Connect with us

News

UN Report: 2024 Could Errand Protracted Period of Low Growth

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Police Foil IED Attack, Destroy Explosive Device in Zamfara

Published

on

Police Foil IED Attack, Destroy Explosive Device in Zamfara

By: Zagazola Makama

The Zamfara State Police Command says it has successfully foiled a planned attack after its Explosive Ordnance Disposal (EOD) unit discovered and safely destroyed an Improvised Explosive Device (IED) in Tsafe Local Government Area of the state.

The Command said the operation was carried out on Friday at about 4:15 p.m. along the Kunchin Kalgo axis following credible intelligence received through community engagement efforts.

According to a statement issued by the Command, operatives of the Violence Crime Response Unit (VCRU), in collaboration with the EOD team, swiftly mobilised to the area after receiving information about a suspected explosive device planted by bandits.

Preliminary findings indicated that the device was strategically planted along the road with the intent of causing mass casualties among commuters and other road users.

The statement added that the timely response of the operatives led to the safe detection, evacuation and controlled destruction of the explosive device before it could cause any harm.

The Command commended the vigilance and cooperation of local residents, describing community support as critical to ongoing security operations in the state.

It further assured residents that efforts were ongoing to identify, arrest and prosecute those responsible for planting the device.

The police also disclosed that patrols had been intensified across vulnerable areas to prevent similar incidents and ensure the safety of road users.

The Commissioner of Police, A.M. Bello, reiterated the Command’s commitment to sustained operations against banditry and other violent crimes in Zamfara State.

Police Foil IED Attack, Destroy Explosive Device in Zamfara

Continue Reading

News

Russia’s Role in the Widening Insecurity in Africa

Published

on

Russia’s Role in the Widening Insecurity in Africa

By Ipole Amajama

The African continent is once again at the centre of a geopolitical storm. From the Sahel to Nigeria, insecurity is spreading at an alarming speed, threatening fragile states and destabilising entire regions. While local dynamics and systemic weaknesses play a role, Russia’s involvement raises troubling questions about its motives and the consequences for Africa and beyond.

Nigeria faces a growing terrorist threat that is no longer confined to its borders. The collapse of governance in several states of the Alliance of Sahelian Juntas (AES) has created fertile ground for extremist groups. These failed states have become incubators of insecurity, exporting violence into neighbouring countries. The challenge is no longer whether to support or oppose the junta, but how to deal with their failures and the regional consequences of their isolation.

Russia’s actions in Africa reveal a clear pattern: its primary aim is not to stabilise the continent but to create a secondary frontline against the West. By fostering instability in Africa, Moscow seeks to divert European attention and resources away from Ukraine. The Kremlin’s involvement is less about partnership and more about exploiting chaos for strategic advantage.

This raises a critical question: is Russia simply incapable of offering meaningful support, or is it deliberately spreading insecurity? The evidence suggests that Moscow benefits from turmoil in Africa, whether by design or by opportunism.

Whatever happens in Africa has little direct impact on Russia. The continent is geographically distant, and Russia’s economic ties with African nations are minimal. In fact, Africa’s collapse could even benefit Moscow. African oil, gas, and mineral exports compete with Russia’s own. If insecurity disrupts African production, global prices rise—strengthening Russia’s export revenues.

Europe, however, bears the brunt of Africa’s instability. Migratory pressure from conflict zones is already reshaping European politics. Far-right parties, often sympathetic to Russia, are gaining ground in countries like France and the UK. By exacerbating insecurity in Africa, Moscow indirectly fuels migration flows that influence European voters. This strategy weakens European unity and undermines support for Ukraine.

From a Russian perspective, encouraging instability in Africa is a shrewd way to manipulate European politics. The more Africans flee insecurity and attempt to reach Europe, the greater the strain on European societies. This pressure amplifies populist narratives, strengthens far-right movements, and erodes mainstream political consensus. Since many far-right parties are pro-Russia, the Kremlin gains strategic leverage by destabilising Africa.

Russia’s record in the Sahel is damning. It has done nothing to fight terrorism. Instead, it has encouraged juntas to isolate themselves from the international community, sever ties with African neighbours, and expel Western intelligence and military support. In exchange, the Sahel states received nothing of substance. Russian involvement has failed to improve security, governance, or economic conditions. On the contrary, the situation has worsened.

It is difficult to determine whether Russia is acting with malicious intent or simply behaving irresponsibly. Either way, the outcome is the same: worsening insecurity. Moscow’s promises of support have proven empty. Its presence has deepened instability, leaving African populations more vulnerable than before.

The hypothesis of a cynical will to facilitate insecurity cannot be dismissed. Russia appears to be the only clear winner of Africa’s suffering. By exploiting chaos, Moscow strengthens its geopolitical position, increases its export revenues, and undermines European resolve.

The lesson is stark: Africa must never again rely on a self-proclaimed outside “saviour.” Russia’s involvement has shown that external powers may prioritise their own interests over African stability. The continent must instead build resilience through self-reliance and multilateral cooperation.

African nations should pursue balanced partnerships that preserve freedom of action. By engaging with multiple partners—regional organisations, international institutions, and diverse allies—Africa can avoid dependency and secure more effective support. Only through collective action can African states confront terrorism, strengthen governance, and protect their sovereignty.

Russia’s role in Africa is not about solidarity or development. It is about exploiting insecurity to advance its global strategy. By destabilising Africa, Moscow weakens Europe, strengthens far-right allies, and boosts its own economic position. Whether through negligence or deliberate manipulation, Russia has worsened Africa’s plight.

The challenge for Africa is to recognise this reality and chart a new path. The continent must rely on itself, build multilateral frameworks, and reject the false promises of external saviours. Only then can Africa safeguard its future and prevent its suffering from being weaponised to serve foreign ambitions.

Amajama, a social commentator, writes from Abuja and can be reached via amajamaip@gmail.com

Russia’s Role in the Widening Insecurity in Africa

Continue Reading

News

Buni approved the appointment of Yerima as the new emir of Ngazargamu.

Published

on

Buni approved the appointment of Yerima as the new emir of Ngazargamu.

By: Yahaya Wakili

Governor Mai Mala Buni CON, COMN of Yobe state has approved the appointment of Alhaji Yerima Ibn Mahmud as the new Emir of Ngazargamu.

This is contained in a statement signed and issued today, 12th June, 2026, by the acting secretary to the state government, Dr. Mohammed Goje, in Damaturu.

The appointment of the new emir of Ngazargamu followed the demise of the late emir, Alhaji Tijjani Ahmed Ibn-Saleh Geidam, who passed away recently in Cairo, Egypt, after a protracted illness.

Until his appointment, the new Mai Ngazargamu was the Turakin Ngazargamu, an office he held for 16 years. He was also a member of the State House of Assembly.

The new emir of Ngazargamu, Alhaji Yerima Ibn Mahmud, has at different times served as a member of the State Executive Council and the state commissioner for livestock development before the new appointment.

Governor Mai Mala Buni, while congratulating the new emir and the Ngazargamu emirate, urged the new emir to use his wealth of experience to unite the people, promote peace and peaceful coexistence, and foster economic growth of the emirate, Yobe State, and Nigeria as a whole.

Similarly, Governor Buni called on the people to support the new emir to execute the functions of his office diligently, effectively, and efficiently for the benefit of the people, peace, unity, and prosperity of the emirate.

Buni approved the appointment of Yerima as the new emir of Ngazargamu.

Continue Reading

Trending

Verified by MonsterInsights