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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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IPOB attacks police patrol teams in Anambra, snatches rifles, and abandons stolen SUV after shootout

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IPOB attacks police patrol teams in Anambra, snatches rifles, and abandons stolen SUV after shootout

By: Zagazola Makama

Suspected members of the proscribed IPOB/ESN militia on Wednesday launched a coordinated armed attack on joint police patrol teams along the Abatete–Eziowelle road in Anambra State, injuring an officer and carting away two service rifles.

Zagazola gathered that the gunmen, armed with general-purpose machine guns and AK-47 rifles, operated with a white Toyota Hummer bus, a black Lexus 350 SUV, and a white Toyota Highlander, all with registration numbers yet to be identified.

The attackers, dressed in full military and police uniforms, opened heavy fire on personnel from the Department of Operations (DOPS), State Headquarters, Awka, and the Special Anti-Cultism Squad. The patrol teams engaged the militants in a fierce gun duel, forcing them to retreat.

During the exchange of fire, rounds fired by the assailants struck the patrol bus of the Special Anti-Cultism Squad, setting it ablaze, while the DOPS patrol pickup van was sprayed with bullets and damaged.

Sources said that during the operation, Insp. Uduak Anthony of MOPOL 29 Awka, attached to the DOPS patrol team, lost his Type 06 rifle (Breech No. 10967) loaded with 35 rounds of ammunition after it slipped from his grip as he dashed for cover. The weapon was carted away by the militants.

As the gunmen fled, they reportedly snatched a Mercedes Benz SUV from a motorist, Eze Tochukwu, from Enugu State, and headed towards Umuoji in Idemili North LGA.

At Umuoji, the attackers sighted two police inspectors attached to former Anambra Governor and ex-Minister of Labour, Senator Chris Ngige. The officers, Insp. Eniobong Roberts of 29 PMF Awka and Insp. Udezike Kingsley of DOPS, were travelling in a vehicle when the militants double-crossed them and opened fire.

Insp. Udezike was shot in the left leg as he attempted to take cover, and his AK-47 rifle was stolen. Insp. Roberts engaged the attackers, forcing them to abandon the snatched Mercedes Benz SUV, which was later recovered by police.

The injured officer is currently receiving treatment at Crown Hospital, Nkpor, and is responding well.

A senior police officer revealed that the Command’s tactical units have been fully activated and are “currently combing suspected hideouts, camps, and escape routes of the terrorists” to arrest the attackers and recover the stolen firearms.

IPOB attacks police patrol teams in Anambra, snatches rifles, and abandons stolen SUV after shootout

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HONORARY CONSULATE REPUBLIC OF CÔTE D’IVOIRE – MALTA

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HONORARY CONSULATE REPUBLIC OF CÔTE D’IVOIRE – MALTA

By: Michael Mike

Honorary Consulate of Côte d’Ivoire in Malta Signs Memorandum of Understanding with Paradigm Communications Ltd. | Paradigm News, an International Media Partner of ECOWAS Commission, Foreign Affairs Ministry in Nigeria, Germany Embassy in Nigeria and CDD/ WADEMOS West Africa.

The Honorary Consulate of the Republic of Côte d’Ivoire in Malta and Paradigm News, a publication of Paradigm Communications Ltd., have formally signed a Memorandum of Understanding (MoU) establishing a strategic media partnership aimed at enhancing visibility, communication, and public engagement surrounding the Consulate’s diplomatic activities in Malta and internationally.

Under this agreement, Paradigm News is officially accredited as the African Media House for the Honorary Consulate of Côte d’Ivoire in Malta. The partnership reinforces a shared commitment to strengthening diplomatic communication, promoting Côte d’Ivoire’s interests, and supporting accurate, responsible journalism across regional and global platforms.

Speaking at the signing, H.E. Mrqs. Anthony C. Coleiro, Honorary Consul of the Republic of Côte d’Ivoire in Malta, emphasized the significance of the collaboration:

“This partnership marks an important milestone in reinforcing Côte d’Ivoire’s presence and engagement in Malta. Through Paradigm News’ professional coverage, we aim to ensure that our diplomatic initiatives, bilateral engagements, and cultural activities receive the visibility and clarity they deserve.”

Representing Paradigm Communications Ltd., H.E. Ambassador Raymond Enoch noted:

“We are honoured to serve as the official African Media House for the Consulate. Paradigm News is committed to providing accurate, ethical, and comprehensive coverage that reflects the diplomatic aspirations and international outreach of Côte d’Ivoire.”

Scope of the Partnership

Through the MoU, Paradigm News will:

Provide professional coverage of the Consulate’s diplomatic activities, official events, and public engagements. Report on governmental delegations from Côte d’Ivoire visiting Malta and cover international conferences, summits, and events involving the Consulate. Notwithstanding publishing of information related to bilateral cooperation, cultural programmes, business initiatives and disseminate content through its regional and global media channels.

