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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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Police foil kidnap attempt, rescue mother and daughter in Benue

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Police foil kidnap attempt, rescue mother and daughter in Benue

By: Zagazola Makama

The Benue State Police Command has foiled a kidnapping attempt and rescued a woman and her daughter in Tsegbum Community along Naka Road in Makurdi.

Sources said the incident occurred at about 2:20 a.m. on Wednesday when unknown armed men broke into the residence of Mrs Kate Ijuo, 42, and attempted to abduct her and her daughter.

According to a sources from the command, the Divisional Police Officer (DPO) of ‘D’ Division, Makurdi, received a distress call from the victim and immediately mobilised a joint team of police operatives, OPS Zenda Joint Task Force, Anti-Cult, and Cybercrime patrol units to the scene.

On sighting the approaching security teams, the suspects abandoned the victims and fled the area, the sources said.

“The victims were rescued unhurt, while efforts are ongoing to track down the fleeing suspects and effect their arrest,” the command said.

The command urged residents to remain vigilant and promptly report suspicious movements to security agencies.

Police foil kidnap attempt, rescue mother and daughter in Benue

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25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

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25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

FG rolls out digital platform connecting women to finance, markets, skills

By: Our Reporter

President Bola Ahmed Tinubu has expanded the Nigeria for Women Programme to reach 25 million beneficiaries nationwide, reaffirming his administration’s commitment to women’s economic inclusion and national development.

The programme’s pilot phase in six states had already reached over one million beneficiaries, with the scale-up introducing the Happy Woman App Platform, a secure digital interface that connects women to finance, skills, markets, essential services, and government support.

Speaking on Thursday at the Presidential Launch of the Programme Scale-Up at the Presidential Villa, Abuja, the President, who was represented by his deputy, Vice President Kashim Shettima, noted that Nigeria cannot achieve sustainable growth without placing women at the centre of national planning.

“A nation that relegates its women is a nation bound for implosion. We have long understood this truth. That is why this administration has not only placed women at the forefront of decision-making but has also entrusted them with leadership in causes that redeem our national promise. Today stands as proof of that commitment, and I am proud to be part of this journey,” he said.

President Tinubu observed that while women are the authors of Nigeria’s development story, they remain essential to family stability, community resilience and national productivity.

“We have set a bold but achievable national ambition: to reach 25 million Nigerian women through this programme,” he stated, calling on the World Bank to strengthen its financing, technical support and innovation partnerships for the national scale-up.

“Digital inclusion is no longer optional; it is foundational to effective service delivery and national competitiveness,” he added.

The President designated 2026 as the “Year of Social Development and Families in Nigeria,” directing coordinated action across all levels of government.

The declaration followed a Memorandum of Understanding signed during his January official visit to Turkey, aimed at strengthening family cohesion and social welfare systems.

President Tinubu commended the Federal Ministry of Women’s Affairs and Social Development for integrating technology into policy implementation and for reorganising social development into a more coherent system since the launch of the Renewed Hope Social Impact Intervention in Lafia last year, noting the transformation reflected what purposeful leadership can achieve.

The President also praised state governors and the Nigeria Governors’ Forum for aligning federal vision with state-level execution, stating that “national transformation succeeds when all levels of government move with shared purpose.”

Earlier in her welcome address, the Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman Ibrahim, said the launch underscored a significant shift under the leadership of President Tinubu, where women are no longer viewed as peripheral beneficiaries of development but as central drivers of Nigeria’s economic growth, social cohesion, and democratic stability.

She described the launch of the Nigerian for Women Project (NFWP) Scale-Up as one of the most far-reaching and ambitious expansions of social and economic empowerment in the nation’s history.

The Minister noted that phase one of the project successfully achieved its objectives of addressing harmful social norms and strengthening women’s socio-economic resilience.

Beyond these achievements, she emphasized that the project delivered compelling evidence of the transformative power of women’s empowerment.

