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

Meth, cocaine consignments in machine cylinders, auto parts intercepted at Lagos airport

Published

on

Meth, cocaine consignments in machine cylinders, auto parts intercepted at Lagos airport

By: Michael Mike

Operatives of the National Drug Law Enforcement Agency (NDLEA) have dismantled no fewer than six syndicates leading to the seizure of tons of assorted illicit drugs and the arrest of nine kingpins in series of intelligence-led interdiction operations, the spokesman of the anti-narcotics agency, Femi Babafemi said on Sunday.

Babafemi, in a statement, said in one of such operations, NDLEA officers last Tuesday arrested two members of a drug trafficking organisation in Onitsha, Anambra state when they showed up to take delivery of 5.4 kilogrammes of methamphetamine; 10.7 kilogrammes of Loud, a strong strain of cannabis; 16 grammes of cocaine; 200 grammes of phenacetin; 200 grammes of methcathinone and 100 grammes of caffeine concealed in pressure machine cylinders imported from South Africa.

He disclosed that the first to show up at a logistics company in Onitsha for the collection of the consignments was 30-year-old electrical appliances dealer Ebulue Uzochukwu who was promptly arrested while shortly after, another member of the syndicate 51-year-old South Africa returnee Christopher Ndibuisi showed up and was equally arrested.

He said the consignments had arrived the import shed of the Murtala Muhammed International Airport (MMIA) Lagos with airway bill number 118-12882973 arriving from South Africa on a Tag-Angola flight on 13th November 2025 and was immediately seized based on credible intelligence, adding that a follow up sting operation was thereafter organized in Onitsha, Anambra state where the recipients: Uzochukwu and Ndibuisi were arrested.

In another operation at the Lagos airport, NDLEA operatives last Thursday intercepted a brake servo automobile part used to conceal 48 pellets and a block of cocaine

with a gross weight of 2.3 kilogrammes packed among other auto parts going to Gabon.

Babafemi said following the arrest of a freight agent Ameh Solomon who presented the consignment for export, a follow up at ASMPDA market, Trade Fair Complex, Ojo Lagos led to the arrest of an auto parts dealer Nwafor Tochukwu.

In Kogi state, NDLEA operatives last Monday intercepted a trailer conveying 4,700 kilogrammes of skunk, a strain of cannabis at Kabba. Three suspects: Solomon Dauda, Friday Garba and Daniel Danladi accompanying the consignment were arrested while a follow up operation in Jos, Plateau state last Friday led to the arrest of the alleged kingpin who owns the trailer and the illicit drug consignment, Marcus Mangu.

Babafemi said a couple: 55-year-old Onun Okoi Okpotum and his wife 52-year-old Itam Okoi Okpotum were last Wednesday arrested at their warehouse located at 13 Park road, Ugep Yakur local government area, Cross River state where 362 jumbo bags of skunk weighing 4,706 kilogrammes were recovered.

In Edo state, two women; Praise Nwogu, 19, and Ebong Oghosa, 25, who specialize in the production and online sale of brownies laced with illicit drugs were on Saturday arrested in Benin city. At the point of their arrest, Praise Nwogu, was said to have been found with 12 plates and a cup of drug-laced brownies laced while Ebong Oghosa, was nabbed with 76 grammes of skunk, 1.5 grammes of Colorado and drug-laced brownies.

A raid at Ososo village, Akoko Edo local government area last Tuesday led to the arrest of 35-year-old Shedrack Aminu, who was found with 59 kilogrammes skunk.

Operatives on patrol along Enugu/Onitsha road, Enugu State last Wednesday intercepted a suspect Chinoso Monday, 24, conveying 10.1 kilogrammes skunk; 105,600 pills of tramadol 250mg, 225mg and 100mg as well as 700 ampoules of pentazocine injection and 3000 rounds of live ammunition.

In Kebbi state, 13,155 bottles of codeine-based syrup were evacuated from a warehouse located at Dole-Kaina, Dandi local government area, while a 23-year-old suspect Umar Adamu was arrested with 12,548 pills of opioids concealed in paracetamol containers heading to a Boko Haram enclave in Mainok area of Borno state last Friday.

