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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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Tinubu: The FCT Verdict and Inevitability of 2027

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Tinubu: The FCT Verdict and Inevitability of 2027

By Jude Obioha

The 2027 presidential election may still be months away, but its contours are already visible to anyone willing to read the signs. Politics, like history, leaves clues. And the recent Federal Capital Territory (FCT) Area Council elections, alongside parallel electoral exercises in parts of Rivers and Kano States, have provided more than clues. They have offered a preview.

The message from the FCT was neither ambiguous nor accidental.

The All Progressives Congress (APC) secured five of the six chairmanship seats, flipping the Abuja Municipal Area Council (AMAC), Bwari, and Kuje from the Peoples Democratic Party, leaving the opposition with only Gwagwalada. In AMAC, the most populous and politically symbolic council in the nation’s capital, the APC did not merely win; it dominated, polling over 40,000 votes, more than triple the tally of its closest challenger. In Nigeria’s political heartbeat, voters spoke with clarity.

This was not just a council election. It was a temperature check. And the temperature suggests that President Bola Ahmed Tinubu’s political machinery is not only intact but also expanding.

Those who dismiss local elections as inconsequential misunderstand Nigerian political dynamics. The FCT is not just any territory; it is the seat of power, the melting pot of Nigeria’s elite and grassroots political currents. When the ruling party strengthens its grip there, it signals organisational discipline, voter mobilisation capacity, and strategic coherence. It also reveals something more uncomfortable for the opposition: fragmentation. What even makes the victory more compelling is that APC has never won AMAC in Council or the FCT in Presidential elections. But just as it flipped in 2026 for AMAC, this could be the trajectory in 2027, not only in the Nation’s Capital but across the country.

While the APC consolidates, the opposition continues to splinter. Personal ambitions eclipse collective strategy. Coalition talks rise and collapse in cycles of distrust. Meanwhile, key political figures across party lines quietly align with Tinubu’s centre of gravity. Today, more than 30 governors, including some outside the APC fold, are considered allies of the President. In Nigerian politics, that is not a coincidence. It is architecture.

Tinubu did not arrive at this moment by accident. For over two decades, he has cultivated alliances, mentored political actors, built networks that transcend ethnicity and region, and demonstrated a rare capacity for long-term strategy. From Lagos to the national stage, he has shown an ability to think beyond electoral cycles. His 2023 victory was the product of patience and preparation. His governance since then reflects consolidation.

Critics predicted collapse when he removed fuel subsidies and unified the exchange rate. They foresaw a political implosion as reforms tightened liquidity and global inflation surged. Yet, against a backdrop of inherited fiscal strain and near-monetary instability, the administration has steadied the ship of macroeconomics. The Naira has shown signs of recovery. Food prices, while still sensitive, have begun to ease in several markets. Investor confidence is cautiously returning. None of this suggests perfection. But it does signal resilience.

Politics rewards resilience. The FCT results, therefore, are not merely about council chairpersons. They are about perception. Voters in the capital had an opportunity to register a protest. Instead, they reinforced the ruling party. That reinforcement carries symbolic weight. It suggests that, at least for now, the reform pain has not translated into wholesale rejection.

Beyond Abuja, similar patterns in Rivers and Kano further underscore a broader national trend: the ruling party is organised; its rivals are reactive.
If elections were solely about sentiment, 2027 might still be unpredictable. But elections are about structure: polling units, ward agents, coalition discipline, voter databases, and resource mobilisation. On those metrics, the APC appears several steps ahead.

One might even argue, cautiously but realistically, that the next presidential contest is shaping up less like a battlefield and more like a procession, with the final destination a “coronation” of President Bola Ahmed Tinubu for his second term.

This is not to diminish the democratic imperative of competition. Democracy demands opposition. It thrives on alternatives. But effective opposition requires coherence, not cacophony. At present, Nigeria’s opposition landscape is characterised more by internal recalibration than collective mobilisation.

