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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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NiDCOM Repatriates 13 Nigerians Rescued from Traffickers in Ghana, Raises Alarm Over Irregular Migration

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NiDCOM Repatriates 13 Nigerians Rescued from Traffickers in Ghana, Raises Alarm Over Irregular Migration

By: Michael Mike

The Nigerians in Diaspora Commission (NiDCOM) has facilitated the return of 13 Nigerians rescued from a human trafficking syndicate in Ghana, in what officials describe as another stark reminder of the growing dangers facing citizens lured abroad with false promises.

Chairman/Chief Executive Officer of NiDCOM, Hon. Abike Dabiri-Erewa, praised the swift intervention of the Nigerian High Commission in Ghana for coordinating the rescue and repatriation of the victims. She said the successful operation underscores the Federal Government’s commitment to protecting Nigerians wherever they may be.

The returnees, comprising 11 adults and two infants aged just four weeks and 16 months, were received in Lagos by the Commission’s Head of Operations on behalf of the Chairman.

According to a statement by the spokesman of the Commission, AbdurRahman Balogun, the initial assessments revealed that some of the women and their children are battling serious health challenges and are currently undergoing medical treatment, alongside psychological support to address trauma experienced during their ordeal.

Dabiri-Erewa expressed appreciation to Nigeria’s First Lady, Oluremi Tinubu, for her consistent support in providing transportation and other critical logistics for rescue missions. She described such backing as vital in ensuring that vulnerable Nigerians are brought home safely and reintegrated with dignity.

As part of standard reintegration procedures, the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) conducted profiling and documentation of the victims, while NiDCOM coordinated logistical arrangements to facilitate their onward movement to their respective states.

The repatriation exercise was led by the Acting Nigerian High Commissioner to Ghana, Ambassador Moses Adeoye, working closely with relevant stakeholders and partner agencies to dismantle the trafficking network involved.

While welcoming the victims home, Dabiri-Erewa warned young Nigerians against falling prey to dubious recruitment agents and unverified overseas job offers. She stressed that irregular migration continues to expose many to exploitation, abuse and life-threatening conditions.

She reaffirmed NiDCOM’s resolve to strengthen collaboration with diplomatic missions, security agencies and civil society partners to combat human trafficking and provide timely intervention for citizens in distress abroad.

NiDCOM Repatriates 13 Nigerians Rescued from Traffickers in Ghana, Raises Alarm Over Irregular Migration

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NDLEA Nabs China-Based Businessman, Two Angolans as 236 Cocaine Pellets Recovered at Abuja, Kano Airports

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NDLEA Nabs China-Based Businessman, Two Angolans as 236 Cocaine Pellets Recovered at Abuja, Kano Airports

By: Michael Mike

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a China-based Nigerian businessman and two Angolan nationals after they excreted a combined 236 wraps of cocaine at the Nnamdi Azikiwe and Mallam Aminu Kano international airports.

The suspects—identified as Ibeanu Vincent Chukwudulue, 34; Mbandu Martins Makiadi, 50; and Ngoma Wilson Fernando, 52—were apprehended in separate operations in Abuja and Kano following intelligence-led surveillance.

Ibeanu was intercepted on February 4 at the Nnamdi Azikiwe International Airport while boarding a Qatar Airways flight from Kano to China via Doha. A body scan confirmed he had ingested illicit drugs. Under observation, he excreted 52 pellets of cocaine weighing 735.95 grams. He told investigators he previously ran a business on Lagos Island before relocating to Guangzhou, China, in 2024.

On the same day, NDLEA officers at the Mallam Aminu Kano International Airport arrested Makiadi and Fernando at the departure hall during clearance for an Ethiopian Airlines flight to Istanbul via Addis Ababa. Body scans confirmed drug ingestion. Makiadi expelled 76 wraps weighing 920 grams in seven excretions, while Fernando passed 108 pellets weighing 1.33 kilograms in five excretions.

The Angolan suspects, both from Hoji Ya Henda in Luanda, claimed they were recruited by an automobile spare parts dealer who promised them $3,000 each upon successful delivery of the drugs in Turkey.

In a related development, NDLEA operatives at the export shed of the Murtala Muhammed International Airport thwarted an attempt to smuggle 1.10 kilograms of cocaine to London, concealed in processed cassava granules (garri).

