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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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FG Says GEJ is Safe, Out of Guinea Bissau

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FG Says GEJ is Safe, Out of Guinea Bissau

… Condemns Country’s Military Coup

By: Michael Mike

Nigeria’s Former President Goodluck Jonathan is very safe and out of Guinea-Bissau, the Federal Government has announced.

The spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa made the announcement on Thursday. He said: “He (President Goodluck Jonathan) left with a special flight with members of his delegation including, former President, Economic Community of West African States (ECOWAS) Commission, Ibn Chambas.”

Jonathan, who is the head of ECOWAS Election Monitoring Mission to Guinea Bissau, was tramped along with members of his team in the country when military suspended democratic process and took over government.

Meanwhile, the Nigeria’s government has condemned the military coup d’etat in Guinea Bissau.

The Nigerian government in a statement on Thursday by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa said: “The Federal Government of Nigeria has learned with profound dismay and deep concern the unfortunate military coup which has led to an unconstitutional change of government in the Republic of Guinea-Bissau.

“The Federal Government of Nigeria, in the strongest possible terms, condemns this act of military insurrection which undermines the democratic progress, constitutional order, and stability not only of Guinea-Bissau but of the entire West African sub-region. This coup d’état represents a blatant violation of the fundamental principles of the ECOWAS Protocol on Democracy and Good Governance, which explicitly rejects any ascension to power through unconstitutional means.

“We stand in solidarity with the people of Guinea-Bissau and call for the immediate and unconditional restoration of constitutional order, the safety and security of all those detained and the full respect for the sanctity of democratic institutions in Guinea-Bissau.”

The statement added that: “The Federal Government of Nigeria unequivocally calls on the authorities in Guinea-Bissau to ensure and guarantee the safety of all election observers still in the country on official assignment.

“The Federal Government of Nigeria urges all actors involved to exercise utmost restraint, prioritize peaceful dialogue, and respect the will of the people of Guinea-Bissau as expressed through their ballots and the peaceful conclusion of the election with the announcement of results by the electoral management body.

“We warn that those behind this act will be held accountable for their actions, which threaten to plunge the nation into chaos and reverse the hard-won gains of its democracy.”

It further added that: “Nigeria, as a key member of the Economic Community of West African States (ECOWAS) and the African Union, will work closely with our regional and international partners to take all necessary measures to ensure the swift return to normalcy and constitutional governance in Guinea-Bissau. We reaffirm our unwavering commitment to the promotion of democracy, peace, and stability across the African continent.”

FG Says GEJ is Safe, Out of Guinea Bissau

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Federal Government Commissions Public Toilets in Nasarawa

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Federal Government Commissions Public Toilets in Nasarawa

By: Michael Mike

The Federal Government on Thursday inaugurated a new smart toilet in Nasarawa State, calling for stronger sanitation efforts across the state to ensure Nigeria exits her unenviable position as one of the top nations with open defecation.

Few days ago, the Minister of Environment, Balarabe Lawal decried that just about 25 per cent of Nigerians have access to safely managed sanitation facilities leaving over 45 million Nigerians still practice open defecation.

The Federal Ministry of Environment on Thursday called for stronger sanitation efforts across the states at the commissioning of new smart public toilets at Orange Market, Mararaba, in Nasarawa state to mark the 2025 World Toilet Day

The Director General of the Nasarawa State Waste Management and Sanitation Authority (NASWAMSA), Hon. Muhammad Isah, warmly welcomed dignitaries and partners to the 2025 World Toilet Day commemoration, expressing deep appreciation for the strong support the state has continued to receive toward improving sanitation and environmental health.

Addressing the Governor of Nasarawa State, the Honourable Minister of Environment, the Permanent Secretary, the Director of Pollution Control and Environmental Health, the Commissioner of Environment, the Nasarawa State Ministry of Environment, and other distinguished officials and partners, the DG extended his gratitude for their presence and ongoing collaboration.

Isah said “on behalf of our Authority, I sincerely appreciate His Excellency, the Governor, for his strong support toward improving sanitation and environmental health in our state.” He applauded the Federal Ministry of Environment for its continued partnership, noting that the provisioning of smart toilets being commissioned at the event, as well as an earlier air pollution monitoring facility, have contributed meaningfully to improving community well-being.

According to him, “our deep gratitude also goes to the Honourable Minister of Environment and the entire staff of the Federal Ministry of Environment for their continued partnership. The provision of the Smart Toilets we commission today, as well as the air pollution monitoring facility earlier provided, are meaningful contributions that strengthen our work and improve the well-being of our communities.” The DG also highlighted new collaborative initiatives between NASWAMSA and the Ministry, particularly in waste-to-energy development and job creation. He noted that the Ministry requested ten locations for public toilets between Mararaba and Masaka, areas where sanitation facilities are urgently needed.

