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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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Cuban Embassy Honours Fidel Castro Nine Years After His Passing

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Cuban Embassy Honours Fidel Castro Nine Years After His Passing

By: Michael Mike

The Cuban Embassy in Nigeria has held a commemorative gathering to mark nine years since the death of Fidel Castro, with Ambassador Miriam Morales Palmero leading the tribute to the late Cuban leader whose influence, she said, continues to shape global struggles for justice.

Addressing diplomats, government officials, and members of Nigeria’s Cuba-friendship community, Ambassador Morales Palmero said the annual remembrance carries deep meaning for the Cuban people and remains a moment to reflect on the principles Castro championed throughout his lifetime.

She thanked attendees for what she described as a visible expression of the strong ties between Cuba and Nigeria, noting that solidarity between both nations “remains a living and unbreakable link.”

The ambassador described Castro as a figure whose impact went far beyond politics. She portrayed him as a global moral voice, committed to defending the disadvantaged and speaking out against oppression in all forms.

She said: “His (Castro) life was defined by dedication to just causes,” adding that his legacy reaches beyond Cuba’s borders to all who pursue a more equitable world.

Morales Palmero also highlighted Castro’s longstanding connection to Africa, recalling his admiration for countries on the continent and the mutual respect he cultivated with African leaders and liberation movements. According to her, Castro viewed Africa not only as a partner but as a source of resilience and inspiration.

Although Castro died in 2016, the envoy emphasized that his influence persists. She told the audience that Castro’s ideals, consistency, and loyalty to principle continue to serve as a guide for people who remain committed to justice and dignity. “Fidel did not disappear,” she said. “His example endures.”

The programme featured the screening of the documentary “Fidel is Fidel,” which presents key moments from Castro’s life and leadership. Organizers said the film was chosen to give audiences a renewed sense of the personal qualities—discipline, conviction, and humanity—that shaped his decades of public service.

The evening ended with expressions of continued friendship between Cuba and Nigeria, reaffirming shared commitments to solidarity and cooperation—values central to Castro’s worldview.

Cuban Embassy Honours Fidel Castro Nine Years After His Passing

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ActionAid Secretary-General Praises Nigerians’ Warmth, Urges Government to Scale Up Community-Based Solutions

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ActionAid Secretary-General Praises Nigerians’ Warmth, Urges Government to Scale Up Community-Based Solutions

By: Michael Mike

The Secretary-General of ActionAid International has applauded Nigerians for their hospitality and resilience during his maiden visit to the country, describing Nigeria as “an impressive nation whose people embody warmth, courage, and a strong sense of community.”

Speaking during a field visit to a women-led community empowerment programme in Abuja as part of activities marking ActionAid Nigeria’s 25th anniversary, the global head of the development organisation said he arrived with mixed expectations but was quickly won over by the sincerity and openness of ordinary Nigerians.

“I had heard many things about Nigeria before coming, some of them told in jest, like the idea that you haven’t truly visited Africa until you’ve visited Nigeria,” he said. “But over the past three days, I’ve been moved by the kindness of the people and the genuine willingness to help. It has left me with a very strong, positive impression.”

Reflecting on the organization’s two-and-a-half decades in the country, the Secretary-General said the true measure of impact lies not in written reports but in the lived experiences of people who have benefited from the programs.

“Listening to women and young people speak confidently about how trainings and community support have transformed their lives is the clearest sign of impact,” he noted. “When people speak from a position of power and agency, you know development work is reaching the right places.”

He added that ActionAid will deepen its investments over the coming years—especially in women and young people—because these groups play a pivotal role in driving sustainable change at both community and national levels.

The Secretary-General urged the Nigerian government to recognize the vital role civil society organizations play in development and to ensure a supportive environment for their operations.

“When organizations like ActionAid thrive, entire communities thrive with them,” he said. “The government must acknowledge this and create conditions that allow civil society to operate effectively.”

However, he stressed that NGOs alone cannot achieve nationwide transformation.

“Non-governmental organizations can only reach a limited number of communities. Government has the mandate, the resources, and the long-term responsibility to deliver services at scale,” he explained. “Our job is to demonstrate what works. Government’s job is to expand it.”

He also highlighted education as a non-negotiable priority for Nigeria’s development.

“No country can achieve meaningful transformation without investing in education,” he said. “Budget decisions must reflect this reality, and every expenditure should have a direct impact on communities.”

His visit concluded with renewed commitments from ActionAid International to strengthen partnerships, expand grassroots initiatives, and support Nigerian communities in achieving long-term, people-driven development.

On his part, the Country Director of ActionAid Nigeria, Dr. Ahmed Mamedu reiterated the need for urgent government investment in underserved communities across the Federal Capital Territory (FCT) as well as other parts of the country, particularly those facing severe infrastructural and social service gaps.

He made the appeal during a field visit to Pasepa community, one of several hard-to-reach areas where ActionAid has worked for more than a decade.

Mamedu explained that the visit formed part of the anniversary celebrations, which include showcasing communities where ActionAid has driven long-term development initiatives. He noted that Pasepa, like many others in the FCT, reflects the reality of deep rural poverty often overlooked in discussions about Abuja.

He noted that: “Many people assume Abuja is all about the city’s glamour, but Pasepa is also part of the FCT,” adding that: “Coming here reveals what daily life looks like for people living in real poverty — difficult terrain, limited infrastructure, and minimal access to essential services.”

He said ActionAid has worked in Pasepa for over 12 years, partnering with local stakeholders to build community structures, strengthen accountability, and push for government responsiveness. Despite notable progress, but lamented that the reality on ground remains far from satisfactory.