Tinubu, meanwhile, continues to consolidate elite consensus while maintaining grassroots engagement. His style may be deliberate, sometimes opaque, but it is rarely impulsive. He understands the arithmetic of power: governors influence state machinery; state machinery influences turnout; turnout influences outcomes.

That arithmetic is already aligning. Therefore, to describe his anticipated re-election as a “coronation” may sound dramatic. Yet politics often moves long before ballots are cast. Momentum, once built, acquires its own inevitability. The FCT elections were not the cause of that momentum; they were evidence of it.

Could unforeseen variables emerge? Certainly, Nigerian politics is famously dynamic. Economic shocks, security challenges, or breakthroughs in coalition dynamics can quickly reshape landscapes. But as of today, the trajectory is unmistakable.

President Tinubu has outmanoeuvred rivals before. He has demonstrated the patience to endure criticism and the strategic instinct to expand alliances. With a consolidated ruling party, cross-party gubernatorial alignment, and early electoral signals tilting in his favour, 2027 increasingly appears less a question of “if” and more a question of margin.

History often whispers before it announces. The FCT has whispered. And if the opposition continues on its present course: divided, reactive, and organisationally thin, then the 2027 presidential election may well confirm what these early signals already suggest: that President Bola Ahmed Tinubu’s second term is not merely probable, but politically inevitable.

Obioha is the Director of Strategy at the Hope Alive Initiative (HAI), a group dedicated to good governance in Nigeria.

Tinubu: The FCT Verdict and Inevitability of 2027

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ECOWAS Parliament Pushes Stronger Public Engagement, Private Sector Role

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ECOWAS Parliament Pushes Stronger Public Engagement, Private Sector Role

By: Michael Mike

The ECOWAS Parliament has called for deeper public engagement, stronger youth participation and greater private sector involvement in regional affairs as part of efforts to strengthen trade and democratic integration across West Africa.

The call came as the regional legislature unveiled a series of year-long initiatives to commemorate its 25th anniversary, with officials stressing that the success of regional integration under the Economic Community of West African States (ECOWAS) depends largely on how effectively citizens, entrepreneurs and young people are involved in shaping the bloc’s future.

Speaking during a press conference in Abuja announcing the activities, officials said the silver jubilee celebrations will be driven largely by private sector-led programmes aimed at promoting trade opportunities, entrepreneurship and broader citizen engagement across the region.

According to them, the initiatives are designed to highlight the parliament’s contributions to peacebuilding, democratic governance and economic integration since its establishment while also opening new spaces for dialogue between policymakers, businesses and the public.

They noted that while governments have traditionally driven regional policies, the next phase of West Africa’s integration must actively involve the private sector and civil society to unlock trade opportunities and accelerate development.

The anniversary activities will therefore feature a range of engagements including business forums, youth-focused initiatives, public policy dialogues and media collaborations intended to broaden awareness about ECOWAS programmes and encourage citizens to take greater ownership of the regional project.

Officials emphasised that young people, who form the majority of West Africa’s population, must be placed at the centre of regional economic strategies, particularly in areas such as innovation, digital trade and entrepreneurship.

Delivering a vote of thanks at the event, the Chief Communications Officer of the ECOWAS Parliament, Uchenna Duru-Nwaotule, commended journalists for their role in strengthening democratic accountability and public awareness across the region.

She said the presence of the media at the event underscored their critical role in promoting transparency and fostering citizen participation in regional governance.

“As we mark twenty-five years of the ECOWAS Parliament’s contribution to regional integration and peacebuilding through parliamentary diplomacy, the partnership of the media remains indispensable in ensuring that citizens across West Africa are informed and actively engaged in this milestone celebration,” she said.

Duru-Nwaotule noted that the commemorative initiatives reflect a growing recognition that regional integration cannot be driven solely by governments and institutions.

Rather, she stressed, it requires the active participation of businesses, organised civil society groups and the media working together to advance the shared vision of a prosperous and united West Africa.

She urged journalists to continue amplifying initiatives that promote youth engagement, economic development and inclusive dialogue across the ECOWAS region, adding that the anniversary offers a platform for citizens, entrepreneurs and innovators to contribute meaningfully to the bloc’s integration agenda.

