Connect with us

News

UN Report: 2024 Could Errand Protracted Period of Low Growth

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

EFCC Receives Petition Alleging $2.98m Fraud Against Senator Cyril Fasuyi, Wife

Published

on

EFCC Receives Petition Alleging $2.98m Fraud Against Senator Cyril Fasuyi, Wife

By: Michael Mike

The Economic and Financial Crimes Commission (EFCC) has received a formal petition accusing Senator Cyril Fasuyi, who represents Ekiti North Senatorial District, and his wife, Mrs. Elizabeth Adun Fasuyi, of allegedly being involved in a $2,980,535 fraud linked to foreign business transactions.

The petition was filed by Mr. Nuel Wilson, West Africa Regional Representative of Integrated Packaging Systems FZCO (IPS Ingredis) and its Nigerian subsidiary, IPS Ingredis Integrated Systems Limited. It alleges conspiracy, fraudulent conversion, obtaining by false pretence, and diversion of funds arising from a long-standing commercial relationship.

According to the complaint, the business dealings began in 2015 after the Fasuyis, operating through Legacy Foods Limited, were introduced to the Dubai-based company by a third party. The foreign firm claims the couple presented themselves as credible and capable business partners, leading to multiple supply agreements for raw materials such as corn starch, maltodextrin, maltose syrup, and shortening.

The company stated that goods valued at over $9 million were supplied over the course of the relationship. However, it alleged that after the products were delivered and reportedly sold in Nigeria, an outstanding balance of $2,980,535 was never remitted despite repeated demands.

The petition further claims that investigations by the complainant indicated that proceeds from the sales were diverted for personal use rather than being returned to the supplier as agreed. It described the situation as a deliberate attempt to frustrate foreign investment and exploit trade relationships.

The EFCC, an agency mandated to investigate financial crimes and economic sabotage, reportedly acknowledged receipt of the petition on December 10, 2020, and is expected to review the allegations as part of its investigative process.

Mrs. Fasuyi was also named in the complaint as a co-accused, with the petition alleging her involvement in the transactions. At some point during related proceedings, she was reportedly present but allegedly evaded arrest by anti-graft operatives.

As of now, neither Senator Fasuyi nor his wife has issued a public response to the allegations.

EFCC Receives Petition Alleging $2.98m Fraud Against Senator Cyril Fasuyi, Wife

Continue Reading

News

NHRC Demands Answers as Civilian Deaths from Military Airstrikes Trigger Fresh Outrage

Published

on

NHRC Demands Answers as Civilian Deaths from Military Airstrikes Trigger Fresh Outrage

By: Michael Mike

The National Human Rights Commission (NHRC) has demanded a full explanation from the Nigerian Air Force over the recurring wave of civilian casualties linked to military airstrikes across parts of the country, warning that the continued loss of innocent lives is unacceptable and raises grave human rights concerns.

Executive Secretary of the Commission, Tony Ojukwu, said the repeated bombings of civilian communities, markets and vulnerable populations under the guise of counter-insurgency operations have become deeply disturbing and cannot continue without accountability.

While acknowledging the responsibility of the Nigerian State to combat insurgency, banditry and terrorism, Ojukwu stressed that military operations must comply strictly with constitutional provisions, international humanitarian law and Nigeria’s human rights obligations.

“The repeated reports of civilian deaths and injuries, including women, children and other vulnerable persons, arising from aerial bombardments raise serious concerns regarding the protection of the right to life and human dignity,” he stated.

The Commission specifically questioned why civilian casualties linked to airstrikes have continued to recur despite previous public outrage and repeated promises of operational reforms.

“Nigerians deserve to know why this has become a recurring decimal,” Ojukwu said.

He cited recent incidents recorded within April and May alone, including reported airstrike casualties at Jilli Market in Yobe State, Shiroro Market in Niger State and Tumfa Market in Zamfara State.

“For how long will this continue?” he asked.

The Chief Human Rights Officer warned that the principles of distinction, necessity, proportionality and accountability remain binding obligations under international humanitarian law and must guide every military engagement, especially in conflict-affected communities where civilians are at greatest risk.

According to him, civilian populations must never be reduced to “collateral damage” in the conduct of security operations.

