Connect with us

News

UN Report: 2024 Could Errand Protracted Period of Low Growth

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Borno Students Rally Behind Security Agencies, Reject Terrorism, Call for National Unity Against Boko Haram, ISWAP, Banditry

Published

on

Borno Students Rally Behind Security Agencies, Reject Terrorism, Call for National Unity Against Boko Haram, ISWAP, Banditry

By: Zagazola Makama

Students from various tertiary institutions in Borno State on Sunday declared their unwavering support for Nigeria’s security agencies in the ongoing campaign against Boko Haram, ISWAP, banditry and other violent criminal groups, urging all citizens to unite behind efforts to restore lasting peace across the country.

The students made the declaration during a solidarity rally held at the Post Office Round About in Maiduguri, where they joined civil society groups, youth organisations and community leaders to express appreciation for the sacrifices of the Armed Forces, Police, Department of State Services (DSS), Nigeria Security and Civil Defence Corps (NSCDC), Civilian Joint Task Force (CJTF) and other security personnel engaged in counter-terrorism operations.

The rally, attended by hundreds of students from the University of Maiduguri, Borno State University, Ramat Polytechnic, Mohammed Lawan College of Agriculture and other institutions, featured speeches, peace messages and calls for greater public cooperation with security agencies.

A Student Leader, Suleiman Muhammad Sarki urged Nigerians to reject terrorism in all its forms and embrace national unity as the country’s strongest weapon against violent extremism.

“Terrorism has killed our people, destroyed our communities and stolen peace from our homes. This fight is not for government alone; it is the responsibility of every Nigerian.

“We must also speak with one voice against the payment of ransom to kidnappers, bandits and terrorist groups. When we deny them financial support, we weaken their operations.

“Parents should teach their children peace, communities should report suspicious activities, leaders should speak with one voice, the media should spread truth instead of fear, while the youth must choose unity over hatred. Nigeria is bigger than any terrorist, and together we shall overcome,” he said.

The remarks were greeted with applause as participants waved Nigerian flags and displayed placards bearing inscriptions such as “United Against Terrorism,” “Support Our Troops,” “Enough is Enough,” “Peace is Our Right,” and “Nigeria Must Win.”

Students of the Mohammed Lawan College of Agriculture, Maiduguri, also called for sustained government investment in communities liberated from insurgents.

One agriculture student said restoring farming activities remained crucial.

“Food security and national security go together. When farmers return safely to their fields, communities recover faster and criminal groups lose influence.”

A student of Education stressed that schools should continue promoting peace education.

“Children must grow up understanding tolerance, respect and peaceful coexistence. Education remains one of the strongest tools against violent extremism.”

At the Ramat Polytechnic, Maiduguri, students praised the resilience of communities affected by insurgency.

A Higher National Diploma student said the determination shown by residents demonstrated that terrorism would never defeat Nigeria.

“Despite everything, people have rebuilt businesses, returned to school and continued with their lives. That resilience gives hope.”

Another student urged social media users to verify information before sharing it online.

“False information creates unnecessary panic and sometimes benefits terrorists. Citizens should rely on credible sources and avoid spreading rumours during security operations.”
Several students also commended security personnel serving in difficult operational environments across the North-East.

They acknowledged the sacrifices made by troops deployed under Operation HADIN KAI and other security formations, noting that many personnel had paid the ultimate price in defence of the country.

A law student observed that national unity remained Nigeria’s greatest strength.

“Terrorists want to divide Nigerians along ethnic and religious lines. We must deny them that victory by standing together as one nation.”

Students also called on traditional rulers, religious leaders, civil society organisations and the media to intensify public enlightenment campaigns against violent extremism.

They said parents should monitor their children, communities should remain vigilant and religious leaders should continue preaching tolerance, peaceful coexistence and respect for human life.

According to them, the fight against terrorism extends beyond military operations and requires sustained investment in education, youth empowerment, community policing, intelligence sharing and post-conflict reconstruction.

Many expressed optimism that with continued cooperation between citizens and security agencies, Nigeria would eventually overcome terrorism and restore lasting peace.

As the interviews concluded, one message remained consistent across campuses in Maiduguri: defeating Boko Haram, ISWAP and banditry requires a united Nigeria.

Aisha Ibrahim, a students from UNIMAID said the fight against terrorism should not be left solely to security agencies, stressing that citizens also have important roles to play through vigilance, intelligence sharing and promoting peaceful coexistence.

