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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
Group Questions Legality of FRSC Corps Marshal’s Tenure After Retirement Age
Group Questions Legality of FRSC Corps Marshal’s Tenure After Retirement Age
By: Michael Mike
The continued stay in office of the Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, has come under scrutiny following allegations that he has exceeded the mandatory retirement age without an official extension of his appointment.
The concerns were raised by the Justice and Fairness Vanguard (JFV), which claimed that Mohammed attained the compulsory retirement age of 60 about two months ago but has remained in office despite the absence of any public announcement extending his tenure.
In a statement issued in Abuja on Friday and signed by its Chairman, Audu Abubakar, and Secretary, Folake Abimbola, the group argued that the Public Service Rules require public officers to retire at the age of 60 or after 35 years of service, whichever comes first.
It maintained that although the FRSC boss has yet to complete 35 years in service, having joined the Corps in April 1992, reaching the age limit should have marked the end of his service.
The group said it was unaware of any directive from the Presidency approving an extension of Mohammed’s tenure, unlike what it described as previous cases where such approvals were publicly announced for the heads of other government agencies.
It also called for clarification on whether the office of the Corps Marshal is exempt from the retirement provisions applicable to public servants or is regulated by a separate tenure arrangement under the FRSC Establishment Act.
According to the organisation, allowing the Corps Marshal to remain in office beyond the retirement age could delay the promotion of senior officers and create uncertainty within the Corps’ leadership structure.
JFV further threatened legal action if the Federal Government failed to appoint a successor, insisting that the most senior Deputy Corps Marshal should assume the position in accordance with the law.
Efforts to obtain an official response from the FRSC were unsuccessful, as the Corps’ spokesman, Osondu Ohaeri, could not be reached.
However, a senior FRSC official, who requested anonymity because he was not authorised to speak on the matter, rejected the claims. The official said Mohammed’s appointment is a fixed four-year presidential tenure that runs until 2028 and is therefore not subject to the retirement rules governing career civil servants.
Group Questions Legality of FRSC Corps Marshal’s Tenure After Retirement Age
News
U.S. Backs LNG Project to Boost Energy Access in Northern Nigeria, Open Market for American Firms
U.S. Backs LNG Project to Boost Energy Access in Northern Nigeria, Open Market for American Firms
By: Michael Mike
The United States government is backing a new liquefied natural gas (LNG) project aimed at improving energy access across northern Nigeria, with the initiative expected to expand industrial activity, support remote communities and create new opportunities for American energy technology companies.
The U.S. Trade and Development Agency (USTDA) announced on Friday that it has signed an agreement with Powergas Nigeria Ltd to fund a feasibility study for a proposed small-scale LNG plant in southern Nigeria. The facility will process natural gas into LNG for transportation by road to northern parts of the country that lack conventional gas pipeline infrastructure.
The project is designed to strengthen energy security in northern Nigeria, where expanding industrial activities continue to face challenges from inadequate energy infrastructure. Instead of relying on traditional gas pipelines, the LNG will be transported through “virtual pipeline” trucking networks to factories, businesses and underserved communities.
USTDA Deputy Director Thomas Hardy said the initiative demonstrates the agency’s commitment to promoting private sector-led growth through American energy technology while addressing infrastructure gaps in strategic markets.
“USTDA is helping catalyse private sector-led growth through the use of innovative U.S. energy technology,” Hardy said. “This project will help address critical energy security needs in a region where underinvestment in infrastructure has impeded economic opportunity.”
He added that the project would also create commercial opportunities for American LNG technology providers by positioning U.S. companies to supply liquefaction systems, electrical controls, engineering services and other critical infrastructure for the project.
According to USTDA, the feasibility study will evaluate the technical and financial viability of the proposed LNG plant, develop an implementation roadmap and identify suitable U.S. suppliers for key equipment and services. The study is also expected to lay the groundwork for attracting financing needed to move the project into implementation.
Powergas Nigeria described the initiative as a major step in expanding its footprint beyond compressed natural gas into LNG distribution.
The company’s Head of Strategy, Abiodun Oseni, said Powergas had established itself as a leading player in Nigeria’s compressed natural gas value chain and viewed LNG as the next phase of its expansion strategy.
He noted that LNG would enable the company to extend cleaner and more reliable energy supplies to industries and communities in remote parts of the country, adding that USTDA’s support would reduce investment risks and improve the project’s bankability.
Oseni said the company intends to evaluate and adopt American engineering expertise and liquefaction technology to ensure international standards in project delivery.
Nigeria possesses one of Africa’s largest proven natural gas reserves, yet millions of households and industries continue to face unreliable energy supplies due to inadequate gas transportation infrastructure. Small-scale LNG projects, coupled with virtual pipeline networks, are increasingly being promoted as a practical solution for delivering natural gas to off-grid industrial clusters and communities where conventional pipelines are uneconomical.
The initiative also aligns with growing efforts to deepen U.S.-Nigeria commercial cooperation in the energy sector while supporting cleaner-burning natural gas as a transition fuel for industrial development.
U.S. Backs LNG Project to Boost Energy Access in Northern Nigeria, Open Market for American Firms
News
Troops foil multiple ISWAP infiltration attempts in Maiduguri, Buratai axis
Troops foil multiple ISWAP infiltration attempts in Maiduguri, Buratai axis
By Zagazola Makama
Troops of the Joint Task Force North East, Operation HADIN KAI (OPHK), have foiled coordinated infiltration attempts by suspected ISWAP terrorists targeting parts of Maiduguri and Buratai axis of Borno State, forcing the insurgents to retreat after intense engagements.

The attempted attacks occurred between 12:20 a.m. and 2:30 a.m. on Friday, when the terrorists simultaneously advanced toward Muna Garage, Shuwari Village and the Ajilari Cross area in an apparent bid to gain access into the Maiduguri metropolis.

Military sources told Zagazola Makama that the troops, supported by an effective early warning system, detected the movement of the insurgents and engaged them from multiple directions with heavy and accurate fire, disrupting the coordinated assault before the terrorists could penetrate the city.
The sources said the terrorists, overwhelmed by the troops’ swift tactical response, abandoned their mission and fled in disarray.

In related operations, troops also repelled separate infiltration attempts by the insurgents at Miringa and Dutsen Kura in the Buratai area of Borno State.
During the pursuit of the fleeing terrorists at Miringa, a Mine-Resistant Ambush Protected (MRAP) vehicle activated an Improvised Explosive Device (IED). However, no casualty was recorded among the troops, and the operational situation remained stable.
Security sources said clearance and exploitation operations are ongoing across the affected areas to track down the fleeing terrorists, recover possible abandoned equipment and prevent any further threat to nearby communities.
The military reaffirmed that Operation HADIN KAI would continue sustained offensive operations aimed at denying terrorist groups freedom of movement and safeguarding lives and property across the North-East.
Residents were also urged to remain vigilant and continue providing credible and timely intelligence to security agencies to support ongoing counter-terrorism operations.
Troops foil multiple ISWAP infiltration attempts in Maiduguri, Buratai axis
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