News
UN Report: 2024 Could Errand Protracted Period of Low Growth
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
News
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
By: Michael Mike
The National Counter Terrorism Centre (NCTC), Office of the National Security Adviser (ONSA), in collaboration with the United Nations Office on Drugs and Crime (UNODC), and with the support of the Government of Canada, has established a Technical Working Group (TWG) on Mineral Crime and Terrorism Financing.
Nigeria’s mineral sector, particularly artisanal and small-scale gold mining, has increasingly been exploited by criminal and terrorist networks.
These illicit activities have continued to deprive the government of vital tax and royalty revenues, weaken state capacity to deliver essential services, and fuel instability nationwide. By exploiting regulatory gaps and opaque value chains, criminal groups disguise illicit proceeds, perpetuating conflict and organized crime in the country.
The TWG, comprising representatives of law enforcement, intelligence and other security agencies, including those of other strategic MDAs and the Presidential Artisanal Gold Mining Initiative (PAGMI) under the latest agreement, will collaborate to strengthen the nation’s criminal justice capacity to address illicit financial flows tied to terrorism financing and money laundering in the mining sector by coordinating individual agency responses, supporting national efforts, and guiding policy reforms.
It will also promote community resilience in artisanal mining regions while integrating gender equality and human rights into government interventions.
In his keynote speech at the inaugural meeting of the working group, the NCTC National Coordinator, Major General Adamu Garba Laka, who was represented by the Centre’s Director of Preventing and Countering Violent Extremism, Ambassador Mairo Musa Abbas underscored the Federal Government of Nigeria’s commitment to cutting off terrorist financing at its source, including in the mineral sector.
He said: “Nigeria’s mineral resources remain some of the most valuable national assets we possess. Yet in recent years, the growing exploitation of these resources by criminal syndicates and violent extremist elements has become a significant threat. This is not merely a theoretical risk; it is a lived reality in several regions of our country, where illegal mining intersects with banditry, insurgency, arms trafficking and cross-border smuggling. In past years, the NCTC has recorded remarkable progress in strengthening Nigeria’s counter-terrorism financing architecture. Today’s initiative builds on this momentum. Protecting our mineral resources from criminal capture is not only a security imperative, but it is also a development imperative, an economic imperative and, ultimately, a sovereign duty.”
On his part, UNODC Country Representative for Nigeria, Mr Cheikh Toure,, in his remarks conveyed by Mr Tom Parker, Head of the UNODC Counter Terrorism Unit, praised the leadership of the NCTC, while emphasising that “Illegal mining, and the illicit financial flows generated by this activity, undermine Nigeria’s stability and development. The creation of this interagency Working Group by the NCTC is an important step in reversing this trend. UNODC is committed to strengthening Nigeria’s capacity to detect, investigate, and prosecute financial crimes linked to terrorism and organized crime. Collaboration is fundamental to defeating criminal and terrorist threats, and helps foster shared learning and policy innovation.”
Funded by the Government of Canada, UNODC is working closely with the NCTC together with agencies like Economic and Financial Crimes Commission, National Financial Intelligence Unit, the Mining Marshals Corps and the Ministry of Solid Minerals Development to build Nigeria’s capacity towards combating illicit financial flows linked to Nigeria’s mineral sector by deepening analysis of relationship between mineral-related crimes and the financing of terrorism, strengthening supervision in the financial sector by equipping both private and government actors to detect suspicious transactions, and supporting the effective investigation, prosecution, and adjudication of money laundering and terrorism financing cases at the state and federal levels.
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
News
NCoS empowers 120 inmates in Gombe
NCoS empowers 120 inmates in Gombe
By Peter Uwumarogie
The Nigerian Correctional Service (NCoS) says it has trained 120 inmates in vocational skills in six custodial centres in Gombe State.
The Controller of Corrections, Mr Felix Agada, said this during the graduation ceremony of the inmates on Wednesday at Tula community in Kaltungo Local Government Area of the state.
He said the initiative was of part of the mandate of the service to reform and rehabilitate inmates into better citizens upon their release from the centres.
“The aim of this skill acquisition is to achieve the Reformation, Rehabilitation and Reintegration programme of the service.
“This is to ensure that inmates become useful to themselves and the society at large after discharge to reduce the rate of crime among the youths in our communities,” he said.
Agada said the programme was being initiated and supported in collaboration with the state Chief Judge, Justice Halima Mohammed, and Smart Ideas Multi Consult Ltd.
He commended the state government’s support towards empowering the inmates and ensuring that they return to their communities with dignity upon serving out their jail terms.
Also, Justice Mohammed said her belief that everyone deserved opportunity to become better citizens moved her to initiate the programme.
She said that studies had shown that where well-structured rehabilitation and skill acquisition exist for inmates, crime rate drops drastically by more than half because “opportunity is the antidote to crime.
“In Nigeria, correctional centres were not designed to be the permanent destination; they are meant to be a bridge back into the society, not warehouse for human potential.
“Without skills, inmates who have served out their terms can not compete, without support they cannot stand, and without acceptance, they cannot start again,” she said.
Mohammed said the initiative was borne out of the need to ensure that every ex-inmate did not go back to crime but to become a “tax payer, business starter and an artisan.
“This is important because every ex inmate lost to the street is a child without a provider, community without peace and a country without productivity.”
She lauded the government’s role in reforming inmates, and stressed the need for societal support to effectively address the task of skilling every inmate while providing them with starter packs upon their release.
“Correctional reform is not a project, it’s a partnership, not a policy but a social contract; today’s fund raising is not charity but nation building, security management, economic investment and a moral duty.”
The judge therefore advocated for collective support to empower inmates with the right skills and tools.
