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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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Woman, Security Guard Found Dead as Suspected Robbers Cart Away Lexus Jeep in Ogun

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Woman, Security Guard Found Dead as Suspected Robbers Cart Away Lexus Jeep in Ogun

By: Zagazola Makama

The Ogun State Police Command has launched an investigation into the murder of a woman and her security guard during a suspected armed robbery attack along the Abeokuta-Kobape Expressway.

Police sources said the incident was reported to the Owode Egba Division at about 1120 hours on June 21 by a resident, Asumowi Yekeen, of Iyana Agodo Village.

According to the report, the complainant stated that he received information earlier that morning from another resident, Joseph, who observed that the front door of the residence of Mrs. Olakitan Oyeshiku had been partially damaged.

He further reported that the security house within the compound was locked and the victim’s Lexus Jeep was missing from the premises.

Concerned by the development, the complainant and another co-landlord visited the residence, where they discovered the body of the security guard, whose identity had yet to be confirmed, inside the security post.

The deceased guard reportedly had multiple injuries believed to have been inflicted by the attackers.

Following the report, the Divisional Police Officer (DPO) led a team of detectives to the scene for investigation.

Police operatives subsequently forced open the main entrance to the residence and discovered the body of Mrs. Oyeshiku lying in a pool of blood inside her apartment.

Preliminary findings indicated that the attackers fled with the victim’s Lexus Jeep after the incident.

Exhibits considered relevant to the investigation were recovered from the scene, while the bodies of the deceased were evacuated to the State Hospital Mortuary, Ijaiye, Abeokuta, for autopsy and preservation.

The police said efforts were ongoing to identify and apprehend those responsible for the killings and robbery, while investigations continue.

Woman, Security Guard Found Dead as Suspected Robbers Cart Away Lexus Jeep in Ogun

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Nigeria Eyes African Leadership in Ethical AI as UNESCO Unveils Readiness Report

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Nigeria Eyes African Leadership in Ethical AI as UNESCO Unveils Readiness Report

By: Michael Mike

Nigeria on Monday took a major step towards positioning itself as a continental leader in the governance of artificial intelligence (AI), as the United Nations Educational, Scientific and Cultural Organisation (UNESCO) unveiled the country’s Artificial Intelligence Readiness Assessment (RAM) Report and urged stakeholders to establish robust guardrails for the emerging technology.

The report, launched in Abuja, provides the first comprehensive assessment of Nigeria’s preparedness to develop, deploy and regulate AI technologies in an ethical, inclusive and human-centred manner.

Speaking at the unveiling, Officer-in-Charge of UNESCO’s Abuja Office, Dimitri Sanga, described AI as the most transformative technology of the modern era and warned that its unprecedented capabilities also posed significant challenges that require deliberate governance frameworks.

According to him, AI has become deeply embedded in virtually every aspect of human existence, reshaping governance, education, security, communication, innovation and economic activities.

“The world is witnessing the transformative impact of artificial intelligence in all spheres of our civilisation. For the first time, humanity is said to have created a tool that could challenge its own existence if not effectively regulated,” Sanga said.

He noted that while AI presents enormous opportunities for development, its deployment must remain anchored on human rights, fairness, inclusion and sustainability.

Sanga said the assessment report should not be viewed as an end in itself but as a roadmap for informed policy decisions and coordinated actions aimed at ensuring Nigeria develops a responsible and ethical AI ecosystem.

He disclosed that UNESCO, with support from the European Union, had been working with Nigeria since 2024 to strengthen digital infrastructure, policies and institutions required for ethical AI development across five critical dimensions.

The UNESCO official also revealed that the organisation had already commenced capacity-building programmes, training more than 400 civil servants across six Nigerian states using AI literacy modules designed to enhance public sector understanding of emerging technologies.

He commended Nigeria for demonstrating leadership in incorporating UNESCO’s Recommendation on the Ethics of Artificial Intelligence into its national digital transformation agenda.

“With the support of relevant ministries, departments and agencies, I am confident that this report will strengthen Nigeria’s leadership role in leveraging ethical AI for development in Africa,” he said.

The assessment comes at a time when governments across the world are racing to harness artificial intelligence for economic growth and public service delivery while simultaneously grappling with concerns over privacy, misinformation, job displacement, algorithmic bias and the potential misuse of advanced technologies.

In November 2021, UNESCO’s 193 member states unanimously adopted the Recommendation on the Ethics of Artificial Intelligence, the world’s first global normative framework designed to ensure that AI technologies are developed and deployed in ways that are human-centred, rights-based and sustainable.

Nigeria’s readiness assessment is expected to serve as a diagnostic tool to guide policymakers in building governance structures, strengthening research and innovation capacities, improving AI education and creating safeguards that would enable the country to harness the benefits of artificial intelligence while minimising associated risks.

Stakeholders at the event agreed that the successful implementation of the report’s recommendations could position Nigeria not only as one of Africa’s leading digital economies but also as a reference point for responsible AI governance on the continent.

Nigeria Eyes African Leadership in Ethical AI as UNESCO Unveils Readiness Report

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Troops Recover Two Motorcycles in Plateau Clearance Operation

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Troops Recover Two Motorcycles in Plateau Clearance Operation

By: Zagazola Makama

Troops of Sector 6 under Operation Enduring Peace, in collaboration with local vigilance groups, have recovered two motorcycles during a clearance operation in Jos South Local Government Area of Plateau State.

A military sources said the operation was conducted at about 7:00 a.m. on June 21 at Gero High Grounds, following reports of suspected criminal herders’ activities in the area.

The troops, operating in conjunction with the Vigilante Group of Nigeria (VGN), searched suspected hideouts and temporary shelters during the exercise.

According to the sources, the suspects fled the area before the arrival of the security operatives.

The troops, however, recovered two motorcycles during the operation, which have been taken into custody for further investigation and action.

Military authorities said the clearance operation forms part of ongoing efforts to deny criminal elements freedom of movement and to enhance security in Jos South and adjoining communities.

Security agencies have continued sustained patrols and surveillance operations across Plateau State to curb criminal activities and protect residents.

Troops Recover Two Motorcycles in Plateau Clearance Operation

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