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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
News
Correspondent Chapel donates cash to 40 Patients in Yobe
Correspondent Chapel donates cash to 40 Patients in Yobe
By: Yahaya Wakili
In its efforts to complement government efforts in healthcare service delivery across the state. The correspondents’ chapel of the Nigeria Union of Journalists (NUJ) Yobe State Council has distributed cash assistance to 40 vulnerable patients receiving treatment at the Family Support Hospital and the State Specialist Hospital, Damaturu.
Speaking to journalists during the 1 of the funds, the chairman of the correspondents chapel, Comrade Nabilu Balarabe, said twenty patients from each of the two health facilities benefited from the intervention, which was funded through contributions and savings made by members of the chapel.
“The initiative was part of the chapel’s commitment to supporting vulnerable members of society beyond its traditional role of reporting events and holding government accountable,” Comrade Nabilu said.
According to him, the project was conceived by the current leadership of the chapel as a community development intervention aimed at bringing relief to patients facing difficult circumstances.
He further maintained that “this is a community development project initiated by the current administration of the chapel” and noted that “we decided from day one that we would not only concentrate on our primary responsibility of publicizing government activities and holding government accountable.
“We also want to participate in intervention and support programs that directly impact people’s lives,” he said.
Balarabe revealed that the cash assistance was drawn from the chapel’s savings and targeted at vulnerable patients identified by the two hospitals to help them settle medical bills and meet other essential needs, including funding.
He said journalists and other professional groups should not limit themselves to their statutory responsibilities alone but should also contribute to addressing social challenges within their communities.
Comrade Balarabe called on philanthropists, organizations, and well-meaning individuals to emulate the gesture by supporting patients and other vulnerable groups.
Correspondent Chapel donates cash to 40 Patients in Yobe
News
NDLEA Busts N12.3bn Drug Haul, Arrests China-Bound Businesswoman with 7.5kg Cocaine
NDLEA Busts N12.3bn Drug Haul, Arrests China-Bound Businesswoman with 7.5kg Cocaine
By: Michael Mike
The National Drug Law Enforcement Agency (NDLEA) has intensified its nationwide crackdown on drug trafficking, intercepting a businesswoman allegedly attempting to smuggle 7.5 kilogrammes of cocaine to China, seizing a massive ₦12.3 billion consignment of imported cannabis at Lagos ports, and dismantling a syndicate accused of planting illicit drugs in the luggage of unsuspecting interstate passengers.
The sweeping operations, carried out across Lagos, Abuja and Anambra, also led to the arrest of three suspected transnational traffickers found with 558,900 pills of Tramadol concealed in a specially fabricated compartment of a truck.

The China-bound suspect, identified as 38-year-old Iwebema Ogechi Peace, was arrested at the departure hall of Terminal 2 of the Murtala Muhammed International Airport (MMIA), Ikeja, while preparing to board a Qatar Airways flight to Beijing.
A statement on Sunday by the spokesman of the anti-narcotics agency, Femi Babafemi said acting on intelligence, NDLEA operatives searched her checked luggage and uncovered four large parcels of cocaine weighing a combined 7.5 kilogrammes, carefully concealed in a professionally constructed false bottom of her suitcase.
According to the agency, the suspect claimed she regularly travelled to China to purchase goods for sale in Nigeria.

In what ranks among the agency’s biggest cannabis seizures this year, NDLEA operatives also intercepted 4,959 kilogrammes of Canadian Loud, a potent strain of cannabis, concealed inside a 40-foot container at the Apapa Port Complex in Lagos.
The shipment, estimated to have a street value of about N12.4 billion, was recovered during a joint examination involving the NDLEA, the Nigeria Customs Service and other security agencies after weeks of surveillance.