He explained that “NASWAMSA worked with Orange Market management to provide two suitable sites for modern public toilets. These are the facilities being commissioned today.” Hon. Isah further expressed sincere appreciation to Dr. Engr. Bahijjahtu Abubakar, describing her as “maman talakawar jahar Nasarawa,” for her consistent support of women’s engagement and youth initiatives in the state. He stated, “your dedication is having a significant impact, and both the government and the people of Nasarawa State are truly grateful for your contributions. Thank you for your commitment to improving our environment and community.” The DG reaffirmed NASWAMSA’s commitment to continued collaboration with partners in pursuit of a cleaner and healthier Nasarawa State,

Also speaking at the event, the Executive Chairman of Karu Local Government Council, Barr. Abubakar Aliyu Madaki, described the newly commissioned Public Toilet Project at Orange Market, Mararaba, as a significant milestone in efforts to promote public health, environmental sanitation, and community wellbeing in Karu Local Government Area. During the Community Engagement/Sensitization Campaign and Commissioning of the Public Toilet Project organized by the Federal Ministry of Environment, he expressed appreciation to the Ministry for selecting Karu as one of the beneficiaries of the initiative.

He said “it is with great pleasure and a deep sense of responsibility that I stand before you today on behalf of Government and the good people of Karu Local Government Area.” He noted that the commissioning marks “another significant milestone in our collective efforts to promote public health, environmental sanitation, and community wellbeing in Karu.”

Madaki emphasized that Orange Market, being one of the busiest commercial hubs in the Local Government, attracts thousands of traders, buyers, transporters, and visitors daily, which creates the urgent need for proper sanitation facilities to prevent pollution and disease outbreaks. Describing the facility, he said, “This Public Toilet Project is therefore not just a building but it is an investment in public health, dignity, and environmental protection. It provides a safe, hygienic, and accessible facility for all market users, and supports our ongoing efforts toward a cleaner and a healthier Karu for everyone in line with the vision of His Excellency Engr. Abdullahi A. Sule the Executive Governor of Nasarawa State.”

He outlined recent efforts of the Local Government Council toward improving sanitation, stating that “over the past months, we have intensified efforts to improve waste management in markets and across communities, strengthen environmental monitoring and compliance, support community-based sanitation initiatives, and promote health education and community awareness.” Madaki assured the Federal Ministry that Karu Local Government would ensure the facility is well managed, adding, “Karu Local Government Council will take full responsibility for the maintenance, security, and effective use of this facility.” He urged traders and residents to safeguard the facility, saying, “this facility is yours. I urge you to take ownership of it. Let us use it properly, keep it clean, and protect it from vandalism.”

In his remarks, he expressed special appreciation to the Honourable Minister of Environment, the Honorable Commissioner of Environment, the DG NASWAMSA and their staff “for the support and dedication to environmental sustainability nationwide,” and stated that Karu Local Government remains open to more partnerships aimed at uplifting the health, economic, and social wellbeing of the people.

As the ceremony concluded, the Chairman reminded attendees that “development is meaningful only when it touches the lives of the people directly,” urging renewed commitment toward a cleaner society. He added, “Together, let us continue to promote a cleaner, safer, and healthier Karu for us and the future generation to come,” and ended with, “Thank you and may God bless us all. God bless Karu Local Government Area, Nasarawa State and the Federal Republic of Nigeria.”

Federal Government Commissions Public Toilets in Nasarawa

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NESREA, Ogun State Seal Recycling Facilities

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NESREA, Ogun State Seal Recycling Facilities

…Quarry Shut after Flying Rocks Injured School Students

By: Michael Mike

The National Environmental Standards and Regulations Enforcement Agency (NESREA) in collaboration with Ogun State Ministry of Environment, on Thursday sealed off recycling facilities in Ogijo community in Ogun State.

The sealing followed the failure of the operators to comply with the provisions of the National Environmental (Battery Control) Regulations 2024 and the Protocol developed by NESREA to ensure environmentally sound management of used lead acid batteries and safeguard the health of residents and the environment.

Under the protocol, the facilities committed to manage ULAB slag and base metal residue in a safe, environmentally sound and socially responsible manner, and also prioritize staff health and safety including an annual blood lead testing and provision of Personal Protective Equipment.

The recyclers, as duty to the host community and environmental responsibility are to conduct annual environmental impact audits on surrounding communities, transition to cleaner recycling technologies and participate in pilot projects for slag reuse for bricks and cement raw materials.

NESREA in collaboration with Ogun State government and other partners under the Project for Responsible Battery and Metal Recycling (PROBAMET)had carried out extensive assessment and sensitization of the operators in the sector on international best practices in the recycling sector.

In the same vein, official of the agency have shut down Cornerstone, managed by Istanbul Quarry in Dutse area of Abuja on Wednesday, after flying rocks from a blasting operation injured staff and students of Graceland High School, and damaged the school properties as well.

According to a statement by the spokesperson of the agency, Nwamaka Ejiofor, Investigations by NESREA showed that the students were in their various classes writing exams when they heard a bang at about 12.30 pm, followed by flying rocks which destroyed the school buildings, with 11 students and 2 staff of the school sustaining various degrees of injury. Nearby shops were also affected by the flying rocks.

Deputy Director, Conservation Monitoring, Glory Uboh. said the agency took the step to shut down the facility as their operations were contrary to the provisions of the National Environmental (Quarrying and Blasting Operations) Regulations 2013.

She said, “What happened is life threatening, that was why we had to move in immediately to seal the facility. Cornerstone, managed by Istanbul Quarry, which carried out the blasting operation will be sanctioned because our preliminary investigation shows contradiction to Quarry operating procedure and regulations. We will continue with our investigations and the facility will definitely be sanctioned in line with the National Environmental (Quarry and Blasting Operations) Regulations 2013”.

NESREA, Ogun State Seal Recycling Facilities

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