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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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Senate to Enact Stronger Laws to Tackle Rising Drug Abuse

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Senate to Enact Stronger Laws to Tackle Rising Drug Abuse

By: Michael Mike

The Senate Committee on Drugs and Narcotics has thrown its weight behind the National Drug Law Enforcement Agency (NDLEA), pledging stronger legislative backing and tougher laws to support the country’s escalating battle against substance abuse and illicit drug trafficking.

The commitment came on Monday during a courtesy visit by the newly appointed Chairman of the Senate Committee on Drugs and Narcotics, Senator Joseph Ikpea, to the Chairman/Chief Executive Officer of NDLEA, Brigadier General Mohamed Buba Marwa (rtd), at the agency’s national headquarters in Abuja.

In a move that signals renewed collaboration between the National Assembly and the anti-narcotics agency, Ikpea assured Marwa that the Senate would provide the legal and policy support needed to strengthen drug control efforts, expand rehabilitation programmes and intensify preventive campaigns among Nigerian youths.

The senator, who represents Edo Central Senatorial District, said his visit was aimed at fostering a closer partnership with NDLEA and learning from Marwa’s experience in public service.

“I am here to learn and partner with you so that our children who have gone into drug abuse can be rehabilitated, while others are prevented from falling into the drug trap through massive awareness creation and sensitisation programmes,” Ikpea said.

He praised Marwa’s record as former Military Governor of old Borno State, former Military Administrator of Lagos State and his leadership of NDLEA, describing him as a committed and result-oriented public servant.

According to him, the Senate is ready to support the agency through legislative interventions and reforms capable of addressing the growing drug menace in the country.

“We are happy to work with you and support you in all of these because we know you are already doing a great job but not getting as much as you need to do the work. We will partner with you through legislative support and necessary laws to subdue the drug problem in our country,” he stated.

Responding, Marwa described drug abuse and trafficking as a major threat driving several social and security challenges in Nigeria and across the world.

He, however, said NDLEA had recorded significant successes in recent years, including dismantling major transnational drug cartels, arresting high-profile drug barons and weakening criminal networks through the seizure and forfeiture of assets linked to illicit drug operations.

Marwa attributed the agency’s achievements to the support of President Bola Tinubu, the National Assembly and the judiciary.

“The drug problem is a major challenge that is at the root of some other social issues, not only in Nigeria but globally. However, we are doing our level best to curb the scourge and we are getting impressive results,” he said.

The NDLEA boss assured the committee chairman of the agency’s readiness to deepen collaboration with the Senate in advancing both drug supply reduction and drug demand reduction strategies nationwide.

He expressed confidence that Ikpea’s leadership of the Senate committee would further strengthen the national response to drug abuse and trafficking.

The meeting comes amid growing concerns over rising substance abuse among young Nigerians and increasing efforts by authorities to dismantle organised drug trafficking networks operating within and outside the country.

Senate to Enact Stronger Laws to Tackle Rising Drug Abuse

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How dialogue, military intervention prevented fresh bloodshed in Benue communities

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How dialogue, military intervention prevented fresh bloodshed in Benue communities

By: Zagazola Makama

For years, communities across Guma Local Government Area of Benue lived under the constant fear of attacks, reprisals and counter-reprisals that often turned minor disputes into deadly cycles of violence.

But according to the Commanding Officer of the Chief of Army Staff (COAS) Special Intervention Battalion 11, Lt.-Col. Donatus Otobo, a combination of military presence, community engagement and conflict mediation is gradually changing the narrative.

Speaking during a tour of his area of responsibility by defence correspondents on Tuesday, Otobo recounted several incidents that underscored the fragility of peace in the area and the delicate task facing troops deployed to maintain stability.

The commander described a disturbing incident involving an 11-year-old herder whose ordeal nearly triggered another round of communal violence.

According to him, the young boy was tending cattle around November when he was attacked by some locals who severed one of his hands.

“The boy was only 11 years old. We had to intervene quickly, rescue him and evacuate him to a military hospital for treatment.

“He spent about a month receiving medical care before he was reunited with his family,” Otoogu said.

However, what followed reinforced the battalion’s concerns about the dangerous cycle of revenge that has fuelled many conflicts in the area.

The commander said that barely two days after the boy returned home, another attack occurred in which two victims suffered similar injuries.

“From what we observed, it appeared to be a reprisal attack.

“That is the reality we face here. One incident triggers another, and before long, communities become trapped in a cycle of revenge,” he said.

Otobo noted that while public attention often focuses on attacks by armed groups, there are also numerous cases where unarmed herders become targets of violence.

According to him, troops have repeatedly intervened to prevent such incidents from escalating into wider communal conflicts.

“There are situations where herders who are not carrying weapons are attacked alongside their livestock.

“Sometimes their cattle are rustled, killed or butchered. We have responded to cases where dozens of cattle were either stolen or slaughtered.

“In one particular case, herders reported losing about 130 cattle. When we arrived, we could only physically account for about 60.

