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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
Why the New IGP Must Protect the Integrity of Police Promotions as Nigerians Are Watching
Why the New IGP Must Protect the Integrity of Police Promotions as Nigerians Are Watching
…Some Officers Climb the Ladder, Others Take the Elevator….
By: Zagazola Makama
There are many roads to promotion in the Nigeria Police Force. Some are long, winding and filled with hardship. They pass through insurgency-ravaged communities in Borno, bandit-infested forests in Zamfara, kidnapping hotspots in Niger State and dangerous highways where officers routinely place their lives on the line.
Recent revelations published by TheCable have reopened an uncomfortable conversation within the Nigeria Police Force and among members of the public: Is promotion in the Force still governed primarily by merit and institutional procedures, or is proximity to political power becoming an increasingly valuable qualification?
The controversy stems from reports that Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, wrote two separate letters to the Police Service Commission (PSC) requesting special promotion for eight police officers attached to political office holders, including officers attached to the President.
One of the letters, dated February 20, 2026, reportedly contained the names of three officers, while another listed five officers.
The recommendations sought the elevation of one officer from Assistant Commissioner of Police (ACP) to Deputy Commissioner of Police (DCP), while others were recommended for promotion from Chief Superintendent of Police (CSP) to Assistant Commissioner of Police (ACP).
According to the report, the officers were recommended on account of their “exemplary leadership qualities, gallantry, teamwork and general performance.” Nobody disputes that these are admirable qualities.
Indeed, they are precisely the qualities expected of every police officer. Yet that is where the debate begins.
Across police formations nationwide, many officers quietly wonder whether gallantry has suddenly become more visible when displayed within the corridors of power than when demonstrated on the frontlines.
For decades, Nigerian police officers have worked under difficult conditions. Many have fought insurgents in the North-East. Others have pursued armed bandits through forests and mountains. Some have lost colleagues in violent confrontations with criminals. Many have spent years separated from their families while serving in high-risk operational environments.
Yet promotion has traditionally followed a structured process involving service records, examinations, seniority, performance assessments and recommendations through established channels.
That is why the reported intervention by a political office holder has generated concern.
Not necessarily because the officers involved are unqualified. Rather, because many fear the precedent it may establish.
One senior officer, speaking anonymously, observed that if recommendation letters from political offices become an accepted route to accelerated promotion, many officers may begin to reassess what constitutes career excellence.
“The officer risking his life in a remote operational base may start wondering whether his greatest mistake was choosing a dangerous posting instead of a strategic attachment,” he said.
The remark was delivered with humour. Its implications are anything but amusing.
The controversy revolves largely around the provisions of the Police Service Commission Act. Section 6 of the Act clearly assigns responsibility for appointments and promotions of police officers, excluding the Inspector-General of Police to the Police Service Commission.
The same legislation states that the Commission shall not be subject to the direction, control or supervision of any authority or person in the exercise of those responsibilities.
It was argued that while the President may issue directives relating to broad policy matters affecting the Commission, the law was deliberately designed to shield personnel decisions from external influence. A professional police force therefore cannot thrive if promotions become susceptible to political pressure.
This is not merely a legal issue. It is a question of institutional credibility. Every disciplined organisation depends on the confidence of its members. An officer who spends years serving in difficult and dangerous environments must believe that hard work, competence and sacrifice remain the principal pathways to advancement.
Once that belief weakens, morale inevitably suffers. Many retired officers argue that the greatest threat to any institution is not always external. Sometimes it is the gradual erosion of confidence in the fairness of internal processes.
The controversy has also revived memories of a similar debate within the military.
It will be recalled that President Tinubu’s aide-de-camp, Nurudeen Yusuf, reportedly rose from Lieutenant Colonel to Colonel in January 2025 and was subsequently to be elevated to Brigadier-General through what was described as a special presidential promotion. The proposal reportedly generated significant disquiet within military circles before plans for the decoration were shelved.
The latest revelation however, revives questions that have refused to go away.
Are Nigeria’s security institutions drifting toward a culture in which proximity to political power increasingly influences career progression? Or are these isolated incidents being misunderstood? Whatever the answer, perception matters. And perception, rightly or wrongly, is often more powerful than official explanations. The average police officer does not read legal opinions. He observes outcomes.
