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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
Zulum Visits Frontline Troops in Mairari, Inspects Dilapidated FGC Monguno
Zulum Visits Frontline Troops in Mairari, Inspects Dilapidated FGC Monguno
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Tuesday, visited the Forward Operating Base (FOB) in Mairari to bolster the morale of troops on the frontline.
Mairari, a strategic town in the state, endured two insurgent attacks in December. On both occasions, the assaults were successfully repelled by troops, averting a significant security breach.

Governor Zulum, who is currently on a resilience-building tour of Northern Borno, commended the officers and men for their bravery and sacrifice, describing them as the backbone of peace and stability in the state.
“Your resilience and commitment inspire confidence in our people,” the Governor stated. “I want to assure you that my administration will continue to provide all necessary logistics and welfare support to boost your morale and enhance your operational effectiveness. Mairari will not fall.”

He emphasised that the state government, in collaboration with the Federal Government and military high command, would ensure a steady supply of operational logistics, mobility support, and welfare packages to keep troops combat-ready.
The Commander of Sector 3, Operation Hadin Kai, Major General Suleiman Saidu Tilawan, commended the Governor for his consistent and proactive support.
“The support we receive from the Borno State Government and the Theatre Commander has been exceptional,” he said. “It has translated into improved logistics, enhanced morale, and renewed confidence among our troops to confront threats head-on.”

Governor Zulum also interacted with residents of Mairari, listening to their concerns and commending their courage. He described the community as a symbol of resilience and announced cash assistance to those affected by the recent attacks to ease hardships and support recovery.
…Zulum Inspects Dilapidated FGC Monguno
Earlier in the day, Governor Zulum conducted an inspection of the abandoned Federal Government College in Monguno.
He assessed extensively damaged classrooms, vandalized laboratories, and deteriorating staff quarters, tangible reminders of the insurgency’s impact on public institutions.
The Governor said the purpose of the visit was to assess the damage and identify practical steps for the college’s full rehabilitation. “Education is the foundation upon which any peaceful, prosperous, and resilient society is built,” Governor Zulum stressed. “Rebuilding schools is central to the long-term recovery and stability of our dear state.”
He assured that his administration would spare no effort in restoring the school, with the ultimate goal of ensuring children from Monguno and neighbouring communities can access quality education.

During the inspection, Governor Zulum encountered widows who are taken refuge in some of the abandoned structures and provided them with cash assistance and facilitated the admission of some of their qualified daughters into the Monguno College of Nursing and Midwifery, offering them a pathway to education and future self-reliance.
Zulum Visits Frontline Troops in Mairari, Inspects Dilapidated FGC Monguno
News
Yuletide: NSCDC Deploys 55,000 Operatives Nationwide, Intensifies Intelligence to Tackle Insecurity
Yuletide: NSCDC Deploys 55,000 Operatives Nationwide, Intensifies Intelligence to Tackle Insecurity
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has deployed over 55,000 operatives across the country to ensure public safety and protect critical national assets and infrastructure during the Christmas and New Year festivities.
The Commandant General of the Corps, Prof. Ahmed Audi, ordered the nationwide deployment as part of measures to strengthen the nation’s security architecture before, during and after the yuletide period.
Audi said the decision became imperative in view of the tendency of criminal elements to exploit festive periods to carry out acts of banditry, kidnapping, terrorism, insurgency and other crimes.
He stressed that many security threats could be effectively curtailed if citizens embraced the culture of providing credible and timely intelligence to security agencies. According to him, proactive intelligence-sharing would aid early intervention and lead to the arrest of individuals who pose threats to national security.
“To prevent crimes rather than react to them, it is imperative for members of the public to trust and collaborate with us by providing credible and timely information that will enable swift action,” the NSCDC boss said.
Audi directed Zonal Commanders to closely monitor formations under their jurisdiction, while State Commandants are to coordinate Area Commands, Divisional Offices and other operational units to ensure effective coverage.
He explained that the deployment involves both covert and overt operations, with full mobilisation of personnel aimed at guaranteeing maximum human security and safeguarding government assets nationwide.
Reaffirming the Corps’ commitment to national peace and stability, the NSCDC helmsman assured Nigerians of enhanced collaboration with sister security agencies to ensure a safe environment conducive to development.
He said: “Our unwavering commitment is to ensure a safe and secure environment, and this can only be achieved with the active support of the public.”
The assurance was contained in a statement signed by the National Public Relations Officer of the Corps, Afolabi Babawale.
Yuletide: NSCDC Deploys 55,000 Operatives Nationwide, Intensifies Intelligence to Tackle Insecurity
News
Military arrest policemen on VIP escort duty in violation of President Tinubu’s directive
Military arrest policemen on VIP escort duty in violation of President Tinubu’s directive
By: Zagazola Makama
The military has arrested four police officers for allegedly providing unauthorised escort services to a VIP in contravention of the presidential directive on the withdrawal of policemen from VIP protection duties.
Police sources told Zagazola Makama that the arrest occurred on Dec. 17 at about 9:30 a.m., while the officers were reportedly on escort duty.
Those arrested were identified as ASP Musa Waziri and Insp. Jeremiah Achimogu both attached to 45 Police Mobile Force (PMF), Abuja; Insp. Awipi Terry of 21 PMF; and Insp. Hassan Baba of 50 PMF, Abuja.
According to security sources, the officers were arrested by military personnel after allegedly flouting the presidential order withdrawing police personnel from VIP escort duties.
The sources further disclosed that the policemen were dressed in uniforms similar to that of the Nigeria Security and Civil Defence Corps (NSCDC), allegedly in an attempt to evade detection and deceive enforcement personnel.
The arrested officers have since been detained, while disciplinary procedures have been initiated against them in line with extant regulations.
The Federal Government had earlier directed the immediate withdrawal of police personnel from unauthorised VIP protection duties to redeploy manpower to core policing and internal security operations across the country.
Military arrest policemen on VIP escort duty in violation of President Tinubu’s directive
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