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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
Ahidjo commends vigilance of security team at the UMTH gate
Ahidjo commends vigilance of security team at the UMTH gate
By: Bodunrin Kayode
Chief Medical Director of the University of Maiduguri Teaching Hospital (UMTH) Prof Ahmed Ahidjo has commended the vigilance of the security personnel who stopped the suicide bombers from entering the facility last week.
Prof Ahidjo said that he was satisfied with the tightness of the security mounted by the personnel at the main entrance who helped save the hospital from clear damnation cooked up by boko haram suicide bombers on that black Monday night.

Prof Ahidjo who chatted casually with this reporter last week during iftah said that if the security whose name is being withheld for security reasons was not vigilant enough, it was the intention of the suicidal criminals to drive to a sensitive area in the facility and unleash worse damnation than was witnessed on that day.
” I have a strong feeling that these criminals were headed for somewhere more sensitive and busy in the facility. But God used the young man to stop them from wasting peoples lives.

“The young security was very brave because he was quite vigilant. They came with an unmarked keke napep not registered with us and were so desperate to drive into our environment by force.
” when the young man stopped them, out of desperation, they threw a food flask containing the improvised explosive device (IED) on him. But he quickly picked the thing and returned it to them. By the time the flask landed on the criminal, it exploded and sent the security boy on the ground tearing some parts of his legs.

” He sustained some injuries and we are treating him. We are happy with his performance and will surely do more for him and all his colleagues to stay alert and to continue doing more for the hospital. ” said Ahidjo
Day two, stabilizing the hospital after the daring attempt
After the entire mop up exercise in the city of Maiduguri, several people were admitted in all the major secondary hospitals in the capital city with UMTH alone treating about 100 patients with 70 on admission in different departments including the heart centre depending on where the fragments pierced into their bodies.

A youth corp member name withheld serving in Damaturu was one of those who lost his life in the Monday market explosion while several others were wounded at the third site under the post office bridge too.
As I drove into the UMTH on the second day, calm had been restored and every one went about their lives as has always being the case.
The trauma centre gate was locked and restricted with policemen making things easy for anyone who is authorized to be there for any reason.
Counting the costs through a press release
A release signed by the spokesperson of the facility Justina Anaso indicated that management was excited about the goodwill it received from well meaning Nigerians who stopped by to sympathize with them at such a trying time.

The UMTH had survived throughout the insurgency and it will not fall now.
The release went on: “The Management of the UMTH regrets to state that an unfortunate incident occurred Monday night at the hospital’s main gate involving two suicide bombers who came in with Keke Napep and were turned back twice from entering the hospital by a security guard because it was not registered.
“On their third attempt, they disembarked and wanted to force themselves in by jumping the search queue. When the guard asked them to go back and join the queue, one of them threw a food flask he was carrying at the security guard who picked it up and threw it back at him.
“It was at this point that the flask exploded bringing the security man down and the second man immediately detonated his explosive device he was wearing.

“The explosion,which took place at about 7:20 pm Monday night, resulted in casualties and varying degrees of injuries.
“Emergency response teams were immediately activated, and all affected individuals were promptly attended to and taken to appropriate care units within the hospital.
“The hospital had over 100 victims, with 25 confirmed dead and 70 patients on admission with some others discharged. These figures are what the hospital received from the Metropolis except two who were casualties at the gate of the hospital.
“We wish to assure the general public that the situation has been brought under control. Security agencies are currently on ground, working closely with the Hospital Management to secure the premises and commence full investigation into the incident.
“Hospital Services within the Facility remain operational although access may be temporarily restricted as a precautionary measure to ensure the safety of patients, staff and well-wishers.
” The Hospital Management and the entire staff appreciates and are profoundly grateful to the Federal government through his Excellency,the Vice President, the Governor of Borno State, represented by the Deputy Governor, the Honorable Minister of Health and Social Welfare who were very supportive and in touch with the hospital throughout the night of the event.
” We thank the Secretary to the State Government, Hon Commissioners, Committee of Chief Medical Directors, Medical Directors and Security forces, our hospital workers, partners with us throughout this trying period.” Said the release.
Management condemns the attack by the criminals
The release also aligned with the Governor Prof Babagana Zulum in condemning the dastardly act which was meant to forcefully send many more souls to the great beyond at a time when they were celebrating the end of the Ramadan fast.
“We would like to state that the Management strongly condemns this act of violence and extends its deepest sympathy to the families of those affected.
“We urge members of the public to remain calm and co-operate with security operatives during this period.
“The Hospital remains committed to providing the highest level of care to all victims and ensuring the safety of everyone within our facility.” Said the release.
As the days rolled by people started coming in for treatment from all corners of the town, Umaru Shehu, Nursing home and the specialist hospitals respectively at the very centre of one of the explosion sites.
The Trauma centre became like a barracks with all the seas of white coated professionals depicting the sub sectors working as a team to save lives.
Eye witnesses told this reporter that humanity was at play because we all share a common humanity with those who had died instantly and non of the team workers wanted it to be recorded that these vulnerable people came to the biggest hospital in the country and died in the process.
As at the time of writing this report more people had fallen from the different hospitals due to lack of blood to keep them going but sources said that “they went all out to get O negative from anyone” they could get to save lives because the blood bank was overwhelmed.

