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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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Gowon: US, UK Arms Ban Forced Nigeria to Seek Soviet Support During Civil War

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Gowon: US, UK Arms Ban Forced Nigeria to Seek Soviet Support During Civil War

By: Our Reporter

Former Head of State, Yakubu Gowon, has revealed that the refusal of the United States and the United Kingdom to supply arms to Nigeria during the civil war forced his administration to seek military support from the Soviet Union and a Lebanese black market arms dealer.

According to Gowon, the unexpected alliances proved decisive in changing the course of the war, which lasted from July 1967 to January 1970.

The disclosure is contained in Chapter Fifteen of his 859 page autobiography, My Life of Duty and Allegiance, unveiled in Abuja on Tuesday. President Bola Tinubu was represented at the launch by Vice President Kashim Shettima.

In the chapter titled If The Devil’s Ready To Help, Gowon recounted the intense struggle his government faced in sourcing weapons as Nigeria’s ammunition reserves dwindled dangerously by late 1968. He revealed that the country’s stockpile had dropped to about half a million rounds for the entire Army, an amount he considered grossly inadequate for sustained military operations.

He explained that international restrictions on arms sales prevented Nigeria from replenishing its military supplies, despite the escalating demands of the conflict.

“As the weeks of fighting wore on, our stock of ammunition was steadily depleted, and we could not replenish them because international sales restrictions prevented suppliers from selling military hardware to Nigeria,” Gowon wrote.

The former military leader added that the shortage forced him to halt further military advances after the capture of Enugu, restricting federal troops to positions around Okigwe and Umuahia.

“Left with no choice, I ordered the Federal troops to hold their position because I could not, in clear conscience, commit them to further advance knowing that the ammunition to sustain the effort was in short supply,” he stated.

Gowon also expressed disappointment with the stance of Western powers, particularly at a time when the United States was heavily involved militarily in Vietnam and Cambodia.

He recalled holding what he described as one of the most significant meetings of the war with the British and American ambassadors, hoping to secure support for Nigeria’s military efforts.

“If I say I’m not disappointed, it will be an understatement,” he said while recounting the encounter.

Gowon noted that he reminded the diplomats of his responsibility to preserve Nigeria’s unity and protect all citizens and foreign nationals living in the country.

He further recalled telling them before their departure from the State House that he would seek assistance from anywhere necessary to defend the nation.

“I will go to any devil to get what I need to deal with the problem and do my duty to my country,” he said.

According to Gowon, both ambassadors left the meeting without making any commitment, but by then, he had already resolved to pursue alternative sources of military support.

Gowon: US, UK Arms Ban Forced Nigeria to Seek Soviet Support During Civil War

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Community Court of Justice, ECOWAS Holds Second Moot Court Competition in Dakar

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Community Court of Justice, ECOWAS Holds Second Moot Court Competition in Dakar

By: Michael Mike

The Community Court of Justice, ECOWAS is hosting the second edition of its annual Moot Court Competition in Dakar, bringing together law students, academics and legal practitioners from across West Africa in a regional initiative aimed at strengthening legal education and deepening understanding of Community law.

The three-day competition, scheduled for May 20 to 22, 2026, is part of the Court’s broader drive to promote awareness of its jurisdiction and jurisprudence while equipping the next generation of lawyers with practical advocacy, research and analytical skills.

Organised under the theme, “Today’s Students, Tomorrow’s Jurists,” the competition is expected to provide participants with hands-on exposure to simulated legal proceedings, enabling them to bridge the gap between classroom learning and real-world legal practice.

This year’s edition will feature eight universities from francophone ECOWAS member states, including Benin, Côte d’Ivoire, Guinea, Senegal and Togo, while students from a university in Cape Verde will participate as observers. Each institution will field a team made up of two students and a faculty adviser.

The competition is structured in two phases — written and oral. During the written stage, participating teams prepare memorials for both the applicant and respondent based on a hypothetical legal dispute rooted in issues falling within the jurisdiction of the ECOWAS Court. The top-performing teams from the written assessments advance to the oral rounds.

