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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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President Tinubu: We’re Mobilising All Military Assets To Protect Nigerians, Crush Security Threats

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President Tinubu: We’re Mobilising All Military Assets To Protect Nigerians, Crush Security Threats

** Procures mine-resistant vehicles, new armoured fleet for armed forces modernisation

** Charges troops on discipline, professionalism, adherence to constitutional order

By: Our Reporter

President Bola Ahmed Tinubu has restated his administration’s firm resolve to mobilise all military and law enforcement assets to crush security threats and protect the lives all citizens of Nigeria.

Accordingly, he announced the procurement of mine-resistant ambush-protected vehicles and a new armoured fleet for the military, as well as the refurbishment of over 100 Armoured Fighting Vehicles for return to active service.

President Tinubu disclosed this in Ojuelegba, Lagos State, on Monday when he declared open the Chief of Army Staff Annual Conference 2025.

Speaking at Nebo Hall, Abalti Barracks, venue of the conference, the President who was represented by his deputy, Vice President Kashim Shettima, reaffirmed that security remains a central pillar of his administration’s Renewed Hope Agenda.

“There is no nation that can achieve greatness without security. This government remains resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians,” he said.

The Nigerian leader noted that his administration is firmly committed to the modernisation of the Armed Forces through improved training, modern equipment and enhanced operational capacity.

He said beyond the recent induction of helicopters into Nigerian Army Aviation and the training of pilots, the government has advanced the procurement of additional Mine Resistant Ambush Protected Vehicles, Armoured Vehicles and Patrol Vehicles to boost troop protection and battlefield effectiveness.

His words: “Following the induction of helicopters into Nigerian Army Aviation and the training of pilots, we have advanced the procurement of additional Mine Resistant Ambush Protected Vehicles, Armoured Vehicles, and Patrol Vehicles.

“We have also refurbished over one hundred Armoured Fighting Vehicles, now returned to active service. These efforts reflect our clear commitment to strengthening the Nigerian Army’s operational readiness.”

He added that the Federal Government is deepening partnerships with friendly nations to promote research, innovation and indigenous defence production, with the long-term goal of achieving self-reliance in defence and security.

Commending the Nigerian Army for what he described as impressive gains in the fight against terrorism and other security challenges, President Tinubu said reports from various theatres of operation point to improved outcomes driven by professionalism, courage and effective joint operations with sister services and security agencies.

“The positive reports emerging from the various theatres of operation are encouraging and stand as testimony to your resilience and professionalism,” he said.

The President assured the military of the government’s unwavering support in fulfilling its constitutional mandate of safeguarding Nigeria’s territorial integrity, noting that security is one of the eight priority areas of his administration.

He also stressed the importance of discipline, professionalism and adherence to constitutional order, describing the apolitical posture of the Armed Forces as critical to sustaining public trust.

President Tinubu further praised the Nigerian Army’s civil-military cooperation initiatives across the country, noting that security efforts must also focus on winning hearts, restoring dignity and supporting development at the grassroots.

Paying tribute to fallen soldiers, the President said their sacrifices remain permanently etched in Nigeria’s national memory, assuring that the government will continue to support their families and improve the welfare of serving personnel in recognition of their service to the nation.

Earlier, Lagos State Governor, Babajide Sanwo-Olu, commended the Nigerian Army for its efforts in strengthening civil–military relations in the state.

He reaffirmed the commitment of the Lagos State Government to supporting the Army in the discharge of its constitutional responsibilities within the state and beyond.

In his remarks, the Minister of Defence, General Christopher Musa (rtd), confirmed the commitment of the Tinubu administration, through the Ministry of Defence, to providing continuous policy direction for the Nigerian Army.

He called on officers and commanders to remain loyal and united, stressing the need for collective support to enable the Army effectively address the country’s security challenges.

The Defence Minister also praised the officers and men currently deployed in various operations, even as he thanked Nigerians for their confidence in the Armed Forces, assuring that government would act with renewed vigour and decisiveness in tackling prevailing security threats.

In his welcome address, the Chief of Army Staff, Lieutenant General Waidi Shaibu, unveiled a range of welfare packages designed to enhance the wellbeing of officers and men of the Nigerian Army.