She further announced the launch of Nigeria’s Third National Action Plan on United Nations Security Council Resolution 1325 on Women, Peace, and Security, positioning Nigeria among a select group of countries worldwide to attain this milestone.

Also, the World Bank Regional Representative for Africa, Mr. Robert Chase, explained that the project was designed by the bank’s Social Policy Department to place women at the center of development, emphasizing that investing in women remains the most impactful investment any nation can make.

On his part, Director of the Nigeria Country Office of the Bill and Melinda Gates Foundation, Mr. Uche Amaonwu, who noted that empowering women directly translates to healthier families and safer communities, said women’s empowerment significantly reduces disease and insecurity at the household level.

For his part, Minister of Agriculture and Food Security, Senator Abubakar Kyari, expressed his Ministry’s readiness to collaborate on initiatives aimed at empowering women across the country.

Representative of the Senate President, Senator Godswill Akpabio, Senator Ireti Kingibe, stated that the scale-up of the Nigerian for Women Project reflects the Federal Government’s commitment to addressing the needs of women.

She added that the National Assembly would continue to enact legislation to expand women’s access to governance and economic resources.

Delivering the goodwill message of the Nigeria Governors’ Forum, the Deputy Governor of Katsina State, Malam Faruk Jobe, reaffirmed the commitment of state governments to providing counterpart funding for the successful implementation of women-focused projects.

He disclosed that Katsina State, a participating state in the project, has earmarked ₦4 billion in its current budget to support the initiative.

25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

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IPA commends Gov AbdulRahman and military on improved security efforts in Kwara

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IPA commends Gov AbdulRahman and military on improved security efforts in Kwara

By: Bodunrin kayode

The Igbomina Professionals Association (IPA) of Kwara state have commended the leadership of Governor AbdulRahman AbdulRazaq, for his sustained commitment to improving security across the state, particularly through recent decisive actions against criminal elements.

The Association made this known in a news release jointly signed by its National President, Olabode Iranloye, and the Assistant Secretary, Mustafa Abubakar, made available recently to newsmen in ilorin.

The statement applauded the government’s support for enhanced security architecture, the upgrade of traditional rulers (Obas) in Igbomina land to 2nd, 3rd, and 4th class status respectively.

They also commended the governor for the reopening of schools, and the relocation of the School of Nursing back to Oke Ode, which to them collectively demonstrates a renewed commitment to stability, development, and public confidence.

IPA also acknowledged the arrest of suspected criminal elements and urged relevant authorities to ensure that justice is fully and transparently dispensed, in line with the rule of law, to serve as a strong deterrent to criminality.

The Association further commended the Nigerian Army, the Nigerian Police Force, other Nigerian troops, forest guards, and local hunters for their courage and professionalism in ridding the general area of criminal elements.

The association particularly mentioned the outstanding performance of the 2 Division of the Nigerian Army under Operation IGBO DANU ( Forest Flush), which has led to the dismantling of several terrorist enclaves, destruction of logistics bases, arrest of suspects, and the rescue of several kidnapped victims across the State.

IPA recognised the leadership of Major General Chinedu Nnebife, General Officer Commanding (GOC) 2 Division Nigerian Army, and Brigadier General Nicholas Rume, Commander 22 Armoured Brigade, as well as the strategic support of the Office of the National Security Adviser (ONSA), whose coordinated efforts have significantly degraded terrorist operations in the state.

The Association called on the Kwara State Government and security agencies to sustain the tempo of these operations and assured them of the full support of the Igbomina Professionals Association in the ongoing drive to secure lives and property.

IPA also urged for intensified efforts to ensure the safe return of all residents still in captivity, stressing that the safety and dignity of citizens must remain paramount.

The Association further called on all Kwarans to cooperate with security agencies by exposing criminal collaborators within their communities, emphasising that “if you see something, say something.”

Collective vigilance, the association noted, remains critical to sustaining peace and security in Kwara State.

IPA commends Gov AbdulRahman and military on improved security efforts in Kwara

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