Investigations revealed that the plot was orchestrated from prison by Olashupo Michael Oladimeji, a convicted drug trafficker currently serving a five-year sentence at the Ikoyi Correctional Centre. Oladimeji had earlier been convicted by a Federal High Court in Lagos in 2025 for conspiracy to export 17.90kg of cocaine.

The latest consignment, hidden in a sack of garri packed inside a carton, was presented for export by Adedeji Yusuf Gbolahan, a staff member of Dimeji Express Logistics. NDLEA investigations indicated that Oladimeji coordinated the operation from custody and directed Yusuf to collect the consignment in Oshodi before taking it to the airport.

In another case at the Lagos airport, a 44-year-old estate surveyor, Adelaja Taiwo Adetayo, was arrested for attempting to ship 1.70 kilograms of skunk concealed in five jerry cans to the United Kingdom. The cargo agent who processed the consignment was also arrested, leading to a follow-up operation that tracked down Adelaja in Lagos.

In Abuja, NDLEA operatives intercepted a waybill package from Enugu containing a children’s toy guitar used to conceal 59.2 grams of Canadian Loud, a potent cannabis strain. A follow-up operation led to the arrest of the consignee, Henry Onuma, in Life Camp.

Meanwhile, in Lagos, NDLEA officers raided a four-bedroom duplex in the Lekki area used as a production hub for Colorado, a synthetic cannabis variant known locally as “Colos.” The operation followed the seizure of 73 cartons of nitrous oxide at Ajah–Epe Expressway, suspected to be linked to the facility. Two suspects were arrested, and 13.2 kilograms of freshly produced synthetic cannabis were recovered alongside precursor chemicals.

In Ibadan, Oyo State, a 45-year-old suspected drug dealer, Oluwayemisi Bunmi, was arrested with 1.189kg of Colos and skunk, 320 grams of methamphetamine, nearly ₦3 million in cash, and two vehicles.

In Kwara State, NDLEA operatives intercepted a vehicle conveying 105,400 pills of tramadol along the Bode Saadu axis, leading to the arrest of 43-year-old Kamilu Abdullahi.

Similarly, in Edo State, five suspects were apprehended during a raid on a forest camp in Ovia North East Local Government Area, where 563.5 kilograms of skunk were recovered.

Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd), commended officers across the MAKIA, MMIA, NAIA, Lagos, Edo, Kwara, FCT, and Oyo Commands for their professionalism and vigilance.

He urged continued commitment to the agency’s balanced strategy of drug supply reduction and drug demand reduction, even as NDLEA intensified its War Against Drug Abuse (WADA) sensitisation campaigns in schools and communities nationwide.

NDLEA Nabs China-Based Businessman, Two Angolans as 236 Cocaine Pellets Recovered at Abuja, Kano Airports

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Kwara Residents Call on the Federal Government to Rescue Residents Captured in Woro as a Video of Abductees Surfaces Online

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Kwara Residents Call on the Federal Government to Rescue Residents Captured in Woro as a Video of Abductees Surfaces Online

By:Bodunrin kayode

There has been urgent calls on the Federal, government with the military might to take swift action to rescue the 176 abducted residents of woro community back to safety away from captivity.

This came about after a disturbing video clip showing captured residents of the recent attack in Woro community, Kaiama council Area of Kwara State, surfaced online.

In the video, several women and young children, including infants, were paraded by the terrorists looking distressed and helpless.

A voice believed to be that of one of the attackers was heard behind the camera speaking in Hausa and questioning the victims about their numbers and were they were captured because they were quite a handful.

During the question and answer session the women and children responded that they were taken from Woro in Kaiama council so that their relations will know they are still alive.

“When asked how many they were, they answered that they were 176 in number. The same question was repeated to another woman in the video to confirm the figure.

” The person behind the camera also claimed that authorities had earlier announced a lower number of victims and said the video was proof of the actual figure.

“The victims were abducted after armed attackers invaded Woro community on February 3, 2025. During the attack, many lives were lost and homes were destroyed.

” The emergence of this video has increased fear and concern among residents and families of the victims.

“The people of the area continue to hope for the safe return of their loved ones and a lasting solution to the security challenges.” Said a source from the state.

Kwara Residents Call on the Federal Government to Rescue Residents Captured in Woro as a Video of Abductees Surfaces Online

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