In another major announcement, the ambassador disclosed that the first three fully equipped ambulances donated by Israel were on their way to Nigeria. He described the donation as a practical demonstration of friendship and cooperation between the two countries.
According to him, the ambulances will help strengthen emergency response capabilities and save lives in critical situations.
Freeman said Israel intends to further expand cooperation with Nigeria in healthcare, education, security, innovation, agriculture and skills development, stressing that such partnerships represent investments in a shared future rather than acts of charity.
Reflecting on Israel’s journey since independence, the envoy highlighted how the country had transformed itself from a resource-poor nation facing severe security threats into a global leader in technology, medicine, cybersecurity, water management and agriculture.
He attributed Israel’s success to its ability to turn challenges into opportunities, saying the same spirit could drive transformative progress through deeper collaboration with Nigeria.
“The future of Israel-Nigeria relations will not be defined by speeches. It will be defined by entrepreneurs who build companies, farmers who increase their harvests, doctors and paramedics who save lives, and young people who refuse to accept limitations,” he said.
The anniversary celebration underscored the growing diplomatic and economic ties between both countries as they seek to expand cooperation in areas critical to development, innovation and regional stability.
Israel Reaffirms Commitment to Peace, Deepens Partnership with Nigeria at 78th Independence Anniversary
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