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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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Yobe: Flood kills 10 in Jakusko
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Yobe: Flood kills 10 in Jakusko
By: Yahaya Wakili
The Executive Chairman of Jakusko local government area of Yobe state, Hon. Umaru Aguwa, has said that about 10 people died in Jakusko local government area as a result of the floods this year.
Aguwa disclosed this to newsmen in his office at Jakusko, the headquarters of the council. He said the council has constructed over 15 canoes and distributed them to the towns that were worst affected by the floods in the local government area.
“We thank God for what is happening because the disaster triggered by heavy rainfall in the area and Dan Takunne village was worst affected by the flood, but no lives were lost but many properties were destroyed.
He revealed that His Excellency, the Executive Governor of Yobe State, Hon. Mai Mala Buni CON, sent us officials of SEMA under the leadership of the Executive Secretary, Dr. Mohammed Goje. We want to go to Dan Takunne village and go round and access the damage because Dan Takunne were swept away by the floodwaters.
“The council also purchased empty sacks and distributed them to all affected areas with a view to controlling the water. Adding that, God, in his mercy, our lucky River Yobe is not overflooding enough this year unlike before, but the floods are almost touching everywhere in Jakusko local government,” he said.
According to him, this disaster triggered is from God, and since the rain fell this year, they didn’t spend good three days without getting water, and everybody knows that this is from Almighty Allah (SWT); therefore, let us pray to God to reward us abondant in his mercy.
The Chairman commends His Excellency, the Executive Governor of Yobe State, Hon. Mai Mala Buni CON, Chiroman Gujba, for his efforts towards assisting the local government councils in the state.
He urges the people to be patient; there is an alternative for irrigation farming, and if people engage fully in this irrigation farming, Inshallah, God will reward us with what we lost at the back.
Yobe: Flood kills 10 in Jakusko
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Zulum Activates Gov’t Machinery to Avert Flood Disaster in Borno
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Zulum Activates Gov’t Machinery to Avert Flood Disaster in Borno
… Borno SSG to Coordinate Emergency Response
By: Our Reporter
Borno State Governor, Babagana Zulum has directed the immediate activation of all relevant government resources and machinery ahead of any possible overflow of water due to the unprecedented high volume of rainfall this year, to avert any flood disaster in Maiduguri, it’s environs and other parts of the state.
Zulum’s directive, released in a statement by his Senior Special Assistant on New Media, Abdurrahman Ahmed Bundi, became imperative due to rising concerns about the possible overflow of the Alau Dam, which recharges Maiduguri city’s water treatment plants for domestic use and irrigation.
The Governor noted with concern that the high volume of rain across parts of the state may possibly lead to flooding.
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Zulum consequently instructed all relevant government agencies and local councils to dutifully discharge their responsibilities by continuously assessing vulnerable areas, implementing preventive measures, and conducting public awareness campaigns across all communities in their domains.
The Governor also cautioned the public to be conscious about the possible risks, be vigilant and abide by all directives from government agencies and constituted authorities on all emergency response protocols.
The Governor directed that all local government councils should mobilise all relevant officials and units to conduct site assessments in at-risk neighbourhoods and collaborate with relevant Civil Society Organisations (CSOs), Community-Based Organisations (CBOs), community and religious leaders, and other opinion leaders and institutions.
He said that government has identified high-risk locations that are prone to flooding, and is implementing solutions such as constructing temporary barriers and establishing emergency evacuation routes.
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“We cannot afford to be complacent in the face of this impending challenge”, Zulum was quoted as saying. “It is imperative that we should mobilize all our resources, engage all stakeholders across communities, and implement effective measures to safeguard our people.”
“We have a standing committee to mitigate flooding; which, has in the past evacuated and led to the construction of more drainages in different parts of the state. I have instructed more measures to avert any emergency health epidemic. We have also established the Agency for the Great Green Wall.”
“We have also desilted, dredged and constructed concrete retaining walls around River Ngada to avert erosion that could possibly lead to flooding of Maiduguri and its environs.”
“As part of the long-term measure, we intend to construct structures to harvest water for irrigation and embark on soil conservation, including reinforcement at the river banks and desilting of river Ngada to allow free passage of water.”
… Borno SSG to Coordinate Emergency Response
Meanwhile, the Secretary to the Borno State Government, Alhaji Bukar Tijani, is coordinating the flood emergency responses to ensure the Governor’s directives are fully implemented to ensure the safety of all residents.
The SSG has visited Alau Dam, Gongulong, Gwange, Farm Center, 505 Housing Estate and several other locations within the metropolis and environs to assess the situation and provide the necessary guidance to avert collosal damage from any possible flooding.
