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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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Concerns Rise Over Security and Governance In Benue State

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Concerns Rise Over Security and Governance In Benue State

By: Michael Mike

The Center for Democracy and Human Rights (CEDEHUR) has expressed deep concern over the worsening security and administrative situation in Benue State under Governor Hyacinth Alia.

In a press statement read by Comrade Adebayo Lion Ogory in Abuja, CEDEHUR highlighted a series of violent incidents affecting communities across the state, particularly in Turan (Kwande LGA), Logo, Gwer West, and Agatu.

The group noted that attacks by armed herdsmen have resulted in deaths, displacement, and disruption of farming activities, a vital component of the state’s economy.

The organization also raised concerns over alleged administrative failures and financial mismanagement in several state agencies, including the State Universal Basic Education Board (SUBEB), Bureau for Quality Assurance and Examination Board, Benue Investment and Property Company (BIPC), and the Bureau of Solid Minerals.

CEDEHUR cited reports of irregular contract awards, diversion of funds, and overall institutional inefficiency.

Further, the group reported ongoing illegal mining activities in protected areas involving foreign operators, claiming that the state government had failed to intervene. Last weekend, two young men were reportedly killed in Turan following mining activities in the area.

CEDEHUR also expressed concern over directives allegedly issued by Governor Alia restricting public gatherings without official approval, warning that such measures could undermine civil liberties.

They called for clarity from APC National Chairman Prof. Nentawe Yilwatda regarding the party’s role in these directives.

The organization urged federal authorities, including the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Nigeria Police, to investigate allegations of financial mismanagement, human rights violations, and security breaches in the state.

CEDEHUR further appealed to President Bola Ahmed Tinubu to convene a meeting with Benue stakeholders to address the escalating crisis and called for the immediate halt of illegal mining operations and political thuggery across the state.

The group warned that without swift intervention, insecurity and governance challenges in Benue could escalate, threatening lives, livelihoods, and public confidence in the state government.

Concerns Rise Over Security and Governance In Benue State

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Agribusiness Conglomerate Targets Over 6,000 Jobs With Multi-million Dollar Investments In Nigeria

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Agribusiness Conglomerate Targets Over 6,000 Jobs With Multi-million Dollar Investments In Nigeria

As VP Shettima hails decision, assures security of investments

By: Our Reporter

The Vice President, Senator Kashim Shettima, has hailed the multi-million-dollar investment portfolio by African agribusiness conglomerate, Export Trading Group (ETG), in Nigeria, assuring that ongoing reforms by the administration of President Bola Ahmed Tinubu will guarantee the company’s investments.

According to him, the company’s interests across agro-logistics, fertilizer systems, seed production and industrial processing, among others, is commendable and fully aligns with the Renewed Hope Agenda of President Tinubu.

Senator Shettima stated this on Thursday when he received, on a courtesy visit to the Presidential Villa, a delegation from the ETG led by its Global Chief Operating Officer, Mr Niren Murugan.

“You have been in the country since 2010, but this time around, you have decided to play a more active role in Nigeria’s agricultural value chain. This is where the action is. We have the population and abundance of resources for your investments to thrive.

“All your investment decisions are wonderful. I am particularly thrilled by your interventions especially in seed development, oil processing, fertilizer blending, and agricultural extension services, among others. I commend the efforts of your team in Nigeria in the selection of locations for the proposed Centres of Excellence,” he stated.

The Vice President urged the company to explore the abundant opportunities across the country to expand its stakes in the country’s agricultural value chain, particularly in boosting food production.

Earlier, ETG’s Global COO, Murugan, said his visit was to inform the VP of the company’s investment portfolio in Nigeria, seek high-level alignment, secure government guidance and accelerate coordination with stakeholders in the public sectors across all levels.

He announced the take-off of the company’s expanded multi-million-dollar oil processing facility in Sagamu Ogun State by the second quarter of 2026, disclosing proposed investment pipelines in fertilizer blending, seed production and integrated agro-logistics, among others.

The COO also disclosed a collaboration to establish Centres of Agro-Excellence in seven states of Kaduna, Ebonyi, Cross River, Ekiti, Jigawa, Nasarawa and Borno to serve as regional hubs for the provision of inputs, mechanisation, storage, and primary processing, among others.

On his part, Cross River State Governor, Senator Bassey Otu, expressed the state’s readiness to collaborate with the conglomerate to harness the vast agricultural potentials of the state.

He said the state government has, on its part, carried sweeping reforms aimed at not only boosting agricultural productivity, but in building a sub-national economy that serves the rest of the country and gives the state an edge in revenue generation and food production.

Governor Otu also spoke about the state government’s vision to attract investments in port facilities, particularly the Bakassi Deep Seaport and Calabar Port projects.

“We can match your vision end-to-end. We have the land, the mineral resources and the enabling environment to make it happen,” the Governor assured the company.

Also present at the event were the company’s Business Manager in Nigeria, Mr Ogu Goodluck; ETG’s Senior Business Development Manager, Mr Bharat Shinde, and the company’s CFO, Amin Ahmad.

Agribusiness Conglomerate Targets Over 6,000 Jobs With Multi-million Dollar Investments In Nigeria

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Nigerian Engineering Olympiad Launched to Strengthen Global Engineering Competitiveness

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Nigerian Engineering Olympiad Launched to Strengthen Global Engineering Competitiveness

By: Michael Mike

The Nigerian Society of Engineers (NSE) has expressed commitment to bolstering engineering education in the country through linking academia with industry sector to bring about meaningful growth in Nigeria.