“Are we impressed with what we are seeing here? The answer is no,” he stated. “We can definitely do better. We want to see more impact, more livelihood opportunities, and improved access to social services.”

He said one of the most striking observations during the visit was the steady stream of political actors entering the community, insisting that this is evidence that leaders are aware of the community’s challenges — and capable of reaching it when seeking support.

“If politicians can find their way here during the political season, then they can also bring infrastructure and amenities,” he said. “We expect that in the next few months and years, returning to this community will reveal concrete improvements.”

He stressed that such development is not only overdue but essential for improving the lives of thousands of residents.

He said the visit was also an opportunity for the Secretary-General of ActionAid International to directly experience the conditions in Nigeria’s marginalized communities.

“This visit allows him to hear the voices of the people firsthand and understand the depth of the work we do,” he added.

ActionAid Nigeria says it will continue supporting rural communities while advocating stronger government accountability and sustained investment in critical social infrastructure.

ActionAid Secretary-General Praises Nigerians’ Warmth, Urges Government to Scale Up Community-Based Solutions

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Mining: FG Finalizes Plans to Reduce Release of Mercury into Atmosphere in Nigeria

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Mining: FG Finalizes Plans to Reduce Release of Mercury into Atmosphere in Nigeria

By: Michael Mike

The federal government is finalizing plans aimed at direct reduction of excess emissions and release of mercury into the environment from Artisanal and Small-scale Gold Mining (ASGM) activities in the country.

The effort is spearheaded by the Federal Ministry of Environment in collaboration with the Federal Ministry of Solid Minerals Development and funded by the Global Environment Facility (GEF).

The Minister of Environment, Balarabe Lawal, during an inception workshop organized at the weekend, in Abuja, to enhance the formalization of a mercury-free gold in Nigeria, revealed that they are collaborating together to forge a future where Nigeria’s gold resources are harnessed responsibly, without compromising the health of the people or the integrity of the environment

Lawal, who was represented by the ministry’s permanent secretary, Mahmud Kambari, said the artisanal and small-scale gold mining (ASGM) sector represents a notable contributor to Nigeria’s economy, and offers livelihoods to many, but, however worried that the sector presents a complex challenge due to the widespread use of mercury.

He decried that this has been identified as a potent neurotoxin with devastating consequences for human health and the environment.

He said: “Mercury is a highly toxic substance that can contaminate water sources and soil, leading to serious environmental and health problems. It can bioaccumulate in the food chain, leading to long-term health effects in humans and wildlife. In addition, mercury pollution can persist in the environment for decades, causing harm to ecosystems and biodiversity.”

Lawal disclosed that Nigeria, as a signatory to the Minamata Convention on Mercury, demonstrated its commitment by developing a National Action Plan (NAP) for the reduction and eventual elimination of mercury use in Artisanal and Small-scale Gold Mining (ASGM) in Nigeria between 2017 and 2020.

The Minister said the present collaboration under the GEF GOLD+ Nigeria Project builds upon the foundation laid by the NAP and represents a significant step forward in their commitment to tackling mercury pollution in the ASGM sector. He further reiterated that the project aligns perfectly with Nigeria’s national environmental policies and its obligations under the Minamata Convention on Mercury, adding that its focus on a holistic, multi-sectoral approach, integrating formalization with the adoption of mercury-free technologies and access to traceable supply chains, offers a sustainable pathway for the sector’s development.

On his part, the Permanent Secretary, Ministry of Solid Mineral Development, Engr. Faruk Yabo noted that Nigeria stands at the forefront of efforts to formalize the ASGM sector and reduce mercury use, in line with the Minamata Convention and the Sustainable Development Goals.

Yabo revealed that the by this project initiative, Nigeria is not only joining the global community efforts, but is setting an example for other nations—demonstrating that economic development and environmental stewardship can go hand in hand.

He said: “This project is designed to support policy reforms, strengthen institutional capacity, empower mining communities, and enhance access to finance for artisanal and small-scale miners. Improving financial inclusion is critical to enabling miners to invest in cleaner technologies, adopt safer practices, and transition toward formal and sustainable operations. By fostering partnerships across government, industry, and civil society, we aim to create an enabling environment where miners can thrive economically while safeguarding health and ecosystems.”

In a message at the event, United Nations Industrial Development Organisation (UNIDO), said; “By this project initiative, Nigeria is not only joining the global community efforts, but is setting an example for other nations—demonstrating that economic development and environmental stewardship can go hand in hand.”

It noted that: “This project is designed to support policy reforms, strengthen institutional capacity, empower mining communities, and enhance access to finance for artisanal and small-scale miners. Improving financial inclusion is critical to enabling miners to invest in cleaner technologies, adopt safer practices, and transition toward formal and sustainable operations. By fostering partnerships across government, industry, and civil society, we aim to create an enabling environment where miners can thrive economically while safeguarding health and ecosystems.

“UNIDO is committed to partner with the Government of Nigeria in driving this important transformation. In line with our mandate, to promote inclusive and sustainable industrial development, our commitment extends beyond the life of this project. We will continue to deliver technical expertise, facilitate knowledge exchange, and leverage international networks to attract resources and partnerships. Together, we aim to position Nigeria’s ASGM sector as a benchmark for sustainability, inclusiveness, and innovation—contributing to economic growth, environmental protection, and social well-being.”

Mining: FG Finalizes Plans to Reduce Release of Mercury into Atmosphere in Nigeria

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