He explained that the welfare packages are part of deliberate efforts to boost morale and improve operational effectiveness across the Army.

The Chief of Army Staff also disclosed that President Tinubu has consistently provided the operational needs of the Nigerian Army since assuming office.

He commended the Federal Government for meeting the operational demands of the Army, urging officers, particularly commanders and personnel on special operations, to justify the confidence reposed in them.

Reviewing the Army’s achievements over the past year, General Shaibu reaffirmed the readiness of the Nigerian Army to match government’s support with decisive action against terrorism and other security threats confronting the nation.

High point of the event was unveiling of a biography of the late former Chief of Army Staff, Lieutenant General Taoreed Lagbaja, by Vice President Shettima, alongside senior military officers and other dignitaries.

The Vice President presented 15 Toyota Hilux vehicles to deserving warrant officers as part of efforts to motivate personnel and encourage excellence in service.

He also witnessed the presentation of cheques under the Nigerian Army Personnel Insurance Scheme to the families of five fallen soldiers.

The event was attended by representatives of the President of the Senate, former Defence and Army Chiefs, and traditional rulers, among others.

President Tinubu: We’re Mobilising All Military Assets To Protect Nigerians, Crush Security Threats

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Defence Minister urges unity, actionable strategies at COAS 10th annual conference to consolidate Nigeria’s security gains

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Defence Minister urges unity, actionable strategies at COAS 10th annual conference to consolidate Nigeria’s security gains

By: Zagazola Makama

The Minister of Defence, General Christopher Musa, has called for a decisive shift from discussion to action in addressing Nigeria’s complex security challenges, stressing that the country’s gains against terrorism, banditry, and other criminal networks can only be sustained through joint operations, inter-agency collaboration, and collective national effort.

Speaking at the opening ceremony of the 10th Chief of Army Staff (COAS) Annual Conference 2025 in Lagos, on Monday, General Musa described the gathering as a critical forum for assessing the operational posture, readiness, and professionalism of the Nigerian Army while aligning the service’s priorities with the nation’s strategic security objectives.

“The importance of this conference cannot be overstated,” General Musa said. “Nigeria continues to face a combination of terrorism, banditry, criminality, and other asymmetric threats that demand sustained focus, strategic clarity, and adaptive leadership. The Army, together with other security agencies and the society at large, must operate in unison to confront these threats effectively.”

The Minister highlighted that the operational capacity of terrorist groups, insurgents, and criminal networks has been significantly degraded across multiple theatres, attributing these gains to the courage and professionalism of the troops, improved planning, education, and coordinated joint operations conducted within a multi-agency framework.

“The truth of the matter is that no single service, no single individual, can achieve this alone,” he said. “Success in today’s security environment requires the whole of society working together in synergy.”

General Musa emphasized that inter-service cooperation and intelligence sharing are no longer optional but fundamental to effective national defense. He urged the Army leadership to ensure that the recommendations from the conference are implemented through concrete operational actions, stressing that strategic discussions must translate into measurable tactical outcomes.

“While we celebrate our successes, we must never lose sight of the human dimension of service,” he added, paying tribute to fallen soldiers, wounded personnel, and the families who bear the enduring cost of national service.

He commended the families of the late Lieutenant General Tariq Lagbajan and Brigadier General Oba for their sacrifices and underscored the government’s continued commitment to the welfare, medical care, and long-term support of personnel and their families.

General Musa also lauded the Chief of Army Staff, Lieutenant General Waidi Shaibu, for his professional trajectory, from battalion and brigade commands in the North East to theatre command, culminating in his appointment as the Army Chief. “Your leadership exemplifies operational excellence and a deep understanding of the challenges on the ground. The challenge before all senior commanders is to evolve new strategies to defeat the enemies of the state,” he said.

He further highlighted that security remains central to the President’s Renewed Hope Agenda and reiterated the Federal Government’s unwavering support for the Armed Forces.

According to the Defence Minister, strategic direction, policy support, and capability development provided by the Ministry of Defence will ensure that the Armed Forces remain professional, responsive, and future-ready, while reinforcing institutional accountability and operational effectiveness.