Investigators disclosed that the container, which also carried Ford and Nissan vehicles, had been under NDLEA monitoring since it departed Toronto, Canada, on April 25. It subsequently moved through Montreal, Morocco and Lagos before arriving at Apapa Port, where it was finally intercepted.
In another breakthrough, NDLEA operatives in Abuja, working alongside their counterparts in Anambra State, exposed a criminal network that allegedly plants narcotics in the luggage of unsuspecting passengers travelling on commercial buses.
The syndicate was uncovered after operatives intercepted a Sienna bus travelling from Nnewi to Abuja and recovered a package containing 467.7 grammes of suspected methamphetamine hidden inside a passenger’s bag.
The intended recipient, Gloria Peter, denied ownership of the package, prompting investigators to trace the operation back to the loading point in Nnewi. Further investigations allegedly revealed that a bus loader had secretly inserted the drug package into the woman’s luggage on the instruction of the driver, Abdurrazak Isah, who subsequently identified one of his passengers, Onyebuchi Okoye, as the owner of the illicit consignment.

Elsewhere in Lagos, NDLEA operatives arrested 57-year-old Ikechukwu Uwakwe at Iddo Motor Park while attempting to transport 209.5 kilogrammes of Scottish Loud to Enugu.
The agency also arrested two nationals of the Benin Republic—Hossou Tito Julien, 30, and Mancellim Dossou, 19—alongside Nigerian suspect Jackson ThankGod after intercepting a truck on Mile 2 Bridge. A search of the vehicle uncovered 558,900 pills of Tramadol 250mg hidden inside a fabricated compartment beneath the truck.
On the Lagos-Ibadan Expressway, operatives apprehended Lucky Abonga and Osas Azamobo while transporting 118 kilogrammes of skunk concealed among legitimate goods in a truck travelling from Lagos Island to Onitsha.
In another raid in the Amukoko area of Lagos, officers arrested Helen Idiji and Rashidat Sa’adullah, recovering 28.8 kilogrammes of skunk. Investigations indicated that Helen allegedly used Rashidat’s residence as a storage point before distributing the drugs to customers.
Beyond enforcement operations, the agency said it sustained its nationwide War Against Drug Abuse (WADA) campaign with sensitisation programmes held in schools and communities across Yobe, Lagos, Kano, Kogi and Enugu states as part of efforts to reduce drug demand.
Commending officers involved in the successful operations, NDLEA Chairman and Chief Executive, Brig. Gen. Buba Marwa (Rtd.), praised the agency’s commands for combining aggressive drug supply reduction with sustained public enlightenment campaigns, urging them to maintain the momentum in the fight against illicit drug trafficking.
NDLEA Busts N12.3bn Drug Haul, Arrests China-Bound Businesswoman with 7.5kg Cocaine
News
Troops Arrest Suspected ISWAP Spy, Foil Planned Attack on Military Bases in Borno
Troops Arrest Suspected ISWAP Spy, Foil Planned Attack on Military Bases in Borno
By Zagazola Makama
Troops of Operation Hadin Kai have arrested a suspected Islamic State West Africa Province (ISWAP) spy linked to a planned attack on two military formations in Borno State.
Intelligence sources told Zagazola Makama that the suspect, identified as Muhammad Shuaibu, was apprehended by troops of the 212 Battalion deployed at Forward Operating Base (FOB) Chabbol following credible human intelligence on an impending terrorist attack.
The arrest was made at about 7:55 a.m. on June 26 during a routine perimeter patrol approximately 500 metres ahead of the anti-vehicle ditch protecting the base.
According to the sources, preliminary investigation revealed that the suspect had links to a planned ISWAP attack targeting the 199 Special Forces Battalion, popularly known as Mosquito Camp, and FOB Chabbol.
The suspect reportedly admitted during interrogation that the attack had been planned and further disclosed that the terrorists intended to carry out the operation regardless of his arrest.
Military sources said the timely arrest enabled troops to heighten security measures around the targeted formations and strengthen defensive preparations against any possible attack.
The suspect has since been handed over to the 7 Military Intelligence Brigade for further investigation.
The arrest forms part of ongoing intelligence-driven operations by Operation Hadin Kai aimed at disrupting terrorist plots, dismantling insurgent networks and enhancing the security of military formations across the North-East.
Troops Arrest Suspected ISWAP Spy, Foil Planned Attack on Military Bases in Borno
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