Two suspects: Anthony Mercy, 40, and Sunday Augustine, 39, were last Monday

arrested with 430.5 kilogrammes by NDLEA operatives on patrol along Abaji- Abuja expressway in the FCT, while Samson Dafe, 47, was arrested at Dikko junction, Kaduna road, Tafa local government area, Niger state last Tuesday conveying 85,100 pills of opioids and 5,456 bottles of codeine syrup in his Sharon vehicle marked ABJ 114 BV.

Babafemi said the premises of a suspect Sani Mohammed in Anguwan Makera Kuta, Shiroro local government area last Thursday raided with 437 blocks of compressed skunk weighing 471.8 kilogrammes recovered.

In Lagos, a suspect Usman Adegoke was arrested in connection with the seizure of

139 pouches of Canadian Loud weighing 71 kilogrammes at an apartment in Lekki while a lady Oluchi Celestine was last Tuesday nabbed in Lekki with 2.6 kilogrammes Colorado packaged in branded containers and some concealed in flight boarding cards.

The spokesman said acting on credible intelligence, NDLEA operatives supported by some military personnel last Monday raided the notorious Peti illicit drug enclave, Lagos Island where 385 kilogrammes of skunk, Loud and Colorado were recovered and two suspects arrested.

No less than 163,200 capsules of tramadol 225mg were also recovered in another operation at a motor park in Maza Maza area of Lagos.

Babafemi said with the same vigour, commands and formations of the agency across the country continued their War Against Drug Abuse (WADA) sensitization activities to schools, worship centres, work places and communities among others in the past week.

Justifying the current heavy crackdown on drug trafficking syndicates, the Chairman/CEO of NDLEA, Brig. Gen. Buba Marwa said the coming festive season is usually a period often exploited by criminal elements, hence the agency has decided to launch a relentless offensive on drug trafficking cartels across the nation.

He said. “The coming weeks present both an opportunity and a challenge. Drug cartels may attempt to increase their illegal activities, seeking to profit during the busy holiday period. We must not, and we will not, let down our guard.”

Meth, cocaine consignments in machine cylinders, auto parts intercepted at Lagos airport

Continue Reading

News

Europe Leads Mobilization of €15.5 billion Investment in Clean Energy for Africa

Published

on

Europe Leads Mobilization of €15.5 billion Investment in Clean Energy for Africa

By: Michael Mike

An investment of €15.5 billion has been secured to power a clean future across Africa, as well as additional commitments in clean energy generation and access for households to electricity as a result of a

year-long campaign to mobilise investments in renewable energy on the African continent, led by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa.

The European Union led the pledging effort, with more than €15.1 billion. This includes a pledge made by President von der Leyen, on behalf of Team Europe, of over €10 billion, as well as significant additional bilateral contributions by European financial institutions, Member States and their Development Finance Institutions, and estimated private investment mobilised.

The campaign, organised in collaboration with the international advocacy organisation Global Citizen and with the policy support of the International Energy Agency, according to a statement on Sunday by EU, was aimed at driving public and private investment in supporting the clean energy transition in Africa, expand access to electricity – and promote Africa’s sustainable economic growth and decarbonised industrialisation.

The statement added that this also represents a step up to accelerate the transition from fossil fuels to clean and sustainable energy globally.

President von der Leyen said: “Today, the world has stepped up for Africa. With €15.5 billion, we are turbocharging Africa’s clean-energy transition. Millions more people could gain access to electricity; real, life-changing power for families, for businesses, for entire communities. This investment is a surge of opportunity: thriving markets, new jobs, and reliable, clean energy that meets the needs of partners across the globe President Ramaphosa and I both look forward to a clean-energy future for the continent. A future led by Africa, with strong support from its friend and partner, Europe.”

The Team Europe package announced by President von der Leyen includes new Global Gateway projects co-financed with contributions from Germany, France, Denmark, Italy, the Netherlands, and Spain as well as the European Investment Bank (€2.1 billion) and the European Bank for Reconstruction and Development (€740 million). In addition, Italy (€2.4 billion), Germany (over €2 billion), the Netherlands including FMO (€250 million), Portugal (€113 million), Denmark (€81 million), Sweden (€44 million), Austria (€5 million), Ireland (€5 million) made bilateral contributions, worth over €5 billion, while the EBRD announced a separate bilateral investment of over €600 million.

In the context of the campaign, the African Development Bank pledged to allocate at least 20% of the African Development Fund’s 17th replenishment to renewable energy. Norway pledged approximately €53 million through their contribution to the African Development Fund over 2026-2028.