He watches who gets promoted, how quickly it happens and what circumstances surround the process. If he concludes that some officers are operating on a faster track, resentment may follow. That is why many stakeholders believe the issue deserves careful handling by the new Inspector-General of Police.
At a time when the Force is striving to improve professionalism, discipline and public confidence, few issues are more sensitive than promotion. Every rank earned should command respect. Every promotion should inspire confidence. Every officer should believe that the rules apply equally to all.
This is why many Nigerians believe the new IGP faces a challenge that goes beyond crime-fighting. He must protect the credibility of the promotion system.
He must convince officers that career progression is determined by professionalism, competence and sacrifice rather than access to corridors of power.
Otherwise, the message being sent across the Force may be difficult to ignore. Why spend years chasing criminals in forests when a posting close to political power appears capable of performing miracles for one’s career?
Why endure hardship postings when proximity may be more rewarding than performance?
Such questions may be uncomfortable, but they are increasingly being asked.
The truth is that institutions are weakened not only by corruption or insecurity. They are weakened when their members begin to suspect that rules apply differently depending on who is involved. The Nigeria Police Force cannot afford that perception.
Whether fair or unfair, that perception alone can damage an institution. The new IGP would therefore be wise to remember one important fact. Nigerians are watching. More importantly, police officers are watching.
And in an institution built on discipline and hierarchy, nothing attracts attention quite like a fast-moving elevator in a building where everyone else is climbing the stairs.
Why the New IGP Must Protect the Integrity of Police Promotions as Nigerians Are Watching
News
Three Cameroonian Nationals Involved in Boat Mishap in Taraba
Three Cameroonian Nationals Involved in Boat Mishap in Taraba
By: Zagazola Makama
The Police in Taraba State have confirmed a boat mishap involving three Cameroonian nationals in Takum Local Government Area of the state.
A police source disclosed that information about the incident was received on June 17 by the Divisional Police Officer (DPO) of Takum Division from a good Samaritan.
According to the source, the boat capsized on June 16 while conveying the foreign nationals across a river in the area.
The source said that upon receiving the report, the DPO led a team to the scene to ascertain the situation.
“Preliminary findings revealed that three Cameroonian nationals were on board the boat when it capsized.
“Two of the occupants survived after reportedly holding onto sticks in the river until they were rescued by local residents, while one person remains missing,” the source said.
The sources further stated that representatives of the Cameroonian community had been mobilised to assist in establishing the identities of the victims involved in the incident.
According to the source, residents living along the riverbank are also assisting in efforts to locate the missing person, whose body is yet to be recovered.
The police said monitoring of the situation is ongoing as search efforts continue.
Three Cameroonian Nationals Involved in Boat Mishap in Taraba
News
Police Arrest 25 Foreign Nationals Over Alleged Illegal Entry in Lagos
Police Arrest 25 Foreign Nationals Over Alleged Illegal Entry in Lagos
By: Zagazola Makama
The Police in Lagos State have arrested 25 foreign nationals suspected of entering Nigeria illegally following a report of alleged kidnapping in Ikorodu area of the state.
Source disclosed that the suspects, comprising 19 nationals of Chad and six Cameroonians, were apprehended on June 16 by operatives of the Tactical Creek Sweeper Squad based in Ijede, Ikorodu.
According to the source, the arrest followed a complaint lodged at about 9:00 a.m. by one Konga Delphine, a Cameroonian national, who reported a case of alleged kidnapping to the squad.
The source said that police operatives swiftly mobilised to the reported location, leading to the arrest of the suspects.
“Preliminary investigation revealed that the Chadian nationals were allegedly brought into the country illegally under the guise of attending an evangelical crusade purportedly organised under the aegis of Deeper Life Bible Church.
“The Cameroonian nationals, on the other hand, reportedly claimed they were in Nigeria for network marketing activities,” the source said.
The police further disclosed that the suspects were unable to provide valid travel or residency documents during profiling and screening.
According to the source, all the suspects are currently in police custody while investigations continue to ascertain the circumstances surrounding their entry into the country and their activities.
The police said further updates would be provided as investigations progress.
Police Arrest 25 Foreign Nationals Over Alleged Illegal Entry in Lagos
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