“The scene was disturbing. There were carcasses, blood stains, horns and evidence of widespread destruction,” he said.

The commander explained that such incidents often create fertile ground for retaliatory violence.

He said one cattle-rustling incident in particular had all the ingredients of a major crisis similar to previous large-scale attacks experienced in parts of Benue.

“That situation was a ticking time bomb.

“It could easily have degenerated into another major communal crisis if we had not intervened promptly,” he said.

Otobo said troops immediately engaged traditional rulers, community leaders, herder representatives and other stakeholders to calm tensions and prevent reprisals.

According to him, the sustained dialogue paid off, as the incident did not trigger further violence despite widespread anger among those affected.

“We brought together community leaders, elders and Fulani representatives.

“We listened to grievances from all sides and encouraged restraint.

“That incident happened more than seven months ago, and thankfully it did not escalate into a broader conflict,” he said.

The commander also offered insights into the factors that may have contributed to the deadly Yelwata attack that shocked the state.

He said findings from military investigations suggested that tensions had been building months before the incident.

“From our own investigation, the chain of events started around April when some criminals attacked herders, killed some of them and rustled about 100 cattle.

“The affected individuals apparently went away, regrouped and later returned.

“By June, the situation had escalated into the Yelwata attack,” he said.

Otobo stressed that the lesson from such incidents is that unresolved grievances, if ignored, can eventually snowball into major security crises.

He noted that Yelwata, which now falls under the battalion’s area of responsibility, has remained peaceful due to proactive security measures and constant engagement with residents.

According to him, community leaders specifically requested the deployment of troops from the COAS Special Intervention Battalion to maintain security in the area.

“Today, Yelwata is peaceful, and that is one of the achievements we are proud of.

“The people themselves requested that our troops remain there because of the confidence they have in our operations,” he said.

Otobo further disclosed that the security situation had improved significantly, particularly regarding the presence of armed herders.

He said reports of herders openly carrying assault rifles, which were once common, had virtually disappeared within the battalion’s area of responsibility.

“As I speak to you, since December last year, there has not been a single reported sighting of armed herders within our area of responsibility.

“Previously, farmers would regularly report seeing herders carrying AK-47 rifles.

“Today, those reports have stopped completely,” he said.

The commander attributed the improvement to sustained military operations and continuous engagement with both farming and herding communities.

He said troops regularly hold meetings with residents to educate them on the consequences of cattle rustling, reprisals and other actions capable of reigniting tensions.

“We constantly engage the communities and explain the dangers of taking the law into their own hands.

“We encourage them to report grievances through established channels rather than resorting to violence.

“I believe that has contributed significantly to the peace we are witnessing today,” he said.

The return of Guma and surrounding communities, the return of calm has translated into something they had almost forgotten, the ability to farm, trade and move freely without fear.

Yet Otobo believes the greatest achievement is not the absence of attacks, but the gradual rebuilding of trust among communities long divided by conflict.

“The military can provide security, but lasting peace comes when communities learn to coexist and resolve disputes peacefully.

“That is the direction we are working towards, and we will continue to support every effort that promotes peace and stability in this area,” he said.

How dialogue, military intervention prevented fresh bloodshed in Benue communities

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Alleged Cybercrime: Court Revokes Sowore’s Bail, Issues Bench Warrant Over Failure To Appear In Court

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Alleged Cybercrime: Court Revokes Sowore’s Bail, Issues Bench Warrant Over Failure To Appear In Court

The Federal High Court in Abuja, on Tuesday, issued a bench warrant for the arrest of online publisher and African Action Congress (AAC) presidential candidate, Omoyele Sowore, following his failure to appear in court as a defendant in the ongoing alleged criminal defamation suit brought against him by the Department of State Services (DSS).

Justice Mohammed Garba Umar ordered that Sowore be remanded at the Kuje Correctional Centre and brought before him on the next adjourned date being June 22, 2026 for ruling on the application he filed for recusal.

The judge had last December granted the politician bail based on self-recognition. He had at the time declined a request by counsel to the DSS, Akinlolu Kehinde, SAN, to issue an arrest warrant after Sowore and his lawyer failed to appear in court for trial.

However, at the resumption of trial on Tuesday, neither Sowore nor his lawyer was present in court. This prompted counsel to the prosecution to apply to the court for a revocation of the bail and the issuance of a bench warrant. The prosecution described Sowore’s absence as “delay tactics”.

The DSS had filed a five-count charge against Sowore over social media posts in which he referred to President Bola Tinubu as a “criminal”. Efforts by the secret police to make him pull down the post were rebuffed by the politician, who insisted that it was within his fundamental human right to freedom of speech to post as he liked. This prompted the DSS to file charges of criminal defamation against him.
Last month, the trial judge rejected Sowore’s “no-case submission,” ruling that the prosecution had established a prima facie case against him. In response, Sowore and his legal team accused the judge of bias and requested that he recuse himself.

Alleged Cybercrime: Court Revokes Sowore’s Bail, Issues Bench Warrant Over Failure To Appear In Court

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