News
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
Sunshine Joint Venture Infrastructure Limited Established to Propel Completion of Ondo Refinery, FTZ Project
Sunshine Joint Venture Infrastructure Limited Established to Propel Completion of Ondo Refinery, FTZ Project
By: Michael Mike
Sunshine Joint Venture Infrastructure Limited has been established as the execution platform for the proposed Ondo State’s refinery and free trade zone project
to propel its realization.
The Backbone Infrastructure Nigeria Limited and the state government had formalised a joint venture platform and commenced technical engagements including site assessments for a refinery and free trade zone project in Ilaje Local Government Area.
The latest least of life came after Backbone Infrastructure Ltd recently disclosed that it has secured more than $50 billion in funding commitments for a 500,000bpd refinery and the Sunshine Free Trade Zone in Ilaje, Ondo State.
According to the disclosure, the funding was facilitated through a joint venture agreement between BINL and NEFEX Holdings Limited of Canada, which marks one of the largest single private sector investment packages targeted at Nigeria’s downstream oil and gas industry.
A statement at the weekend by the Vice President, Corporate Services at Backbone Infrastructure Limited, Wale Adekola, revealed that the agreement has led to the creation of Sunshine Joint Venture Infrastructure Limited, which will serve as the execution platform for the refinery and industrial corridor.
Adekola disclosed that the entity was established after months of technical reviews and information-sharing sessions with the Ondo State Investment Promotion Agency, bringing together BINL, NEFEX Petro Line Limited and Cooldeal Limited to work with the state government through ONDIPA.
He noted that the partners in the JV include Bacckbone Infrastructure Limited, NEFEX Petro Line Limited and Cooldeal Limited, working in partnership with the Ondo State Government through ONDIPA.
Adekola said NEFEX is represented in the joint venture by Messrs Navid, Egbal and MJ, while BINL’s representation includes its Directors, Henry Owonka and Steve Dike. Namvapor Maryam Fard is representing Cooldeal Limited.
The statement read: “As a follow up to the engagements and sharing of information and technical reviews and presentations with the Ondo State Investment Promotion Agency, the partners have initiated the necessary process by the establishment of the Sunshine Joint venture Infrastructure Limited, the platform by the partners, Bacckbone Infrastructure Limited, NEFEX Petro Line Limited and Cooldeall Limited, to work with the Ondo State Government, represented by ONDIPA.”
In order to advance the implementation roadmap, ONDIPA officials had led a combined team of JV partners and global technical consultants from China Harbour, China Engineering and Honeywell on a site assessment tour across the Ilaje waterways.
The visit, which included engagements with community stakeholders, covered the designated development zones earmarked for the refinery and free trade operations.
Adekola described the visit as “a major milestone confirming the readiness of partners to move from planning to structured execution.”
Adekola added that the team had earlier been received by the Ondo State Governor, Lucky Aiyedatiwa, during a courtesy visit led by the Chairman of BINL and former Senate President, Senator Ken Nnamani.
Aiyedatiwa had lauded the investors for selecting Ondo as the destination for the large-scale project, noting that the initiative would accelerate industrial growth in the state and contribute meaningfully to Nigeria’s economic diversification agenda.
“We are committed to providing a conducive environment for this partnership to thrive and for all stakeholders to enjoy mutually beneficial outcomes,” the governor was quoted as saying.
The delegation also visited the Olugbo of Ugbo Kingdom, Oba Frederick Obateru Akinruntan, who expressed strong support for the project, particularly its potential to transform the Ilaje coast into a major industrial hub.
The monarch warmly received the foreign partners, including Egbal, JM and Maryam, and assured them of the kingdom’s backing, including community cooperation and security.
“Ugbo Kingdom will give full support to ensure the success of the project for the benefit of all,” the Olugbo told the team.
Adekola said the joint venture remains committed not only to the project’s technical success but also to ensuring local communities benefit from modern social amenities. Planned interventions include hospitals, schools, potable water systems, and new settlement clusters equipped with essential infrastructure.
“The team is fully aligned with the design plans and will follow through on every step of the roadmap to deliver a world-class industrial project,” he added.
