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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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Tinubu Signs New NIMC Law, Gives Nigeria Single Digital Identity Framework

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Tinubu Signs New NIMC Law, Gives Nigeria Single Digital Identity Framework

…Commission Named Root Authority for National Digital Infrastructure as FG Targets Secure Digital Economy

By: Michael Mike

President Bola Tinubu has signed the National Identity Management Commission (NIMC) Act, 2026 into law, repealing the 2007 legislation and ushering in a new legal framework aimed at creating a secure, interoperable and inclusive digital identity ecosystem for Nigeria.

The landmark legislation significantly expands the powers of the National Identity Management Commission by designating it as the Root Certification Authority for Nigeria’s National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI), effectively placing the Commission at the centre of the country’s digital identity, authentication and electronic trust architecture.

The new law also reinforces the National Identification Number (NIN) as Nigeria’s foundational identity credential under the principle of “One Person, One Identity,” while empowering NIMC to facilitate secure and seamless data exchange among government institutions, financial organisations and private-sector entities.

The reforms are expected to strengthen digital governance, improve public service delivery, enhance cybersecurity and support the federal government’s ambition of building a one-trillion-dollar economy through technology-driven growth.

In a statement on Friday, NIMC described the legislation as the most significant overhaul of Nigeria’s identity management framework since the Commission was established nearly two decades ago.

According to the Commission, the rapid expansion of digital services, e-governance, electronic commerce, data protection requirements and evolving cyber threats made it imperative to replace the old law with a more robust and future-oriented legal framework aligned with international best practices.

Under the new Act, NIMC will be responsible for establishing and maintaining Nigeria’s National Public Key Infrastructure and Digital Public Infrastructure, providing trusted authentication systems, digital signatures, digital certificates, encryption services and identity verification frameworks designed to improve confidence in digital transactions and online services.

The legislation also introduces stronger safeguards for personal data and privacy in alignment with the Nigeria Data Protection Act and global standards, while prescribing stringent penalties for multiple registrations, identity theft, impersonation and other identity-related offences.

In a major inclusion initiative, the law introduces an innovative identifier system for vulnerable persons and mandates special measures to facilitate the enrolment of underserved populations, including individuals without permanent residences.

The Act further recognises both physical and digital identity credentials, all securely linked to an individual’s National Identification Number, thereby expanding opportunities for digital transactions and service delivery.

NIMC said the implementation of the new framework would enable faster and more secure identity verification, greater financial and digital inclusion, improved interoperability across government and private-sector platforms, and enhanced ease of doing business.

The Commission expressed gratitude to President Tinubu for what it described as his visionary leadership in signing the legislation, noting that the reform would strengthen the protection of citizens’ data, improve cybersecurity, expand access to essential services and provide a robust foundation for Nigeria’s digital economy and long-term national development.

It also commended the leadership and members of the National Assembly, the Ministry of Interior, development partners and stakeholders whose contributions facilitated the passage of the legislation.

NIMC said it would subsequently issue regulations and guidelines necessary for the full implementation of the Act while engaging government institutions, the private sector and development partners to ensure a seamless transition to the new legal framework.

Tinubu Signs New NIMC Law, Gives Nigeria Single Digital Identity Framework

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Nigeria Reopening States to Foreign Investors as Regions Regain Economic Powers, Says Ajomale-McWord

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Nigeria Reopening States to Foreign Investors as Regions Regain Economic Powers, Says Ajomale-McWord

…Customs backs subnational trade diplomacy, says reforms will position country as regional commerce hub

By: Michael Mike

Nigeria is gradually returning to an era of stronger regional economies and greater state autonomy, creating unprecedented opportunities for direct foreign investment and economic partnerships with subnational governments, Founder of Global AfriDiplomats, Deji Ajomale-McWord, declared on Friday.

He said recent reforms in electricity, taxation and local government finances are reversing decades of over-centralisation and empowering states to emerge as independent engines of economic growth, industrialisation and international commerce.

Speaking at the Trade Commissioners’ Summit attended by diplomats, development partners, state officials and business leaders, Ajomale-McWord urged foreign governments, diplomatic missions and international investors to broaden their engagement beyond Abuja and establish direct partnerships with Nigerian states and regions.

According to him, Nigeria’s highly centralised governance structure was rooted in the Unification Decree, Decree No. 34 of May 24, 1966, which abolished the country’s regional system and concentrated legislative powers at the federal level.

Although the military administration that enacted the decree was short-lived, he noted that its legacy still dominates governance structures, with the Constitution assigning 68 items to the Exclusive Legislative List and only 12 to the Concurrent Legislative List, thereby limiting the capacity of states to legislate on strategic sectors such as security, electricity and regional integration.

He argued that the arrangement also fostered a culture in which many Nigerians looked almost exclusively to the Federal Government for solutions, even in areas where state governments have constitutional responsibilities.

Ajomale-McWord recalled how the former Western Region’s cocoa industry, popularly known as “Brown Gold”, and the Northern Region’s famous groundnut pyramids once made the regions powerful centres of economic production and prosperity.

He, however, maintained that recent policy and legal reforms indicate that Nigeria is steadily returning to a development model in which states and regions become stronger economic drivers.