Nigeria while announcing a bold step toward strengthening its global engineering competitiveness with the launch of the maiden Nigerian Engineering Olympiad (NEO), an initiative the Nigerian Society of Engineers (NSE), expressed willingness to transform university inventions into market-ready technologies capable of advancing national development.

Speaking during inauguration of the maiden Nigerian Engineering Olympiad (NEO), a national programme designed to identify, nurture, and commercialise engineering talent across tertiary institutions, the President of NSE, Margaret Oguntala, disclosed that the Olympiad aims at tackling pressing needs in infrastructure, manufacturing, energy transition, sustainability, and digital technology, as ultimate goal to produce a generation of job creating engineers, problem solvers, and globally competitive innovators.

The Nigerian Engineering Olympiad was organised by Enactus Nigeria in partnership with NSE, Nigerian Content Development and Monitoring Board (NCDMB), Renaissance Africa Energy Company (RAEC), and the First Exploration and Petroleum Development Company (FIRST E&P).

Oguntala said, “As the foremost Engineering professional body, NSE believes that the addition of new ideas is critical for professional development and community impact.

“Every great invention in history began with an idea. All the transformations humanity has seen from the steam engine, to towering skyscrapers, electricity, internet, and artificial intelligence started as ideas acted upon.

“Ideas do shape the world. The power of ideas in transforming societies cannot be overemphasised; indeed, great nations have stood on the shoulders of men and women of ideas to advance growth and development.

“Nigeria is brimming with such creative minds in our universities. In our quest to turn technological development as a nation, NEO offers dynamic platform for students to unleash innovative capacity, as collective effort to create environment where ideation can truly thrive.”

Oguntala, also Chairman-in-Council of the NSE, stressed the need for stakeholders from across government agencies, academia, industry leaders and media to prioritise NEO.

According to her, the Olympiad creates a structured pipeline—regional contests, prototype bootcamps, iterative design, product validation, intellectual property support and a national finale in April 2026—designed to take ideas from concept to commercialization.

She described the Olympiad as “a national innovation incubator” that will provide mentorship, seed funding and technical guidance to the top teams.

Oguntala also highlighted NSE’s recent $17.4 million partnership with MIDAS IT of India to supply advanced engineering design software to 15 universities, a step she said would “strengthen academic excellence and prepare young engineers for global competitiveness.”

She reiterated that the Olympiad reflects Nigeria’s determination to elevate its technological capacity and compete on a global scale.

She said: “Today, we ignite a spark that will light the way for Nigeria’s engineering future. The innovations born from this Olympiad could become the solutions that drive our industries, improve our infrastructure and uplift our communities.”

In a remark, Executive-Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Omatsola Ogbe commended Olympiad for aligning with the Federal Government’s policy drive for indigenous innovation and industrial competitiveness.

Ogbe, represented by Director Capacity Building of NCDMB, Abayomi Bamidele explained ongoing capacity building programmes in petroleum engineering, robotics, digital technology, and advanced technical disciplines efforts would help to reinforce the Olympiad’s talent pipeline.

He disclosed that industry surveys showed not less than 79 per cent of engineering graduates lacked practical and hands-on competencies aligned with global standards a challenge NCDMB says must be addressed urgently.

According to him, engineering skills deficit contributed to shortage of competent local engineers, heavy reliance on expatriates, and increasing brain drain

“Nigeria has a population exceeding 237 million people, nearly half of West Africa, yet only about 5 per cent of our engineering graduates are industry ready at graduation.

“This Olympiad provides a structured pathway to identify and support young innovators who can design solutions for our national challenges,” he said.

For his part, Enactus Nigeria’s Country Director, Michael Ajayi, said that national-scale impact can only come from strong collaboration across government, private sector, and civil society.

Ajayi said: “This partnership proves that when we combine policy support, private-sector systems, and nonprofit expertise, we can deliver transformational impact not just for individuals, but for entire industries.

“Olympiad’s objectives include encouraging students to apply classroom knowledge to real-life problem-solving and enabling them to build engineering-driven businesses that generate jobs and wealth.”

He disclosed that the Olympiad was designed to run a seven-month cycle and will feature regional contests, intensive mentorship, prototype development, and a national grand finale scheduled to hold in April 2026.

First E&P’s General Manager for Integrated Gas Development, Yetunde Taiwo, said the company’s involvement stems from a commitment to innovation and talent development.

She said: “Our core values are around fostering talent, innovation and entrepreneurship. Some of the perennial challenges we see in the industry can actually be solved by these very bright young minds.”

She added that engaging students early with real industry problems could help reduce brain drain by creating clear pathways into the workforce.

Representing Renaissance Africa Energy Company, Nigerian content manager Olanrewaju Olawunyi said their support reflects a longstanding commitment to developing human capital.

“We are made in Nigeria, we’re built for Africa. We invest in people. People are our biggest resource.”

He noted that Renaissance funds STEM education from primary to tertiary levels and runs fully funded scholarships—including sending candidates from the Niger Delta overseas for postgraduate studies.

“This is not just a flash. All our programs are annual and fully funded, and we also pay students during internships.”

On behalf of the Minister of Youth Development, Technical Adviser Ebiho Agun said the Olympiad aligns fully with government priorities and the nation’s long-term workforce needs.

“It provides young minds with the opportunity to stretch their imagination, deepen technical abilities, and demonstrate excellence on a national and international stage,” he said.

He described the initiative as “a catalyst for mentorship, discovery and long-term career development,” urging participants to seize the opportunity: “You are the heartbeat of Nigeria’s future. remain steadfast in your pursuit of excellence.”

Nigerian Engineering Olympiad Launched to Strengthen Global Engineering Competitiveness

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