The campaign also secured additional commitments that will generate 26.8 GW generated renewable energy and bring renewable electricity to 17.5 million households a that currently live without reliable access.

From the €10 billion pledged by President von der Leyen on behalf of Team Europe, €3.1 billion were announced previously on the occasion of the EU-South Africa summit in March 2025, the Mattei Plan for Africa and Global Gateway event in June 2025, the Africa Climate Summit and the United Nations General Assembly in September 2025 and the Global Gateway Forum in October 2025, while €7 billion were announced by the President during the final pledging event in Johannesburg on 21 November.

A list of projects included in the announcement is available online, and in

addition to the campaign pledges, a number of Team Europe actors have indicated their intention to increase investments in renewable energy by 2030. This amounts to another €4 billion.

The ‘Scaling up Renewables in Africa’ campaign was launched in November 2024 in Rio de Janeiro by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa. Its aim was to drive new commitments on policy and finance from governments, financial institutions, the private sector and philanthropists. The campaign also created momentum more broadly towards the ambitious targets of tripling renewable energy and doubling energy efficiency worldwide, set at COP28.

Currently, 600 million people still lack access to electricity in Africa. With Africa’s population set to double by 2050, providing affordable, sustainable energy is crucial for both the continent’s development and global climate goals. Africa holds 60% of the world’s best solar resources, offering a significant opportunity for renewable energy.

Despite this, the continent attracts only 2% of global energy investment, and faces challenges like high capital costs, limited investment, geographic barriers, and supply chain constraints, but through the Global Gateway investment strategy, and in particular through the Africa-Europe Green Energy Initiative (AEGEI), the European Union is working with African partners to seize this opportunity. The EU is delivering major investments in renewable energy generation, transmission and cross-border electricity trade, while building long-term, reliable partnerships to support Africa’s clean energy future.

Europe Leads Mobilization of €15.5 billion Investment in Clean Energy for Africa

Continue Reading

News

NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials

Published

on

NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials

By: Michael Mike

Director General of the Nigerian Technical Aid Corps (NTAC), Rt.Hon. Yusuf Buba Yakub has commended the National Security Adviser, Mallam Nuhu Ribadu for his trailblazing leadership as the pioneer Chairman of the Economic and Financial Crimes Commission (EFCC) and for his current role as the National Security Adviser.

The NTAC boss , who made the commendations on Saturday in Abuja, while celebrating the foremost lawyer and public servant, who turned 65 on Friday, also lauded Ribadu for steering Nigeria through complex security challenges with courage and integrity, stating that this has set an enduring example for all public officers to emulate.

In a message he personally signed and made available the media in Abuja,Buba emphasized the great roles Mallam Ribadu has continued to play in the evolution of the Nigerian state.

He said: “I have the honour to refer to the above subject-matter and avail myself of the opportunity of this auspicious moment to celebrate you, Dear Leader and Brother, on the occasion of your birthday celebration this year.

“Yesterday again marked yet another milestone of wisdom, dedication, and service as you celebrated 65 years of life, many of which you have invested in the service of our nation and humanity at large.

“Without the risk of reciting the obvious, Sir,
your trailblazing leadership as the pioneer Chairman of the Economic and Financial Crimes Commission (EFCC), where you transformed the fight against corruption, and now as the National Security Adviser, steering Nigeria through complex security challenges with courage and integrity, has set an enduring example for all of us to emulate.

“Your legacy of principled reform, selfless service, and steadfast patriotism continues to inspire countless Nigerians, especially the young professionals and Volunteers we work with every day. May Allah (SWT) continue to strengthen you for greater wisdom and performance as you age in wealth and wellness.

“For myself, my dear family and on behalf of the Management and staff of the Nigerian Technical Aid Corps (NTAC), where with your kind support I have served as DG these past years, I extend heartfelt congratulations to you, Sir, on this remarkable milestone and solemn achievement.

“May Allah grant you good health, long life, and the special wisdom to keep guiding our nation toward peace, security, and prosperity.

“We pray that the years ahead bring you abundant joy, fulfillment, and the satisfaction of seeing the fruits of your tireless efforts in many more years of blessings.”

NTAC DG Celebrates Mallam Nuhu Ribadu at 65, Commends His National Service Credentials

Continue Reading

Trending

Verified by MonsterInsights