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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
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Troops rescue 13 abducted Benue Links passengers, including students en route to sit for JAMB
Troops rescue 13 abducted Benue Links passengers, including students en route to sit for JAMB
By: Zagazola Makama
Troops of Operation Whirl Stroke (OPWS) have rescued 13 passengers abducted from a Benue Links commercial bus along the Makurdi–Otukpo road.
Zagazola report that the victims were among 17 passengers kidnapped on April 15 while travelling from Makurdi to Otukpo in Benue State. Three of the victims had earlier escaped from captivity, bringing the total number of those now safe to 16.
According to security sources, the rescue was achieved at about 190320A April 19 during a sustained search-and-rescue operation conducted by troops of Sub-Sector 1B, OPWS, in Ohimini Local Government Area.
The victims were located and rescued in a forested area around Okete Ward, behind the Idoma Doctors Forum building, following intensive tracking and exploitation of intelligence on the kidnappers’ movement.

Security sources further clarified that the perpetrators were local criminal elements in Benue and not Fulani bandits as initially speculated in some quarters. The attack was however, hastily attributed to external groups without proper verification.
“The operation was carried out professionally, leading to the safe recovery of 13 victims. Preliminary findings indicate that the perpetrators are criminal elements from within the state and not external armed groups as widely speculated,” the source said.
Those rescued include Hycent Oko (56), Elaiguli Joshua (25), Orili Raphael (29), Sunday Augustine (18), Emmanuel Elaicha (21), Gbile Nguyor Daniel (18), Ukacha Tersoo (18), Nyikwagh Aoridakator (22), Iornav Ngukuhan (18), Nyikwagh Benjamin (18), Buker Agatha (19), Paul Wende (29) and Akor Jessica (19).
The victims were immediately evacuated to the General Hospital in Otukpo, where they are currently receiving medical attention. Some of them sustained varying degrees of injuries during their captivity.
Further checks revealed that eight of the rescued passengers were students en route to sit for the Joint Admissions and Matriculation Board (JAMB) examinations at the time they were abducted, a development that underscores the disruptive impact of criminal activities on education and civil life.
The incident illustrated a growing trend of internally driven criminality, where local elements exploit familiar terrain and community networks to carry out abductions.
“This case clearly shows that not all security incidents should be viewed through ethnic or external lenses. Addressing insecurity requires acknowledging the role of local criminal networks and strengthening community cooperation with security agencies,” the source added.
Troops have since intensified operations in the general area to track down the perpetrators and rescue the remaining victim still in captivity.
Military high command reiterated their commitment to sustaining pressure on criminal elements across Benue and adjoining states, while urging residents to provide credible information that could aid ongoing operations.
They also reassured commuters and residents of continued efforts to secure major routes and restore confidence in public transportation across the state.
Troops rescue 13 abducted Benue Links passengers, including students en route to sit for JAMB
News
Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno
Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno
By: Zagazola Makama
Troops of Operation Hadin Kai have recovered a cache of ammunition during a fighting patrol in Mallam Fatori, Abadam Local Government Area of Borno State.
Security sources said the operation was conducted at about 7:30 a.m. on April 18 by troops of 68 Battalion deployed in the area.

The patrol was carried out ahead of the troops’ defensive location toward a suspected withdrawal route used by insurgents following an earlier attack on March 18.
During the operation, troops recovered 166 rounds of PKT linked ammunition and one bandolier.
No contact was made with any terrorist elements during the patrol.
They added that the general security situation across the theatre remains calm but unpredictable, while troops continue to maintain high morale and operational effectiveness.
Hamza Suleiman NAN: Troops recover ammunition during patrol in Borno
News
NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others
NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others
By: Michael Mike
Operatives of the National Drug Law Enforcement Agency (NDLEA) have intensified their crackdown on drug trafficking networks, intercepting cocaine ingeniously concealed in food flasks and cannabis hidden in snack packs, while arresting multiple suspects including a Lagos-based fashion designer.
The agency in a statement on Sunday by its spokesman, Femi Babafemi, said 12 large parcels of cocaine weighing 2.8 kilogrammes were uncovered at the export shed of the Murtala Muhammed International Airport (MMIA), Lagos.
Babafemi said the illicit consignment, bound for the United Kingdom via a Virgin Atlantic flight, was discovered in the false bottoms of food flasks on April 9.

He disclosed that two cargo agents—Ama Ufeim, 33, and Ogabi Akorede, 39—were arrested at the point of interception, with subsequent investigations leading to the arrest of the alleged sender, 52-year-old freight forwarder Agoro Moninuola.
In a related operation a day earlier, NDLEA operatives at the airport’s import shed intercepted 2.9 kilogrammes of “Loud,” a potent strain of cannabis, concealed in snack packs arriving from the United States aboard a Delta Air Lines flight.
He noted that initial arrests of cargo clearing agents Animashaun Adetunji and Mercy Oluwasegun paved the way for the apprehension of the consignee, Saheed Adegoke, a 29-year-old fashion designer, who was later tracked and arrested in Ogba, Lagos.
Beyond the airports, NDLEA operations extended across several states with significant seizures recorded. Along the Kaduna-Zaria highway, operatives intercepted a cement-laden trailer transporting 847 kilogrammes of skunk. The driver, Umar Garba Haruna, was taken into custody.
In Cross River State, a joint operation involving NDLEA officers and security personnel led to the destruction of 15,000 kilogrammes of cannabis cultivated on six hectares of farmland in Uwet community, Akamkpa Local Government Area. A suspect, Alice Udoh, 53, was arrested, while 119 kilogrammes of the substance was recovered.
Similarly, in Edo State, operatives raided a cannabis camp in Ovia North East Local Government Area, destroying over 2,281 kilogrammes of the drug and arresting three suspects. Additional arrests were made in Delta State, where over 87 kilogrammes of skunk and cannabis seeds were seized.
In Lagos, NDLEA officers intercepted a shipment of 11,900 tramadol capsules and 400 ampoules of phenobarbital injections along the Mile 2–Badagry expressway, with the consignment reportedly destined for Ghana. A separate raid on a two-storey building in Lagos Island yielded 95.8 kilogrammes of skunk.

Meanwhile, the agency sustained its War Against Drug Abuse (WADA) campaign nationwide, conducting sensitization programmes in schools, religious centres, and communities across states including Niger, Cross River, Kogi, Katsina, Kano, and Lagos.
Commending the operatives, NDLEA Chairman, Brig. Gen. Buba Marwa (Rtd), praised the balance between aggressive enforcement and preventive education, urging officers to maintain the current momentum in the fight against drug trafficking and abuse.
NDLEA Busts Drug Rings, Intercepts Cocaine Hidden in Food Flasks, Arrests Fashion Designer, Others
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