Among the reforms he highlighted were the National Regional Development Policy (2026-2030), the establishment of additional regional development commissions, the Electricity Act 2023, the proposed Electricity Amendment Bill 2025, tax reforms that improve state revenues and the Supreme Court’s landmark judgment granting financial autonomy to the country’s 774 local government councils.

Describing reliable electricity as indispensable to industrialisation, he said new legal provisions empowering states to generate, transmit and distribute electricity would significantly improve their ability to attract industries and investments.

“Our states are open. Our regions are open,” he declared, adding that commissioners from different states were presenting investment opportunities and development priorities in their jurisdictions to the international community.

He described the initiative as the beginning of sustained engagement between Nigeria’s subnational governments and global partners.

“This is a marathon, not a sprint. We will continue this dialogue and strengthen collaboration in advancing development across Nigerian states,” he said.

Meanwhile, the Nigeria Customs Service threw its weight behind the push for subnational trade diplomacy, saying stronger collaboration among customs administrations, state governments, trade commissioners and development partners was essential to unlocking Nigeria’s economic potential.

Delivering a goodwill message on behalf of the Comptroller-General of Customs, Bashir Adewale Adeniyi, represented by Nuhu Mustapha, the Service described trade as a critical driver of national development, industrialisation, job creation and regional integration.

The Service reaffirmed its commitment to facilitating legitimate trade while safeguarding national interests through reforms aimed at simplifying customs procedures, reducing transaction costs and improving the ease of doing business.

It also highlighted its digital transformation initiatives, including the deployment of the Unified Customs Management System, known as B’Odogwu, implementation of Advance Rulings, the Authorised Economic Operator Programme and the National Single Window initiative.

The Customs Service said it would continue to align its operations with international best practices and the objectives of the African Continental Free Trade Area (AfCFTA), positioning Nigeria to become a leading hub for regional and global commerce.

It further urged stakeholders to forge stronger partnerships that would enhance export competitiveness, facilitate cross-border trade and promote inclusive economic development across Nigeria’s states and regions.

Nigeria Reopening States to Foreign Investors as Regions Regain Economic Powers, Says Ajomale-McWord

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NHRC Raises Alarm Over Rising Drug Abuse, Demands Human Rights-Based Response

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NHRC Raises Alarm Over Rising Drug Abuse, Demands Human Rights-Based Response

By: Michael Mike

The National Human Rights Commission (NHRC) has expressed grave concern over the rising incidence of drug abuse and illicit drug trafficking in Nigeria, warning that the growing menace poses serious threats to public health, national security, human dignity and sustainable development.

The Executive Secretary of the Commission, Tony Ojukwu, made the remarks in a message marking the 2026 International Day Against Drug Abuse and Illicit Trafficking, describing substance abuse, particularly among young Nigerians, as an alarming crisis requiring urgent and coordinated intervention from all sectors of society.

According to Ojukwu, while the fight against drug abuse and illicit trafficking remains imperative, responses must be firmly rooted in human rights principles and the rule of law. He stressed that efforts to tackle the menace should be guided by the provisions of the 1999 Constitution, which guarantees citizens’ rights to life, dignity, liberty and fair hearing, as well as the provisions of the Mental Health Act 2021 and the National Health Act 2022.

He further noted that Nigeria’s response must also align with its international obligations under instruments such as the International Covenant on Civil and Political Rights, the International Covenant on Economic, Social and Cultural Rights, the African Charter on Human and Peoples’ Rights and the UN Drug Control Conventions.

The NHRC boss emphasised that individuals battling drug dependence should not be subjected to stigma, discrimination or degrading treatment. Rather, he said they should be guaranteed access to quality healthcare services, rehabilitation programmes, psychosocial support and opportunities for social reintegration.

Ojukwu observed that drug abuse has become a catalyst for numerous human rights violations, including domestic violence, criminality, human trafficking, exploitation and growing insecurity across communities, thereby undermining the enjoyment of fundamental rights and freedoms.

He stated that the Commission has consistently championed a public health approach to drug use and harm reduction in Nigeria, organising national legislative forums and other engagements aimed at stimulating public discourse and shaping evidence-based policies on drug use and addiction management.

The Executive Secretary called on the National Assembly to incorporate human rights safeguards into the proposed national policy on drug-use quantification thresholds. He urged lawmakers to clearly distinguish between individuals who use controlled substances for medicinal or therapeutic purposes and those engaged in drug trafficking and peddling, warning that people seeking treatment should not be criminalised.

He also called on government institutions, civil society groups, families, educational establishments, faith-based organisations and community leaders to intensify public awareness campaigns aimed at preventing drug abuse, especially among children and young people who are increasingly vulnerable to substance dependence.

Ojukwu further urged law enforcement agencies to strengthen the fight against illicit drug trafficking while ensuring full compliance with national and international human rights standards in the execution of their duties.

Reaffirming the Commission’s commitment to addressing the crisis, he said the NHRC would continue collaborating with relevant stakeholders to promote policies and programmes that tackle the underlying drivers of drug abuse, including poverty, unemployment, social exclusion and inadequate access to education and mental health services.

He called on Nigerians to collectively work towards building a society free from drug abuse, where the rights, dignity and well-being of every individual are protected and upheld.

NHRC Raises Alarm Over Rising Drug Abuse, Demands Human Rights-Based Response

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