The oral phase in Dakar will feature preliminary and semi-final rounds before designated panels, culminating in a grand finale where the two best teams will argue before a distinguished panel of judges. The event will end with an awards and closing ceremony recognising outstanding teams and participants, while a cultural tour is scheduled for May 23.

The maiden edition of the competition, held in Abuja in 2025, attracted participation from 13 Nigerian universities at the memorial stage, with eight advancing to the oral rounds. Ahmadu Bello University emerged overall winner of the inaugural edition.

Senior government officials from Senegal, members of the Senegalese judiciary and bar association, academics, media representatives, partner organisations and invited guests are expected to attend this year’s competition alongside judges and staff of the ECOWAS Court.

The Court said the initiative reflects its continued commitment to promoting legal excellence, strengthening access to justice and advancing human rights within the West African sub-region.

According to the Court, the programme is also designed to foster stronger institutional ties between the judiciary and academic institutions while nurturing a new generation of lawyers with deeper knowledge of Community law and regional integration mechanisms.

Community Court of Justice, ECOWAS Holds Second Moot Court Competition in Dakar

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Nigeria Unveils Net Zero Investment Plan to Unlock Climate Finance, Drive Green Growth

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Nigeria Unveils Net Zero Investment Plan to Unlock Climate Finance, Drive Green Growth

By: Michael Mike

The Federal Government of Nigeria has launched an ambitious Net Zero Investment Plan (NZIP), a major policy framework designed to mobilise climate finance, accelerate sustainable economic growth, and strengthen the country’s pathway to net zero emissions by 2060.

The plan, unveiled in Abuja by the National Council on Climate Change, represents a significant step in Nigeria’s efforts to translate its climate commitments into concrete investment opportunities capable of attracting both domestic and international financing.

Developed under the NDC Partnership’s “Global Call for NDCs 3.0 and LT-LEDS,” the framework received technical support from Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and funding from the German Federal Ministry for the Environment, Climate Action, Nature Conservation and Nuclear Safety through the International Climate Initiative.

The NZIP is expected to serve as a strategic roadmap for implementing Nigeria’s long-term climate agenda by identifying priority sectors for investment, outlining financing needs, and proposing mechanisms to bridge existing climate finance gaps.

Government officials said the initiative aligns with Nigeria’s broader economic transformation agenda and reinforces the country’s aspiration to emerge as a leading climate-responsive economy in Africa in line with the African Union Agenda 2063.

The investment framework builds on key national policies, including the Nigeria Agenda 2050, the Nationally Determined Contributions (NDCs), and the Long-Term Low-Emission Development Strategy (LT-LEDS), all of which provide the policy backbone for Nigeria’s transition toward sustainable and climate-resilient growth.

Under the LT-LEDS framework, Nigeria targets net zero greenhouse gas emissions by 2060, while the NDCs outline short- and medium-term actions under the Paris Agreement.

Speaking at the launch, Country Director of GIZ, Markus Wagner, described the NZIP as a critical instrument for transforming climate goals into bankable projects capable of attracting large-scale investment.

According to him, the framework goes beyond policy declarations by providing a structured mechanism for mobilising public and private capital toward climate resilience, low-carbon industrialisation, and sustainable economic development.

Wagner noted that achieving net zero emissions would require strong collaboration among government institutions, development partners, financial organisations, and the private sector.

He said the plan demonstrates Nigeria’s determination to align climate action with economic development priorities while creating opportunities for innovation, green jobs, and long-term sustainable growth across strategic sectors of the economy.

Analysts say the launch of the NZIP could improve investor confidence in Nigeria’s green economy ambitions and position the country to access increasing pools of global climate finance targeted at low-carbon and climate-resilient development initiatives.

Nigeria Unveils Net Zero Investment Plan to Unlock Climate Finance, Drive Green Growth

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