The Commission called on the Nigerian Air Force to provide a comprehensive account of the circumstances surrounding the incidents and disclose the safeguards being implemented to prevent future civilian deaths.

Ojukwu further demanded prompt, transparent and independent investigations into all reported cases of civilian casualties resulting from military airstrikes, insisting that victims and affected communities deserve justice, compensation and psychosocial support.

He also urged security agencies to improve intelligence gathering, operational precision and internal accountability mechanisms to reduce the risk of targeting innocent civilians during aerial operations.

The NHRC maintained that national security objectives cannot be pursued outside the framework of legality and respect for human dignity.

“National security and human rights protection are not mutually exclusive,” the Commission stated, warning that public trust in security operations would continue to erode if civilian deaths persist without accountability.

The Commission reaffirmed its commitment to closely monitor developments and engage relevant authorities to ensure the protection of citizens’ rights amid ongoing security operations across the country.

NHRC Demands Answers as Civilian Deaths from Military Airstrikes Trigger Fresh Outrage

Continue Reading

News

Power Is Temporary, Humanity Must Endure — Ambassador Alege Declares at Abuja Book Launch

Published

on

Power Is Temporary, Humanity Must Endure — Ambassador Alege Declares at Abuja Book Launch

By: Michael Mike

Nigeria’s political elite, diplomats, jurists and scholars gathered in Abuja on Tuesday as veteran diplomat, Ambassador Shina Alege, delivered a piercing message on leadership, power, insecurity and the declining state of human compassion during the launch of five books drawn from his decades in public service.

The atmosphere at the event was more reflective than ceremonial as speakers confronted difficult national and global realities — from abuse of power and collapsing communal values to insecurity and the moral burden of leadership.

Former Chief Justice of Nigeria, Olukayode Ariwoola, who chaired the occasion, described the books as a rare fusion of diplomacy, personal experience and social conscience, warning that the issues raised by the author could no longer be ignored.

“This is far beyond a literary celebration,” Ariwoola said. “It is a serious intellectual intervention into the crises confronting leadership, humanity and governance today.”

The retired jurist said Ambassador Alege’s writings carried unusual weight because they emerged from lived experience across turbulent moments in Nigeria’s diplomatic history.

“These are not theoretical arguments crafted from a distance. They are reflections forged in service, crisis and responsibility,” he stated.

At the centre of the gathering was Ambassador Alege himself, whose remarks moved between philosophy, diplomacy and sharp social criticism.

Standing before a packed audience of ambassadors, senior lawyers, professors and government officials, the former envoy warned that many societies had lost the values that once held communities together.

“The essence of life is to build a community,” Alege declared. “What we have today is no longer community — it is a crowd. People watch suffering, record tragedies on their phones, and move on. That loss of humanity is dangerous.”

His comments drew prolonged applause from participants at the event.

The diplomat used the unveiling of his books to issue a broader warning about leadership and the temporary nature of political authority.p

Speaking on one of the books, The Expiry Date of Power, Alege said many leaders behave as though power is permanent, forgetting that history eventually humbles every office holder.

“The only person that powers permanently is God Almighty,” he said. “Absolute power corrupts absolutely. Leadership must be exercised with restraint, accountability and conscience.”

Other books presented at the launch tackled conflict management, insecurity and governance failures across Africa.

According to the author, The Sirens and The Flags explores leadership under pressure and moments of crisis, while Insecurity and Regional Leadership in Africa interrogates the inability of African states to effectively confront rising instability and governance breakdown.

Former Ogun State Governor, Ibikunle Amosun, represented by Barrister Raji Ahmed, praised the diplomat for documenting lessons from years of international service, including sensitive operations involving Nigerians trapped in conflict zones.

“Books like these are earned through sacrifice, experience and reflection,” he said. “They preserve institutional memory and challenge future leaders to think differently about service and responsibility.”

Beyond the intellectual conversations, the event became a deeper reflection on the state of society itself — one in which speakers repeatedly returned to the themes of empathy, moral leadership and national decline.

For many attendees, the strongest message of the day was not merely about diplomacy or governance, but about the urgent need to restore compassion in public life before ambition, power and indifference completely overshadow humanity.

Power Is Temporary, Humanity Must Endure — Ambassador Alege Declares at Abuja Book Launch

Continue Reading

Trending

Verified by MonsterInsights