She noted that Borno State had endured years of insurgency, resulting in the loss of thousands of lives, displacement of communities and disruption of education and economic activities.

According to her , the significant progress recorded through sustained military operations has encouraged many displaced families to return home, while schools, markets and farming activities have gradually resumed in several communities.

Bashir Babagana, another student commended the resilience and professionalism demonstrated by troops and other security personnel operating in difficult environments, saying their sacrifices deserved national recognition and support.

He noted that many members of the security forces had paid the ultimate price while defending the country’s territorial integrity and protecting civilians from terrorist attacks.

Participants also appealed to Nigerians to avoid spreading misinformation capable of undermining security operations or creating unnecessary panic.

They stressed that verified information and responsible reporting remained essential in sustaining public confidence and denying terrorist groups the propaganda they often seek.

The students further called on religious leaders, traditional institutions, community associations and youth groups to intensify campaigns promoting tolerance, peaceful coexistence and national unity.

They maintained that education, youth empowerment and community engagement should complement military operations in addressing the root causes of violent extremism.

The rally also featured prayers for the repose of civilians and security personnel who lost their lives in the fight against terrorism, as well as special prayers for the safety of troops currently serving in operational theatres across the country.

The students also pledged continued support for lawful efforts aimed at defeating Boko Haram, ISWAP, bandit groups and other criminal elements threatening Nigeria’s peace and stability.

They urged Nigerians, irrespective of ethnicity, religion or political affiliation, to remain united and work collectively towards building a secure and prosperous nation.

The rally concluded with participants reaffirming their commitment to national unity and expressing confidence that sustained collaboration between citizens and security agencies would ultimately bring terrorism to an end.

Borno Students Rally Behind Security Agencies, Reject Terrorism, Call for National Unity Against Boko Haram, ISWAP, Banditry

Continue Reading

News

ECOWAS pushes jobs agenda to curb irregular migration

Published

on

ECOWAS pushes jobs agenda to curb irregular migration

…Urges member states to expand youth employment, tighten anti-trafficking laws

By: Michael Mike

The ECOWAS Parliament has called on governments across West Africa to make the creation of decent and sustainable jobs for young people a top priority, warning that unemployment and shrinking economic opportunities continue to fuel irregular migration and human trafficking across the region.

The regional legislature made the call after a week-long citizen engagement in The Gambia, where parliamentarians interacted with young people, returnees, community leaders and other stakeholders to identify the root causes of irregular migration and recommend solutions.

Presenting the report of the engagement, head of the delegation, Hon. Billay Tunkara, said participants overwhelmingly identified unemployment, underemployment, low incomes, inadequate access to education and vocational training, and limited economic opportunities as the primary factors pushing young people to undertake dangerous migration journeys.

According to the report, many young people believe that the opportunities available in their home countries do not offer a realistic path to prosperity, reinforcing the perception that migrating abroad—often through irregular routes—is the only viable option for a better future.

The Parliament also found that family expectations, peer influence and social media have become powerful drivers of migration, with success stories of migrants overseas encouraging more young people to embark on risky journeys despite widespread knowledge of the dangers involved.

Testimonies from returnees and survivors painted a grim picture of irregular migration, detailing experiences of deception, forced labour, exploitation, abuse, detention, family separation and severe psychological trauma. However, the Parliament noted that these survivors could play a vital role in discouraging others by sharing their experiences with vulnerable communities.

Beyond awareness campaigns, the lawmakers stressed that governments must invest in vocational education, entrepreneurship, agriculture and access to finance if they hope to reduce migration pressures. They also called for stronger reintegration programmes for returnees, including psychosocial support, skills acquisition, livelihood assistance and community acceptance.

Among its recommendations, the ECOWAS Parliament urged member states to expand investments in technology and vocational training centres, strengthen cross-border cooperation against migrant smuggling and human trafficking, improve intelligence sharing, and deploy modern surveillance equipment to enhance border security. It also advocated greater access to affordable financing for young entrepreneurs.

For The Gambia, the Parliament specifically called for the speedy passage and implementation of the country’s immigration bill and increased investment in communities most affected by irregular migration through job creation and development initiatives.

The regional legislature further appealed to traditional rulers, religious leaders, civil society organisations, families and the media to intensify public awareness campaigns, discourage the financing of irregular migration and promptly report suspected cases of migrant smuggling and human trafficking to relevant authorities.

