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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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Three chadian nationals feared dead as canoe capsizes in Gamboru-Ngala, Borno

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Three chadian nationals feared dead as canoe capsizes in Gamboru-Ngala, Borno

By: Zagazola Makama

Tragedy struck on Sunday evening in Gamboru-Ngala, Borno State, when a canoe carrying eight passengers capsized while crossing the river bordering Nigeria’s Gamboru town and Fotokol in Cameroon, leaving three persons feared dead.

Zagazola Makama gathered that the incident occurred at about 6:30 p.m. when the canoe, operated by one Mamman Nur Abbagana of Kasuwan Katako, Gamboru, overturned midstream with all passengers thrown into the water.

Security sources confirmed that all eight passengers were Chadian nationals travelling from Jos, Plateau State, en route to N’Djamena, Chad Republic.

Five passengers, whose identities were yet to be confirmed at press time, were rescued alive.

However, a woman identified as Alphosine Makebu Beboroum, 34, and her two daughters Centich Mamajibe, 3, and Mamajilem Bebaroum, 10 months, all Chadian nationals, drowned and had not yet been recovered as of Monday morning. The search and rescue mission is still ongoing.

Meanwhile, Police authorities also confirmed the arrest of the canoe paddler for violating the Borno State Government’s directive mandating the use of life jackets by all canoe and boat operators.

The command said preliminary investigations were ongoing.

Three chadian nationals feared dead as canoe capsizes in Gamboru-Ngala, Borno

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How Nigeria’s rapid military intervention in Benin reshaped West Africa’s anti-coup momentum

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How Nigeria’s rapid military intervention in Benin reshaped West Africa’s anti-coup momentum

By: Zagazola Makama

The failed coup attempt in Benin Republic is far more than an isolated disturbance in West Africa. It is a political earthquake whose tremors are being felt all the way from Cotonou to Bamako, Niamey and Ouagadougou.

For the military juntas entrenched in the Sahel, Sunday’s events were a nightmare scenario a decisive blow to their hope of expanding the “putschist club” across the region.

President Patrice Talon’s firm, composed address to the nation late Sunday night delivered the final stamp of legitimacy. But what many are now acknowledging is this: Nigeria’s swift and disciplined intervention was the game-changer.

In the early hours of the crisis, as coup plotters seized the National TV station and attempted to entrench themselves, the Government of the Republic of Benin activated its mutual defence channels with Abuja. Within minutes, Nigeria’s Chief of Defence Staff, General Olufemi Oluyede, acting under the directive of President Bola Ahmed Tinubu, activated a rapid-response military operation.

The Nigerian Air Force fighter jets were ordered into Beninese airspace to dominate the skies, neutralise hostile positions, and support loyalist forces. Simultaneously, Nigerian ground forces mobilised and crossed into Benin under Benin-led coordination, providing reinforcement to secure key installations and restore constitutional order.

This single act of regional leadership changed the trajectory of the coup, shattered the momentum of the plotters, and halted what could have become a prolonged national crisis.
ECOWAS was already mobilising, but Nigeria’s decisive action set the tone and provided the operational backbone that ended the coup within hours. It was a clear demonstration that Abuja remains the stabilising anchor of West Africa politically, diplomatically, and militarily.

As Talon spoke last night, the fear in junta capitals was visible. Social media networks aligned with the juntas scrambled to spin the failure: “It’s not over yet!” “Talon is bluffing!” “Stay vigilant!”

But beneath the bravado was panic. Their long-held dream to expand military rule into coastal West Africa had collapsed and Nigeria’s intervention made that collapse irreversible.The night became a theatre of desperation, with fake democrats, pseudo-intellectuals and Pan-African opportunists trying to salvage their ideological embarrassment. They resorted to tired diversionary tactics, attacking ECOWAS, questioning its motives, and searching for excuses.

But the truth was undeniable: The coup failed because the region, led by Nigeria, refused to allow another country to fall. But expected, some Nigerians, often those who do not follow security operations, took to social media asking: “Why didn’t Nigeria use this same energy against terrorists and bandits?”

An absurd question. It is as if these people have never seen the daily reports of: Dozens of terrorists neutralised across Zamfara, Katsina, Kaduna and Borno, mass destruction of ISWAP and Boko Haram enclaves, bandit kingpins eliminated, thousands of kidnapped victims rescued, large quantities of weapons recovered, aerial bombardments carried out week after week

Nigeria has been fighting terrorists with unmatched intensity, To compare the two operations, one a cross-border rapid-intervention mission lasting hours, and the other a domestic counterterrorism war spanning over 15 years is intellectually dishonest. What happened in Benin was not “energy Nigeria never shows.” It was a different type of mission a rapid, high-precision, multinational constitutional defence operation and Nigeria executed it flawlessly.