Many Nigerian states, including in the North-east have experienced flood disasters this year, which have been attributed to the unprecedented volume of rainfall this season.
Zulum Activates Gov’t Machinery to Avert Flood Disaster in Borno
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COAS EMBARKS ON WORKING TOUR OF 17 BRIGADE, CHARGES TROOPS TO UP OPERATIONAL TEMPO, CONDOLES THE YAR’ ADUAS, KATSINA GOVERNMENT
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COAS EMBARKS ON WORKING TOUR OF 17 BRIGADE, CHARGES TROOPS TO UP OPERATIONAL TEMPO, CONDOLES THE YAR’ ADUAS, KATSINA GOVERNMENT
By: Our Reporter
The Chief of Army Staff (COAS) Lieutenant General Taoreed Lagbaja has embarked on a working tour of 17 Brigade Area of Responsibility in a deliberate effort to access and reinvigorate ongoing counter-terrorism counter-insurgency operations in North West Nigeria.
The COAS, who arrived at the Headquarters 17 Brigade in Katsina with a team of principal staff officers from the Army Headquarters on Friday 6 September 2024, immediately received a brief on the security situation and operational disposition of the Brigade by the Commander, Brigadier General Babatunde Omopariola.
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Addressing the troops, the COAS stated that in pursuit of his Command Philosophy to provide efficient leadership, sound administration, and operational effectiveness, the Nigerian Army (NA)has initiated several welfare schemes to shore up the morale of troops by progressively improving the living standard and condition of personnel and their families.
He clarified that the attainment of these goals have been tenaciously pursued by commencing the payment of the backlog of Group Life Assurance scheme that had accumulated since 2017, as well as the Personnel Accident Insurance Scheme to NA beneficiaries.
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Gen Lagbaja also pointed out that the NA has introduced the Affordable Housing Options for all Soldiers (AHOOAS) post service Housing scheme to provide highly subsidized post service residential accommodation for personnel alongside ongoing massive rehabilitation of medical facilities, Barracks and infrastructure across NA formations and units in the country.
He added that the NA has initiated COAS Loan Schemes to economically empower personnel and their families. These he maintained are aside provision of several combat enablers to troops to enhance operations against the terrorists. He charged the troops to rise up to the security challenges in the region and go after the insurgents in their hideouts.
Gen Lagbaja also took time out to visit sick soldiers and their families at the 17 Brigade Medical Centre, where he gave immediate directive for installation of some essential medical equipment in the center. He later laid a wreath in honour of troops who paid the supreme price in the fight against terrorists and bandits at the 17 Brigade Headquarters Cenotaph.
Meanwhile, the Governor of Katsina State Dr Dikko Umar Radda has stated that security has progressively improved in the state with the return of farmers to their farmlands.
The Governor made this known when he received the COAS in the Katsina state Government house during a courtesy cum condolence visit to the Governor. The Governor noted further that the state has witnessed a reduction in the menace and farmers are returning to their farms.
He attributed the development to the synergy and joint effort of all the security agencies. Governor Dikko appealed to the communities not to relent in supporting the troops with credible information, stressing that without the cooperation of the communities, the ongoing operations will not succeed.
The COAS had earlier in his remarks pointed out that he was on an assessment tour of ongoing operations, state of infrastructure and Civil-Military Cooperation activities in the Brigade.
He expressed appreciation to the Government and people of Katsina state for their support to the NA and particularly to troops of 17 Brigade. The COAS equally paid a courtesy call on His Royal Highness Alhaji Dr Abdulmumuni Kabir Usman, Emir of Katsina, where he acknowledged the critical role of the traditional institution in mobilizing the people to support the troops in order to completely stamp out security threats and challenges.
Also in Katsina, the COAS has described the passing of Hajiya Dada Yar Adua as a loss of one of the legendary and virtous matriarchs of the Nigerian Army family.
Gen Lagbaja made this known when he paid a condolence visit to the Chairman Senate Committee on Army, Senator Abdulazeez Yar Adua and other members of the bereaved family during his working tour of 17 Brigade.
The Army Chief noted that officers and soldiers of the Nigerian Army share in the grief and pains of the Yar Aduas as a family that gave two illustrous sons to the Nigerian Army.
He prayed for God to grant the family and the people of Katsina the fortitude to bear the irreparable loss.
COAS EMBARKS ON WORKING TOUR OF 17 BRIGADE, CHARGES TROOPS TO UP OPERATIONAL TEMPO, CONDOLES THE YAR’ ADUAS, KATSINA GOVERNMENT
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