The Consulate, in turn, will:

Grant Paradigm News official accreditation as its African Media House, providing timely press releases, updates, and access to relevant events, subject to protocol. The Consulate will recognize / Paradigm Communications Ltd. as its media partner in appropriate communications and events.

Both parties commit to maintaining professionalism, transparency, and respect for diplomatic sensitivities, ensuring that all published material reflects accuracy and integrity.

About the Honorary Consulate of Côte d’Ivoire in Malta:

The Honorary Consulate works to strengthen bilateral relations between the Republic of Côte d’Ivoire and Malta, promoting diplomatic cooperation, business engagement, cultural exchange, and support for Ivorian nationals.

About Paradigm News / Paradigm Communications Ltd.

Paradigm News is a respected media organization committed to delivering global news and insights. Through its international correspondents and editorial network, Paradigm News covers stories of local, regional, and global relevance with accuracy, neutrality, and journalistic professionalism. Paradigm News International is a Media Partner of ECOWAS Commission, Foreign Affairs Ministry in Nigeria, Germany Embassy in Nigeria and CDD/ WADEMOS West Africa.

HONORARY CONSULATE REPUBLIC OF CÔTE D’IVOIRE – MALTA

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EU–IDEA, Stakeholders Call for Urgent Review of Social Development Act, Seek National Alignment

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EU–IDEA, Stakeholders Call for Urgent Review of Social Development Act, Seek National Alignment

By: Michael Mike

The European Union- International Institute for Democracy and Electoral Assistance (EU-IIDEA), as well as relevant stakeholders has called for an urgent review of Nigeria’s Social Development Act (SDA), insisting that it may be impossible to achieve inclusive growth or protect vulnerable groups in the country under the current fragmented framework.

The call was made on Wednesday in Abuja at the National SDA summit, organized by the International Institute for Democracy and Electoral Assistance (IIDEA), a programme funded by the European Union under its CSOs-Bridge Strengthening Project, in Abuja.

The SD Act was first conceptualised in the 1970s and enacted in 2004 as the central framework for coordinated and inclusive social development in the country.

The Enugu State Commissioner for Children, Gender and Social Development, Valentina Enih, while delivering the keynote address, decried that the existing Act, originally enacted as Decree 12 in 1974 and later reissued in 2004, does not any longer reflects the country’s realities.

She described the Act aa older than many of people in the hall, insisting that outdated provisions and emerging social challenges demand urgent reform.

She also stressed that unity among civil society organisations (CSOs) remained essential for progress, adding that personal interests often overshadowed collective objectives.

She noted that: “One stick is easily broken, but a bundle of broomsticks is not. We must speak with one voice,” while appealing to lawmakers to increase funding for ministries responsible for women affairs, poverty eradication and social protection, added that: “Many times, we use our personal resources just to ensure the work is done.”

On his part, the Chairman of the House Committee on Civil Society Organisations and Development Partners, Hon. Victor Obuzor acknowledged the legislative gaps that have hindered effective coordination of social development nationwide.

He said the National Assembly had made the Act’s review a priority, noting that: “Fragmentation, institutional reassignments and multiple regulatory frameworks have weakened the effectiveness of the Social Development Act.

“Our Committee is reviewing historical gaps, engaging stakeholders and supporting the development of a modernised civil society regulatory bill.”

He said the revised law would create clearer lines of authority, harmonise federal and state mandates and institutionalise civil society participation.

The Deputy Director at the Ministry of Humanitarian Affairs and Poverty Reduction, Peter Audu, said the forum aligns with federal reforms targeting gender equality, social protection and national cohesion.

He noted that the government was committed to building stronger collaboration across ministries, development partners and state institutions.

“This forum provides an important opportunity to consider proposed amendments and develop a national coalition for sustainable financing and measurable results,” he said.

The CEO of the Accountability and Transparency Initiative, Dr. Fumi Akinyele, called for the revised law to embed gender responsiveness from the design stage.

She noted that many rural women were excluded from social protection programmes due to requirements such as smartphones, bank verification numbers and digital literacy.

“Inclusion must go beyond words. We need clear definitions, gender-responsive budgeting and disaggregated data. Committees must be balanced so that different voices are heard,” she said.

The Chairman of the Anambra Civil Society Network, Prince Chris Azor, shared experiences illustrating the challenges faced by sub-national CSOs, including inconsistent regulations that once led to the closure of community organisations’ bank accounts.

“We were stranded. Even registration processes were unclear. When grassroots operators cannot function, you are shrinking the civic space,” he said.

He urged that the amended Act provide states with a clear legal framework for social protection and civil society participation. “We want a standing law that expands the civic space and ensures citizens are part of governance.”

EU–IDEA, Stakeholders Call for Urgent Review of Social Development Act, Seek National Alignment

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