According to Mohammed, investment in that regard is an investment in safer streets, stronger families and a more hopeful country.
Mr Musa Nelson, Head of Skills Acquisition Programmes, NCoS, said the inmates were exposed to carpentry, tailoring, fashion design, cosmetology, shoe and bags making, laundry, barbing and make up.
He said the inmates would be provided with starter packs after their six-month training exercise.
Some of the inmates commended the gesture and urged stakeholders to assist them with the required tools in line with their area of training to enable them to set up their businesses.
News
Coup D’etat: Odumegwu-Ojukwu Calls for Defence of Constitution Order
Coup D’etat: Odumegwu-Ojukwu Calls for Defence of Constitution Order
….Challenges ECOWAS to Meet Yearnings of Youth
By: Michael Mike
Minister of State Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu has called on members of the Economic Community of West African States (ECOWAS) to remain steadfast in defending constitutional order, promoting inclusive political dialogue, and supporting credible transitions that reinforce stability.
Odumegwu-Ojukwu, who also called
for the acceleration of economic integration in the sub-region, challenged ECOWAS to meet the yearning of the regional youth who are looking up to the regional body to create opportunities for them.
Odumegwu-Ojukwu, spoke on Wednesday at the opening of the 95th Ordinary Session of the ECOWAS Council of Minister in Abuja.
The Nigeria’s minister while noting that as ECOWAS is still basking in the euphoria of the golden jubilee celebration, the Regional body must confront its challenges headlong.
She identified the recent surge in military take over, banditry and kidnappings as some of the challenges.
According to her: “Recent years have witnessed political instability and lack of inclusivity, including forceful unconstitutional changes of government, deliberate prolonged transitions, and governance uncertainties and deficits in a number of Member States. These situations challenge not only the democratic values to which we have all subscribed, but also threaten hard-won development gains. They undermine citizen confidence and weaken the regional cohesion that has defined ECOWAS for half a century.
“We must therefore remain steadfast in defending constitutional order, promoting inclusive political dialogue, and supporting credible transitions that reinforce stability. Our unity and collective resolve are essential to navigating these periods of uncertainty.”
She added: “At the heart of ECOWAS lies the aspiration for economic integration that delivers tangible benefits for our community citizens. It is this ideal of shared markets, interconnected infrastructure, increased mobility, and coordinated development that inspired our founding fathers to establish the regional body and has guided our Community since 1975.
“Today more than ever, we must accelerate these efforts. Our region’s future depends on deepening intra-regional trade, strengthening value chains, facilitating investments, and creating opportunities for the over 400 million people, especially the young people of 25 years and below who constitute about 65% of the population. They no doubt rely on ECOWAS to chart a path toward progress.”
She also noted the ECOWAS at 50 celebration that is still running, offered an opportunity to reflect deeply on our achievements over the past five decades.
“We celebrated the establishment of free movement, significant trade and economic integration frameworks, regional peacekeeping leadership, improved cooperation in critical sectors from health to infrastructure, and ongoing efforts to address the problems of insecurity in the region. Our accomplishments stand as a powerful testament to the vision of our founders, who understood that West Africa’s greatest strength is forged through unity, solidarity, and collective progress. Moving forward, we are inspired to reach even higher, nurturing a region defined by peace, prosperity, and limitless possibilities for generations to come.”
She therefore reminded the gathering that their insights and decisions will be instrumental in shaping the recommendations to be submitted to the Authority of Heads of State and Government.
On his part, the Sierra Leonian Minister of Foreign Affairs and Regional Integration, Timothy Kabba stressed the need to be persistent in the integration efforts.
Kabba who is also the Chairman of ECOWAS Council of Ministers said: “We must persist in our effort to foster an environment conducive to the growth of the private sector, the principal catalyst of the economic integration agenda. While it is acknowledged that integration may sometimes invoke complex sovereignty issues, it is ultimately advantageous to all Member States.
“Furthermore, it is imperative that we demonstrate a robust commitment to the promotion and enhancement of trade within the subregion.”
He also lamented the current trade gaps in the sub-region, describing it as the lowest when compared to other regions of the world.
He therefore called for the resuscitation of all trade mechanisms to boost intra-regional trade and investment.
According to him: “The current percentage of intra-regional trade lags behind that of other regions. To address this disparity, we should utilize existing mechanisms to foster greater regional economic collaboration, such as the ECOWAS trade liberalization scheme, the ECOWAS investment code, improve transport and energy connectivity, and promote digital transformation as a catalyst for innovation.
“In addition, we must address non-tariff barriers, modernize and operationalize brotherhoods, and improve the joint border management process. We must also prepare our region to fully capitalize on the opportunities presented by the African Continental Free Trade Agreement, which directly advances our internal integration agenda.”
Speaking on the current security and political situation in the region, Kabba said: “They can only be resolved through enhanced cooperation and mutual understanding among our member states. “Consequently, we must assist in investing in peace and security initiatives both through joint border operations, joint intelligence cooperation, and mediation efforts, activate the ECOWAS Standard Force, and provide support to member states facing threat.
“In addition, it is essential to ensure that diligent diplomacy, strategic leadership, political dialogue, military cooperation, and development assistance are integrated effectively to address the root causes and foster long-term resilience and sustainability.”
He charged members of the council of ministers to “seize this opportunity to reflect on the broader security and governance challenges confronting our region, and to renew our collective determination to safeguard peace, protect democratic institutions, and ensure that the aspirations of our peoples for stability and development are not derailed.
Our region has endured too many disruptions to democratic order.
“Let us stand together firmly and in solidarity to defend the principles of democracy, transparency, and the people’s right to choose their leaders.”
Coup D’etat: Odumegwu-Ojukwu Calls for Defence of Constitution Order
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