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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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India Strengthens Youth Ties with Nigeria Through Essay Competition Awards

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India Strengthens Youth Ties with Nigeria Through Essay Competition Awards

By: Michael Mike

The High Commission of India in Nigeria has honoured Nigerian winners of an essay competition organised under its newly introduced “Youth Junction” initiative, a programme designed to deepen youth engagement and strengthen people-to-people relations between India and Nigeria.

The prize distribution ceremony which took place at the High Commission in Abuja, drew participation from Nigerian and Indian youths who gathered to celebrate academic excellence, creativity and the growing partnership between the two nations.

Speaking at the event, India’s High Commissioner to Nigeria, Abhishek Singh, said the Youth Junction initiative was created to provide a dynamic platform for young people in both countries to interact, share ideas and explore collaborative opportunities.

He explained that the programme seeks to inspire creativity, learning and innovation among youth while also promoting cultural understanding and strengthening the longstanding diplomatic relationship between the two countries.

Singh noted that young people remain central to the future of bilateral cooperation, stressing that platforms such as Youth Junction would encourage meaningful exchanges and partnerships in areas of shared interest.

The essay competition, which formed part of the initiative, was launched on February 6, 2026 with the theme “Strength of India–Nigeria Bilateral Relationship.” The contest invited Nigerian students to reflect on the evolving partnership between the two countries and highlight opportunities for deeper cooperation.

A representative of Nigeria’s Minister of Youth Development, Ayodele Olawande, commended the initiative, describing it as an important platform for strengthening bilateral relations through youth-driven engagement.

The representative noted that by bringing young Nigerians and Indians together, the initiative would encourage collaboration in areas such as technology, entrepreneurship, cultural exchange and digital skills development.

Participants at the event expressed optimism that sustained youth-focused programmes would open new avenues for cooperation and mutual understanding between both countries.

The High Commission congratulated the award recipients and reaffirmed its commitment to expanding the Youth Junction initiative as part of broader efforts to deepen the enduring partnership between India and Nigeria.

India Strengthens Youth Ties with Nigeria Through Essay Competition Awards

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Journalists Health Insurance Gets A Boost with Hundreds Enrolled in Abuja

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Journalists Health Insurance Gets A Boost with Hundreds Enrolled in Abuja

By: Michael Mike

A major push to improve the welfare of journalists gathered momentum in Nigeria’s capital as media leaders and government officials called on philanthropists and public office holders to sponsor health insurance for reporters.

The call came as more than 150 journalists were enrolled in the Federal Capital Territory Health Insurance Scheme during the launch of a healthcare initiative by the Nigeria Union of Journalists (NUJ) FCT Council in Abuja.

The Mandate Secretary of the FCT Health Services and Environment Secretariat, Adedolapo Fasawe, used the occasion to urge philanthropists, political leaders, business executives and religious institutions to support journalists by purchasing health insurance coverage for them.

According to her, journalists play a critical role in society by amplifying the voices of citizens and holding institutions accountable, yet many remain without access to basic healthcare protection.

“My purpose of coming here today is to ask political office holders, religious leaders and individuals who want their voices to be heard to buy health insurance for a journalist,” she said.

The initiative, spearheaded by the Chairman of the NUJ FCT Council, Grace Ike, is aimed at addressing the long-standing welfare concerns of journalists working in the Federal Capital Territory.

Ike described the launch as a historic turning point for the union, noting that it represents the first structured health insurance programme specifically targeted at journalists in the territory.

“Journalists dedicate their lives to informing the public and shaping national conversations, yet their welfare is often overlooked,” she said. “This initiative is about protecting those who work tirelessly to keep society informed.”

She commended the Chairman of the House of Representatives Committee on Information, Akin Rotimi Jr., for supporting the programme and helping initiate the insurance coverage.

She also praised Fasawe for providing 150 free health insurance slots for NUJ members and acknowledged the support of the Permanent Secretary in the FCT Health Secretariat, Babagana Adam, who pledged to sponsor 50 additional journalists in memory of his late brother.

With these contributions, Ike disclosed that about 200 journalists in the FCT have already secured health insurance coverage under the scheme.

Fasawe further announced an additional 50 insurance slots during the event, pushing the coverage to about 65 per cent of NUJ members in the territory. She revealed that about 480 out of the estimated 800 journalists operating in the FCT are now captured under the health insurance programme.