The larger significance of the failed coup is now evident. It has: exposed the weakness of the Sahel juntas, halted their push to expand military authoritarianism southwards, sent a message that ECOWAS has finally adapted and will no longer tolerate illegal takeovers and reaffirmed Nigeria’s decisive role in shaping regional security outcomes.

The supporters of the juntas are terrified and they should be. Because Sunday marked the beginning of a new countdown. The ideological project of the Sahel military regimes is weakening, and their attempt to export instability has backfired spectacularly. The next months will be critical. The Sahelian juntas, already struggling with insecurity, economic collapse, and public frustration, now face an emboldened regional order.

Nigeria’s leadership, demonstrated so clearly in Benin, has restored confidence that democratic stability in West Africa can and will be defended.

The failed coup in Benin did not only preserve a nation’s democracy. It reset the balance of power in the region. And Nigeria stood at the centre of that pivotal moment.

The clock is ticking for the putschist regimes.
History has resumed its rightful course.

Zagazola Makama is a Counter Insurgency Expert and Security Analyst in the Lake Chad Region

How Nigeria’s rapid military intervention in Benin reshaped West Africa’s anti-coup momentum

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“Road Home is Open”: Zulum Brings Hope to 12 000 Nigerian Refugees in Cameroon

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“Road Home is Open”: Zulum Brings Hope to 12 000 Nigerian Refugees in Cameroon

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has reaffirmed his administration’s commitment to restoring the dignity of victims of insurgency, including Nigerian refugees in the neighbouring countries of Cameroon, Chad, and Niger.

Governor Zulum gave this assurance while addressing refugees at the Minawao camp in Cameroon’s Far North region, as part of government efforts to repatriate those who remain. Over 12, 000 Nigerian refugees from Kirawa, Ngoshe, Ashigashiya and surrounding communities in Gwoza Local Government Area have been living in the camp for more than a decade.

The governor’s visit provided a significant relief and renewed optimism as he interacted with the refugees. For many, his presence signalled that the long road home was finally opening, describing the moment as their “first real assurance”.

Governor Zulum informed the refugees that adequate security arrangements have been put in place in their home communities, following years of expanded military operations and civilian security initiatives across Gwoza and other parts of Borno.

“The welfare of refugees, internally displaced persons, and returnees remains a priority for us,” Zulum said, noting that rebuilding the lives of insurgency survivors is a core pillar of his administration’s humanitarian and development agenda.

The governor also announced cash support for shelter rehabilitation for those willing to return, a measure designed to help returnees begin reconstructing their homes. In addition, he pledged to drill boreholes for the refugees.

“Borno State in partnership with the federal government will provide a cash assistance of N500 000 to each refugee that is willing to return home, while women households will be given N100,000 each,” Zulum announced.

The governor of the Far North Region, Cameroon, Mijinyawa Bakari, praised Governor Zulum’s unwavering commitment, describing his continued support for displaced Nigerians in Cameroon as exemplary and deeply humanitarian.

“Borno State Governor has consistently demonstrated genuine concern and responsibility for his people, even beyond Nigeria’s borders,” Bakari stated.

He acknowledged the sustained humanitarian assistance, particularly the governor’s long-standing interventions in the Minawao Refugee Camp.

“Zulum’s physical presence and hands-on support has not only provided relief to the refugees but has also strengthened cooperation between Nigeria and Cameroon in addressing displacement and regional stability,” he added.

During his visit, Governor Zulum also toured farmlands allocated to the refugees by the Cameroonian government, which have become their primary source of livelihood.

While assessing the fields, he commended the refugees’ resilience and the host authorities’ generosity. He assured farmers that his administration would support their agricultural activities by providing irrigation kits and water sources to boost productivity.

“Empowering refugees to maintain their livelihoods is central to restoring dignity and ensuring a smooth transition back into their communities,” Zulum stressed.

The governor was accompanied by the senator representing Borno South, Senator Mohammed Ali Ndume; the member of the House of Assembly representing Gwoza, Hon. Abdullahi Buba Abatcha; commissioners, the Chairman of Gwoza Local Government, and other officials.

“Road Home is Open”: Zulum Brings Hope to 12 000 Nigerian Refugees in Cameroon

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