“The Nigerian Army and indeed the Armed Forces have stabilized this country and will continue to do so. We must take these security challenges as our own and contribute individually and collectively to winning this war,” General Musa stated.

The 10th COAS Annual Conference, themed “Examine the Correct Landscape of Terrorism Through the Lengths of Diplomatic and Military Action: Strategies for Long-Term Prevention and Stabilization,”brings together senior commanders, security stakeholders, and resource persons to reflect on lessons learned, examine emerging threats, and propose practical measures to enhance operational readiness and effectiveness in the year ahead.

The Defence Minister concluded by thanking Nigerians for their support and the Governor of Lagos State for hosting the conference, noting that collaborative engagement between the government, security agencies, and citizens is key to sustaining national peace, security, and stability.

Defence Minister urges unity, actionable strategies at COAS 10th annual conference to consolidate Nigeria’s security gains

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FG pledges full support for Army modernization, welfare at COAS annual conference 2025

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FG pledges full support for Army modernization, welfare at COAS annual conference 2025

By: Zagazola Makama

President Bola Ahmed Tinubu, has pledged the federal government’s unwavering support for the Nigerian Army, emphasizing modernization, operational readiness, and the welfare of personnel. The statement was made during the opening ceremony of the Chief of Army Staff (COAS) Annual Conference 2025 in Lagos on Monday.

Represented by the Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, Tinubu highlighted the critical role of the Nigerian Army in safeguarding the nation’s territorial integrity and maintaining peace amid evolving security challenges.

“There is no nation that can achieve greatness without security. The Nigerian Army has always risen to the nation’s call, and this administration remains resolute in mobilizing all military and law enforcement assets to eliminate threats and protect lives and property,” he said.

The Vice President commended the leadership of the Chief of Army Staff, Lieutenant General Waidi Shaibu and officers across all ranks for transforming the Nigerian Army into a professional, resilient, and adaptable force capable of operating decisively within joint and multi-agency frameworks.

He noted that since assuming leadership, the government had closely monitored the army’s progress in training, administration, and operations.

The conference, themed “Examining the Current Landscape of Terrorism through Diplomatic and Military Lenses: Strategy for Long-term Prevention and Stabilization”, was described as timely and critical to national security planning.

“I urge frank and constructive discussions guided by realism and experience. Lead your engagements here, produce enduring strategies that will strengthen our collective resolve to secure Nigeria today and stabilize it for generations to come,” he stated.

The Vice President reaffirmed the government’s commitment to the modernization of the armed forces, citing the induction of helicopters into the Nigerian Army Aviation, the training of pilots, procurement of additional mine-resistant ambush-protected vehicles, armored and patrol vehicles, and the refurbishment of over 100 armored fighting vehicles now returned to active service.

“These measures underscore our clear commitment to strengthening operational readiness and enhancing the army’s capacity to confront evolving threats,” he said.

In addition to operational support, Senator Shettima emphasized the welfare of personnel, noting the administration’s resolve to improve amenities and programs that reflect appreciation for the sacrifices of officers and soldiers.

“We must continue to motivate and enhance the welfare of serving personnel through improved amenities and programs that reflect our appreciation for your selfless service,” he said.

Paying tribute to past and present army leaders, the Vice President acknowledged the contributions of former Chiefs of Army Staff, retired generals, and serving commanders whose leadership shaped the army’s enduring legacy.

He also recognized the presence of members of the National Assembly, senior military personnel, and other distinguished guests attending the conference.

Concluding his address, Senator Shettima declared the COAS Annual Conference 2025 officially open on behalf of President Tinubu, reiterating the government’s firm support for the Nigerian Army’s constitutional mandate to defend the nation.

“With a deep sense of duty and unshakable faith in your professionalism, it is my singular honor and privilege to declare this conference open,” he said.

Zagazola report that the conference provides a platform for rigorous evaluation, strategic planning, and the formulation of practical, actionable solutions to reinforce national security, stabilize the nation, and secure Nigeria’s future.

FG pledges full support for Army modernization, welfare at COAS annual conference 2025

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