The ECOWAS Parliament, established in 2000, serves as the legislative arm of the regional body and plays a key role in promoting democratic governance, conflict resolution and policy harmonisation among member states.

Officials said the 25th anniversary celebration will not only highlight the institution’s achievements over the past quarter century but will also set the stage for renewed collaboration aimed at advancing the goals of regional prosperity and unity under the ECOWAS long-term development framework.

ECOWAS Parliament Pushes Stronger Public Engagement, Private Sector Role

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Nigeria Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control

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Nigeria Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control

By: Michael Mike

In a sweeping show of reform across Nigeria’s internal security architecture, the Federal Government has promoted more than 70,000 paramilitary officers within three years and launched a technology-driven Integrated Operating Centre to track immigration violators in real time.

Minister of Interior, Olubunmi Tunji-Ojo, announced the twin developments in Abuja while declaring open the 2026 Sectoral Performance Retreat for agencies under the Ministry of Interior. The retreat, held at the Nigeria Army Conference Centre, was themed “Accountable Leadership, Measurable Impacts: Reviewing Results, Renewing Commitments.”

Tunji-Ojo described the mass promotion exercise as unprecedented, saying it reflects the commitment of President Bola Tinubu’s administration to improve morale and restore professionalism across the paramilitary services.

“Only yesterday, I approved the 2026 promotion of personnel across all agencies under the Ministry. By April and May, the implementation will commence,” the minister said, urging officers to reciprocate government’s support with discipline, patriotism and improved service delivery.

In what observers see as a major shift toward data-driven border management, Tunji-Ojo disclosed that the Nigeria Immigration Service (NIS) has inaugurated an Integrated Operating Centre (IOC) equipped with sophisticated surveillance and data harmonisation tools.

According to him, the centre provides real-time intelligence on foreigners who have overstayed their visas, with historical data covering up to a decade.

“With the kind of sophisticated gadgets and equipment now in place, the Immigration Service has become a strong internal security enabler. The Service will go after those who have overstayed. It is no longer business as usual,” he declared.

The minister said the deployment of advanced analytics and harmonised databases has placed persons of interest squarely on government radar, reinforcing efforts to secure Nigeria’s borders and sanitise its migration system.

As part of ongoing reforms, he revealed that seven new Forward Operating Bases (FOBs) have been established to strengthen border surveillance and migration management nationwide. He commended the Comptroller-General of the NIS, Kemi Nanna Nandap, for what he described as visionary leadership in modernising the Service.

The minister also applauded the efforts of the Nigeria Security and Civil Defence Corps (NSCDC), the Nigeria Correctional Service (NCoS), and the Federal Fire Service (FFS), but warned that commendation must not breed complacency.

He tasked the NSCDC with intensifying protection of critical national infrastructure, including oil pipelines, solid mineral sites, schools and hospitals, stressing that the corps “cannot be run like a volunteer service.” He urged its Commandant-General, Prof. Ahmed Audi, to submit a clear operational roadmap following his reappointment.

On correctional reforms, Tunji-Ojo insisted that efforts must go beyond custodial management to ensure rehabilitation and reintegration, warning that repeat offending signals systemic failure.

“If offenders complete their sentences and return to crime, then we have not succeeded,” he said.

Permanent Secretary of the Ministry, Dr. Magdalene Ajani, described the retreat as a critical platform for reviewing stewardship and aligning performance with national priorities. She said the Ministry carries enormous responsibility in border management, citizenship administration and internal security, all of which directly affect the daily lives of Nigerians.

Ajani stressed the need to align operations with the Renewed Hope Agenda of President Tinubu, encouraging openness to constructive criticism and innovative thinking.

She expressed confidence that the retreat would produce a concrete roadmap to guide the Ministry’s agencies in delivering measurable results in the year ahead.

The dual announcement of mass promotions and high-tech border surveillance signals a government intent on pairing welfare reforms with operational efficiency — a strategy officials say is essential to strengthening Nigeria’s security framework in an era of complex internal and cross-border threats.

Nigeria Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control

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