While some reliable sources say the mortality figure has reached 28 as at today, others told this reporter that the UMTH has recorded only 26 from the initial figure of 25.
The big questions observers keep asking about this wicked lingering war
The big questions observers keep asking about this war now is when will all this madness stop? Can’t the security managers in this country seek for help from military contractors since we don’t have enough boots on ground? Is it shameful to seek for help in terms of boots on ground to clear these criminals away? Is it not time for the chief of operations himself to create a second office here in Maiduguri and come motivate his men here himself?
Responding to the Defence Chief Oluyede who came here last week on the orders of the commander in chief, What else have we not done to support the military to win this war? Or is it really time for the government through the minister of defence to call for a seize fire and begin talks with these insurgents? Why do we pretend to be on top of the situation as the Americans did in Afghanistan until they had to leave ignominiously?
Ahidjo commends vigilance of security team at the UMTH gate
News
Report any suspicious character to security operatives, Gudi Emir tells his people.
Report any suspicious character to security operatives, Gudi Emir tells his people.
By: Yahaya Wakili
The Emir of Gudi in Yobe State, Alhaji Ismail Ahmed Dala Ibn Madugu, has called on his people to report any suspicious characters to the nearest security agents and uphold the virtues of love, sacrifice, and tolerance beyond the month of Ramadan.
The emir made the call in Gadaka, the headquarters of the emirate, in his Sallah message, which marked the end of the fasting period. He called on the people to continue to remain prayerful for peace for their leaders, the emirate, Yobe state, and the nation in general.
Alhaji Ismail Ahmed urged the community to continue supporting the policies and programs of His Excellency, Governor Hon. Dr. Mai Mala Buni CON, COMN, which he said Buni’s administration has provided us the dividends of democracy across the state, and our people were included as beneficiaries.
“Buni’s administration has done a lot for us, and we hope our people will reciprocate the gesture of the government, and the communities should live peacefully and obey the laws of the land,” the royal father said.
He charged the youths to be law-abiding for the nation and always to be self-reliant and called on all the citizens of the emirate to start preparing their land cultivation, as most of our people were predominantly farmers.
The emir also called on the people of the emirate to report any suspicious characters to the nearest security agents so that it can be curtailed in time and pray to Almighty Allah to guide us all.
Report any suspicious character to security operatives, Gudi Emir tells his people.
News
Zulum Spends Night Coordinating Security in Pulka
Zulum Spends Night Coordinating Security in Pulka
… Disburses Cash, Palliative to over 30,000 Ngoshe, Pulka Households
By: Michael Mike
Borno State Governor spent the entire Saturday night coordinating security activities in Pulka following the recent attacks in Ngoshe, Pulka and other communities in Gwoza.
This is the first time a sitting governor has slept in Pulka, a community 22 kilometres from Gwoza.
Governor Zulum held a security meeting with the Brigade Commander, military officers, security personnel, and civilian JTF to discuss strengthening security in the general area.
He said leadership is all about commitment and sacrifice which has been the hallmark of his administration since he assumed office.

“Leadership is not about living in your comfort zone and addressing people and their concerns, but coming directly to the doorsteps of the less privileged. This has been my tradition, this has been my culture since I assumed duty as the governor of the state,” Zulum said.
“I cannot remember when I lived consecutively for 10 days in my office or even one week since I assumed duty. I’m always in the remote areas attending to people, and I believe this is what we should do from now on to the end of my own administration,” he added.
… Zulum Disburses Cash, Palliative to over 30,000 Ngoshe, Pulka Households
Governor Babagana Umara Zulum has distributed cash, food, and non-food items to over 30,000 affected households of Ngoshe and Pulka communities.
The relief item is intended to provide succor to victims of the recent attack and to the host communities.

“Each male and female heads of household in Ngoshe will receive N30,000, while married women will receive N20,000. In addition, mattresses and clothing will be distributed to both men and women,” Zulum announced.
The governor disclosed that the intervention would also cover Pulka community which has been impacted by the influx of displaced persons from neighbouring areas.
He further acknowledged the support of the Federal Government and Alhaji Aliko Dangote, who donated 30,000 bags of 10kg rice to support vulnerable populations in the state.
“Out of the 30,000 bags, Pulka community will benefit from the scheme. We are distributing both food and non-food items not only to Ngoshe but also Pulka, which is also a displacement-affected community,” Zulum noted.
Governor Zulum called on residents of affected communities in Gwoza to remain patient and cooperate with security agencies, assuring them of sustained efforts by both the federal and state governments to restore lasting peace.
“They should give the necessary cooperation to all security agencies with a view to identifying culprits within the society. Information is a very valuable tool for addressing insecurity. Without the support of the community, insecurity will never end,” he added.

Items distributed include rice, maize, guinea corn, mattresses, and plastic mats.
Those on the governor’s entourage include Senator Mohammed Ali Ndume, member representing Gwoza, Damboa, and Chibok at the national assembly, Hon. Ahmed Jaha, Chairman Palliative Distribution Committee and member representing Monguno, Nganzai, Marte, Hon. Bukar Talba, member representing Gwoza state constituency; Commissioners for Local government and that of Transport and Energy; Special Advisers and other government officials.
Zulum Spends Night Coordinating Security in Pulka
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