The health official stressed that expanding insurance coverage aligns with the healthcare reforms being pursued by the FCT Administration under the Minister of the Federal Capital Territory, Nyesom Wike.

She noted that the administration has adopted a zero-tolerance policy toward maternal mortality and has expanded access to free antenatal care and delivery services for vulnerable pregnant women across primary healthcare centres in the FCT.

Also speaking, the National President of the NUJ, Alhassan Yahya, said the initiative was a critical intervention given the extremely low health insurance coverage among journalists nationwide.

He revealed that studies show less than one per cent of Nigerian journalists currently have any form of health insurance, leaving many vulnerable to high out-of-pocket medical expenses.

The programme, unveiled during the NUJ FCT Congress attended by more than 450 members, was widely welcomed by journalists who described it as a long-awaited step toward improving the welfare and security of media professionals in the nation’s capital.

Stakeholders at the event expressed optimism that sustained support from government agencies, private organisations and philanthropists would help extend health insurance coverage to all journalists in the Federal Capital Territory.

Journalists Health Insurance Gets A Boost with Hundreds Enrolled in Abuja

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Before Calling for DSS Disbandment, Look at the Results

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Before Calling for DSS Disbandment, Look at the Results

By: Olumide Bajulaiye

At a time when Nigeria continues to confront terrorism, kidnapping, and organized crime, calls for the disbandment of the Department of State Services (DSS) are not only misplaced but dangerously dismissive of the agency’s recent achievements.

Under the leadership of Oluwatosin Ajayi, the DSS has demonstrated renewed operational focus and intelligence capability in confronting some of the country’s most pressing security threats. Rather than dismantling the agency, the conversation should focus on strengthening and supporting the institution that quietly works behind the scenes to protect Nigerians.

Across the North-East, North-West, and the Middle Belt, the DSS has intensified intelligence-driven operations that have disrupted terror cells and prevented numerous kidnapping plots. These are not abstract claims; they are measurable results that have directly contributed to saving lives and stabilizing communities.

One of the most significant achievements has been the successful prosecution and conviction of key terrorist figures linked to groups such as Ansaru and commanders associated with Islamic State West Africa Province (ISWAP). Convictions of this magnitude signal not only effective intelligence gathering but also coordination with the justice system to ensure that perpetrators face the full weight of the law.

The DSS has also expanded its operational reach beyond traditional conflict zones. Coordinated operations in Abuja, as well as in Nasarawa State, Ebonyi State, and Akwa Ibom State, have led to the arrest of arms couriers and logistics suppliers for terrorist groups. In some cases, even women acting as logistical coordinators for terror networks were apprehended, demonstrating the depth of the agency’s intelligence penetration.

Perhaps one of the most striking operations occurred in Asaba, where DSS operatives intercepted a major arms smuggling network. The operation led to the recovery of more than 50 AK-47 rifles, rocket-propelled grenades (RPGs), grenades, and over 3,000 rounds of ammunition—an arsenal that could have fueled devastating attacks across the country.

The agency’s efforts have also translated into lifesaving rescue missions. In Kaduna State, coordinated DSS operations resulted in the rescue of 79 kidnapped victims. Similar rescue missions have taken place in Niger State, Kebbi State, and Katsina State, returning victims to their families and disrupting the financial networks that sustain kidnapping gangs.

Importantly, these are only the operations that reach the public domain. Intelligence agencies worldwide operate largely in secrecy, meaning many successful interventions remain undisclosed to protect ongoing investigations and operational methods.

This reality makes sweeping criticisms of the DSS particularly unfair. Security agencies should indeed be held accountable, but such scrutiny must be balanced with recognition of genuine accomplishments. Dismissing the agency outright ignores the complex and often dangerous work carried out daily by its officers.

Nigeria’s security challenges require strong institutions, professional leadership, and sustained intelligence operations. Under Ajayi’s leadership, the DSS appears to be repositioning itself toward that goal.

Rather than calling for its disbandment, Nigerians should demand continued reforms, improved oversight, and greater resources to ensure the DSS remains effective in safeguarding national security.

In the fight against terrorism and organized crime, weakening one of the country’s primary intelligence institutions would only serve the enemies of the state—not the Nigerian people.

Olumide Bajulaiye is the Publisher, Daily Dispatch Newspaper, also a media consultant

Before Calling for DSS Disbandment, Look at the Results

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