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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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National Chairman of APC Arrives in Maiduguri Ahead of APC Deputy National Chairman’s Children’s Wedding

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National Chairman of APC Arrives in Maiduguri Ahead of APC Deputy National Chairman’s Children’s Wedding

By: Our Reporter

The National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje, has arrived in Maiduguri, Borno State, leading the National Working Committee of the APC and other party stalwarts.

The visit is in honor of the wedding ceremony of the children of Rt. Hon. Dr. Ali Bukar Dalori, Deputy National Chairman (North) of the APC. Upon arrival, Dr. Ganduje was warmly received by the Borno State Deputy Governor, Hon. Umar Usman Kadafur, Deputy National Chairman, Hon Ali Bukar Dalori and other dignitaries, including the Borno State APC Chairman.

The wedding ceremony, scheduled to take place on Saturday, January 18, 2025, promises to be a grand celebration of love, unity and family. The event will be attended by prominent politicians, business leaders, and dignitaries from across Nigeria.

The arrival of Dr. Ganduje and other APC leaders is a testament to the strong bonds of unity and solidarity within the party. It also underscores the importance of family and community in Nigerian culture.

As the APC family gathers to celebrate this joyous occasion, we are reminded of the party’s commitment to the values of love, unity and family. We wish the happy couple a lifetime of happiness, love and prosperity.

National Chairman of APC Arrives in Maiduguri Ahead of APC Deputy National Chairman’s Children’s Wedding

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VP Shettima Arrives In Maiduguri On Condolence Visit To Families Of Slain Soldiers

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VP Shettima Arrives In Maiduguri On Condolence Visit To Families Of Slain Soldiers

By: Our Reporter

Vice President Kashim Shettima has arrived in Maiduguri, the Borno State capital, on a condolence visit to the families of soldiers who lost their lives during a terrorist attack in Damboa.

The Vice President is in Maiduguri to extend the condolences of President Bola Ahmed Tinubu and the federal government to the families of the fallen soldiers and to honour their ultimate sacrifice.

The soldiers who died during the attack in Damboa, Borno State, paid the ultimate sacrifice while successfully repelling an onslaught that resulted in the neutralisation of 34 terrorists at a Forward Operating Base in Sabon Gari.

In the wake of the tragic event, President Bola Ahmed Tinubu had called for a thorough investigation to uncover the circumstances that led to the unfortunate incident and ensure it serves as a valuable lesson to prevent similar occurrences.

The President extended his heartfelt condolences to the families of the fallen soldiers, saying their sacrifice in defending the nation will forever be honoured and remembered.

President Tinubu also commended the armed forces for their swift and decisive response, particularly the air component, in launching effective retaliatory strikes.

The targeted air raids resulted in the significant neutralisation of numerous terrorists and the destruction of their assets as they attempted to flee.

During his visit to Maiduguri, the Vice President will, at the instance of the President, also pay a condolence visit to Borno State Governor, Professor Babagana Zulum.

On the delegation of the Vice President are federal lawmakers from the state, including Senator Kaka Shehu Lawan (Borno Central), Hon. Abdulkadir Rahis (Maiduguri Metropolitan Federal Constituency), Hon. Usman Zannah (Kaga/Magumeri/Gubio Federal Constituency), as well as the Minister of Transportation, Hon. AjiKolo Ali Gujja, and a prominent politician, Sen. Saidu Alkali, among others.

On arrival, the Vice President was received at the Maiduguri International Airport by the Borno State Governor, the Deputy Governor, Umar Kadafur; Minister of State for Regional Development, Uba Maigari Ahmadu; Special Adviser to the President on Health, Dr Salma Anas-Kolo; Deputy National Chairman of the All Progressives Congress (APC) North, Hon. Ali Bukar Dalori.

VP Shettima Arrives In Maiduguri On Condolence Visit To Families Of Slain Soldiers

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Chinese Envoy Advised West Africa Leaders to Resist External Interference

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Chinese Envoy Advised West Africa Leaders to Resist External Interference#

By; Michael Mike

The Chinese envoy to Nigeria, Ambassador Yu Dunhai has called on political leaders in West Africa to resist all forms of external interference.

Yu, speaking on Friday in Abuja at an exchange programme between students from Tsinghua University of China and University of Abuja, with theme “Civilizational Exchange and Mutual Learning between China and Nigeria.”