The report also recommended that the ECOWAS Parliament institutionalise citizen and student engagement across member states to strengthen parliamentary oversight and ensure that recommendations from such consultations shape future policies on migration governance, regional integration and human security. The report is expected to be debated during the Parliament’s ordinary session before being transmitted to relevant ECOWAS institutions for implementation if adopted.

ECOWAS pushes jobs agenda to curb irregular migration

Continue Reading

News

NDLEA arrests South African woman with 3-year-old son over heroin haul, seizes N10.3bn cannabis shipment at Lagos port

Published

on

NDLEA arrests South African woman with 3-year-old son over heroin haul, seizes N10.3bn cannabis shipment at Lagos port

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) has arrested a 38-year-old South African woman at the Nnamdi Azikiwe International Airport, Abuja, for allegedly attempting to smuggle 5.75 kilogrammes of heroin into Nigeria while travelling with her three-year-old son, whom investigators said she used as a cover to avoid suspicion.

The agency also announced the seizure of 4,143.5 kilogrammes of Canadian Loud, a potent strain of cannabis, valued at more than N10.3 billion, at the Apapa Seaport in Lagos, alongside the interception of an alleged drug courier who excreted 100 wraps of methamphetamine after arriving at the Murtala Muhammed International Airport (MMIA), Lagos.

According to NDLEA spokesman, Femi Babafemi, the South African suspect, identified as Jessica Ann Will, was arrested on July 6 during the clearance of passengers arriving aboard Qatar Airways flight QR1433 from Doha.

Babafemi said, in a statement on Sunday that, the suspect initially denied travelling with any checked luggage, but investigations revealed that two suitcases containing 14 large blocks of heroin bore baggage tags matching those attached to her passport.

He said the suspect later admitted ownership of the bags, claiming she had forgotten she checked them in.

The NDLEA said preliminary investigations indicated that the suspect travelled from Cambodia through Doha to Abuja and is believed to be part of a transnational drug trafficking syndicate allegedly operated with her husband or partner, Jan Coenraad De Jager, along the Cambodia-South Africa route.

In a separate operation, NDLEA operatives at MMIA arrested 48-year-old Onyechere Chinadu, an Okada rider from Lagos, upon his arrival from Madagascar via Addis Ababa on June 28.

The agency said officers recovered 87 wraps of methamphetamine hidden inside clothes in his backpack during a search.

During interrogation, the suspect reportedly told investigators he had worked as a commercial motorcycle rider in Lagos for 15 years before being recruited into drug trafficking by a Uganda-based associate.

He claimed he ingested additional drug pellets in Uganda before travelling to Madagascar but was denied entry by immigration authorities there. According to him, his sponsor subsequently rerouted him to Lagos, where he was arrested.

Because he could not state the exact quantity of drugs he had swallowed, NDLEA placed him under observation. Over three days, he excreted an additional 13 pellets, bringing the total recovery to 100 wraps of methamphetamine weighing 1.715 kilogrammes.

At the Apapa Seaport, NDLEA said operatives, working alongside the Nigeria Customs Service and other security agencies, uncovered 8,287 nylon bags of Canadian Loud weighing 4,143.5 kilogrammes inside a container imported from Canada.

The agency said the seizure followed weeks of intelligence-led surveillance by its Maritime Intelligence Unit, which tracked the shipment from Montreal before it arrived in Lagos. The illicit consignment has an estimated street value exceeding N10.3 billion.

In another operation, NDLEA said it thwarted an attempt to export 2.5 kilogrammes of skunk concealed inside a gas compressor destined for Cyprus through a courier company in Lagos.

Babafemi said the agency sustained its War Against Drug Abuse (WADA) campaign across the country, conducting sensitisation programmes in schools and communities in Ebonyi, Kano, Ekiti and Ogun states, while officials of its Zone 14 Command paid an advocacy visit to Rivers State Governor, Siminalayi Fubara.

Commending officers involved in the various successful operations, NDLEA Chairman and Chief Executive Officer, Brig.-Gen. Buba Marwa (retd.), praised the agency’s continued success in reducing the supply of illicit drugs while intensifying public awareness campaigns against drug abuse.

He urged personnel across the country to remain steadfast in the fight against drug trafficking and abuse.

NDLEA arrests South African woman with 3-year-old son over heroin haul, seizes N10.3bn cannabis shipment at Lagos port

Continue Reading

Trending

Verified by MonsterInsights