The refinery and free trade zone development project forms part of Ondo State’s long-term industrialisation plan aimed at leveraging the economic potential of its coastal belt. Earlier project outlines include pipelines, tank farms, modular and standard refinery units, fabrication yards, export-processing facilities and a dedicated logistics corridor intended to attract global energy and manufacturing players.
The refinery, upon completion, is expected to meet local demand for petroleum products, provide feedstock to industries, and export refined products to international markets. It will also include storage facilities, loading bays, terminals, and a network of internal roads, according to the project brief.
Sunshine Joint Venture Infrastructure Limited Established to Propel Completion of Ondo Refinery, FTZ Project
News
NCoS Refutes Claim of Neglecting Female Inmates’ Menstrual Care
NCoS Refutes Claim of Neglecting Female Inmates’ Menstrual Care
By: Michael Mike
The Nigerian Correctional Service (NCoS) has refuted the claim that female inmates are left without menstrual care, insisting that it is false, misleading, and does not reflect the reality on the ground at correctional facilities.
A statement on Sunday by the Public Relations Officer, Nigerian Correctional Service, Federal Capital Territory (FCT) Command, Adamu Duza read: “The attention of the Nigerian Correctional Service (NCoS) FCT Command, has been drawn to a recent narrative alleging that female inmates across Nigeria are being “left without menstrual care” citing the Medium Security Custodial Centre Suleja. This claim is false, misleading, and does not reflect the reality on the ground.
“In line with its mandate and international best practices, NCoS supplies sanitary pads and hygiene kits to all female inmates at no cost, with monthly distribution recorded in inmates’ welfare registers.”
He added that: “Custodial Centres has a designated healthcare unit with qualified nurses and doctors that attend to the medical needs of female inmates, including menstrual-related issues, with free consultations, medications, and referrals to nearby hospitals when required.
“The Service also collaborates with development partners, civil society organisations, and faith-based groups that regularly donate sanitary products and conduct menstrual-hygiene awareness sessions. Recently the service received a donation of sanitary pads from the Nigerian Medical Association (NMA) to promote menstrual hygiene, amongst others. This is a testament of the power of collaboration.
“Nigerian Correctional Service, FCT Command remains committed to the dignity and humane treatment of all inmates, in accordance with the Nigerian Constitution, the Nelson Mandela Rules, and the United Nations Standard Minimum Rules for the Treatment of Prisoners.
“The Service hereby advise reporters to confirm sources of their information regarding the Nigerian Correctional Service before going to press in order not to mislead the general public.”
NCoS Refutes Claim of Neglecting Female Inmates’ Menstrual Care
News
Owo church Massacre: DSS recaptures Ansaru Terrorists Mastermind of deeper life church shootings
Owo church Massacre: DSS recaptures Ansaru Terrorists Mastermind of deeper life church shootings
By: Michael Mike
The Department of State Services (DSS) has recaptured a top commander of the Ansari terrorist group, Abdulazeez Obadaki, believed to have masterminded the August 7, 2012 mass shooting of Christian worshippers at a Deeper Life Bible Church, near Okene, in Kogi State.
At least 19 worshippers, including the pastor were killed, with several others sustaining varying degrees of injuries after three men armed with AK-47 rifles walked into the church and opened fire on the worshippers.
Security sources said Obadaki, who, after the church mass shooting, also masterminded another attack on five commercial banks in Uromi, Edo State, was arrested, but escaped during the July 2022 jailbreak at Kuje Custodial Centre.
Security sources disclosed that the suspected terrorist leader confessed to orchestrating the Kuje Custodial centre jailbreak following his transfer from Kabba Custodial Centre in June 2022.
According to the sources, after over three years of being on the run, DSS operatives in a, well-oiled intelligence operation recaptured Obadaki aka Bomboy, on Friday morning.
This arrest comes barely two months after the secret police arraigned five suspects linked to the 2022 Catholic Church attack in Owo, Ondo State.
During the February 2022 daylight bank robberies in Uromi, Edo State, which instilled widespread fear across the region, several policemen and bank customers were killed, while hundreds of millions of Naira was reportedly carted away.
The secret police has, of recent, been recording a chain of successes in the capture of terrorists and criminal elements across the nation, with its new leadership fast-tracking the trial of the arrested suspects.
Owo church Massacre: DSS recaptures Ansaru Terrorists Mastermind of deeper life church shootings
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