He said: “I looked at the security situation now in West Africa. I know that many people are very much concerned. But one principle I believe that is very important is that we should object to any foreign interference in the region.

“But particularly by any major powers. I think, you know, for civilisation, exchange, and mutual learning, there are two principles that we need to follow. Because it’s very important.

“I think we should respect equality, equity, and peace. All civilisation is equal. We don’t believe that there is any civilisation that is secure and empowered. Because each civilisation grows from its own national condition. For instance, the civilisation of the United States. It grows from the real condition of this country.”

Yu also called for improved communication and exchange between his country and Nigeria.

He said: “The first partnership action is the people-to-people exchange and mutual learning. That’s why I believe that today we have to build and improve our communication and exchange in combination to this very important topic. Why is the people-to-people exchange so important? Because countries’ relations eventually boil down to people-to-people exchanges.

“Nigeria is very much blessed with rich resources, huge development potential.
So, I see there is great potential for the development of Nigeria.

“I believe that people-to-people exchange creates the foundation for our bilateral relations. Because while China and Europe are bilateral relations, it’s not only about government-to-government relations. It’s not only about business.
But eventually, it’s people-to-people relations. Over the years, China and Nigeria have carried out a lot of cultural exchanges. For instance, we co-hosted the Cultural Week of China and Nigeria.

“We hosted the Chinese Festival event. And we invited Chinese artists to come to Nigeria to work together with Nigerian artists. And we established a cultural centre in our respective countries.

“And we know the Chinese cultural centre is very active here in our region. And, of course, the universities of our two countries jointly established two cultural centres in Nigeria.”

He stated that China and Nigeria share a lot of similarities, saying “We have a lot of common values. The first one is that I find that in Nigeria and China, we are both disarming countries.

“We do not believe in war. For instance, I have studied the history of Nigeria. Since the founding of the Federal Republic of Nigeria, Nigeria has never been involved in a war. And if you look at China, it’s the same. Since the founding of the People’s Republic of China, we have never initiated a war with the other countries.

“Both China and Nigeria believe in peace for several decades. 2,000 years ago, there was a Chinese philosopher. You know, who wrote the article? And he believed that the war should always be peaceful and non-violent.

“Security is best when you can thwart your enemies through tele-machines. For instance, if you look at the map of China, it’s very much different compared to the map of Nigeria. Because China, the boundaries exist.

##“You know, because we have 2,000 years of history, we have a lot of issues with our neighbouring countries. So when the People’s Republic of China was founded, we had border issues with each and every neighbouring country we have borders with on the land. And over the past 70 years, we have resolved all these border issues.That’s one level. First, peaceful means.”
“And that actually really reflects that China is a country, a naturalised country, that we love. We don’t believe in war. We don’t believe in conflict.

“And the second similarity is that both China and Nigeria are peaceful. And we have splendid cultures. Nigeria is the region, the culture, the civilisation, the region of Africa.

“And the third point is, both China and Nigeria have very much multi-ethnic cultures. Nigeria has the most ethnic groups in the world. Over 250, I would say.
And China, we have 56 ethnic groups. And these people live together peacefully. People respect this diversity.And we live together in harmony.

“And of course, the fourth one, the similarity I identified is, both Nigeria and China, we won our national independence partly.

“Because both China and Nigeria were invaded, colonised, even divided by the Western powers. And we won our independence with a lot of struggle and fight. That’s why we cherish our sovereignty.”

The envoy also spoke about the gains of diversity, saying respect for diversity is tue beckon upon which unity is built.

“The first one, I believe that we should respect diversity as our nation. The world is diversified. I mean, the beauty of the world actually lies in its diversity.

“Each country is unique. As a diplomat, I have been privileged to travel to over 70 countries all over the world. And being in a travel group in so many places, I always find that each country is unique.

“And each country, the civilisation of each country is inherently tied with the global civilisation. And also make contributions to human civilisation, to the development and progress of humanity. Imagine that if there is only one language, if there is only one music, if there is only one culture in the whole world, what could, you know, how poor could it be? You know, you couldn’t imagine.

“We believe that we live in a global environment. That we live in a world of independence. That’s why the Chinese presidency wants to push forward the idea of building a community with a shared future for all mankind.”

Chinese Envoy Advised West Africa Leaders to Resist External Interference

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