Connect with us

News

UN Report: 2024 Could Errand Protracted Period of Low Growth

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Tinubu commissions Borno’s projects, says Zulum’s performance exceptional

Published

on

Tinubu commissions Borno’s projects, says Zulum’s performance exceptional

By: Michael Mike

President Bola Ahmed Tinubu on Saturday commissioned three newly constructed mega schools and a fleet of 620 fully electric vehicles and tricycles delivered by the governor of Borno State, Professor Babagana Umara Zulum.

During the commissioning ceremony, which was performed separately, President Tinubu commended Governor Zulum for his transformative leadership.

The president said: “I congratulate the Governor and the people of Borno State for this transformation. Government is all about people, and Professor Zulum is doing a very good job of caring for people.” 

The president highlighted the projects as tangible evidence of effective governance and a blueprint for holistic state development.

The commissioned schools include Mafoni Day Secondary School, Bola Ahmed Tinubu Government Day Secondary School and Mafoni Primary School.

They are part of Governor Zulum’s ambitious 104 Mega School Initiative designed to drastically improve access to quality education and rebuild the sector after over a decade of insurgency.

Each of the facilities is equipped with modern classrooms, laboratories, libraries, sports facilities and an administrative complex to create a conducive learning environment.

The president also commissioned the international terminal of the Muhammadu Buhari International Airport, Maiduguri, in preparation for the commencement of international operations.

Governor Zulum, in his response, expressed gratitude for the federal government’s support and reiterated his administration’s commitment to rebuilding Borno’s infrastructure, economy and human capital.

The event was attended by federal and state officials, traditional rulers and community leaders.

President Tinubu concluded his state visit by attending the wedding ceremony of former Borno State Governor Sheriff’s son, conducted at the Maiduguri Central Mosque.

Tinubu commissions Borno’s projects, says Zulum’s performance exceptional

Continue Reading

News

Between Imperialism and Military Rule: The Choiceless Political Reality in West Africa

Published

on

Between Imperialism and Military Rule: The Choiceless Political Reality in West Africa

By Chukwuemeka B. Eze and Jeggan Gray Johnson

West Africa stands today at a troubling crossroads where democratic aspirations collide with deep geopolitical tensions, failing institutions, and a new wave of military interventions- raising legitimate questions of the region’s democratic trajectory fifty years after its formation. Have we plateaued or plummeted into the age of the erosion of established normative procedures and democratic institutions, or is the regional experiment in a stage of reflection of deeper, ongoing challenges? Are citizens confronting systems that they perceive as imperial impositions and using whatever means available to them to resist? Or are they facing a crisis of democracy itself, a legitimacy crisis stemming from civil rule that often masks authoritarian tendencies? Why are military coups predominantly re-emerging in Francophone countries? Is this a coincidence, or does it reveal unresolved histories of external influence, entrenched political economies or distinctive patterns of state–society relations in these contexts? In whose name and under whose mandate do political elites continue to hold power? Why are we so quick to dismiss the military as being outside of the political system when, in fact, it is an institution shaped by the same social, economic and political dynamics as the rest of society? To what extent does our discourse artificially separate civilians from soldiers, rather than examining the broader governance ecosystem that produces both?

Citizens increasingly find themselves trapped between three unappealing forces—the entrenched culture of ‘electoral despotism’, external imperial influence and internal military domination. The trilateral dilemma has produced a disturbing condition: a choiceless choice, where none of the options seem incapable of delivering stability, dignity, peace and security or even genuine sovereignty.

The Long Shadow of Imperialism: More than six decades after independence, imperial legacies remain deeply embedded in West Africa’s political and economic structures. Former colonial powers continue to exert influence through aid conditionalities, control of extractive industries, military cooperation agreements, and political alliances that safeguard their strategic interests. In countries like Mali, Niger, Burkina Faso and Benin, resentment toward external interference; particularly from France has grown into a widespread political sentiment.

Economic dependence, currency constraints (such as the CFA franc), and foreign troops stationed on African soil reinforce the perception that the region’s sovereignty remains compromised. This has created fertile ground for anti-imperialist rhetoric, often championed by populist actors and military juntas who exploit these grievances to gain legitimacy.

The Return of Soldiers to Politics: The last decade has seen a resurgence of military takeovers in the region. Coups in Mali, Guinea, Burkina Faso, Niger, representing a largest coup belt in the world, and recently attempted interventions in Benin- a socio-political enigma and Guinea Bissau- the region’s narco-state, reflect a collapse of public trust in democratic systems perceived as kleptocratic, ineffective, and elite-controlled. Many West Africans, frustrated by insecurity, poverty, and government failure, initially welcomed soldiers as “corrective forces.” But military rule often replaces one form of authoritarianism with another and characterised by restricted freedoms, politicized security apparatus, uncertain transition timelines, limited economic vision and opportunity, heavy reliance on foreign military partners (Russia, Turkey, Gulf states) and debt, overshadowed by a youth bulge threatening to burst at the seams. e. Thus, the promise of liberation from imperialism frequently gives way to new dependencies and domestic authoritarianism, and ultimately, policy incoherence, confusion and instability.

The Choiceless Choice: The tragedy is that citizens are forced to choose between very difficult and perhaps inferior alternatives: Imperialism, which undermines sovereignty and reinforces structural inequalities, the electoral despotism- where power remains concentrated within a cabal or small host of elites, and Military rule, which suspends constitutional order and democratic rights. All option addresses the core issues driving instability: weak governance, unemployment, fractured national identities, extremist threats, and the absence of economic diversification. In this vacuum, West Africans face a situation where every available choice feels imposed, not freely made.

The Geopolitical Chessboard: Part of the crisis stems from the region’s growing importance in global geopolitics. West Africa has become a stage for competition among major powers: France and the EU seek to preserve influence, The United States prioritizes counterterrorism, Russia positions itself as an anti-West alternative, China expands via infrastructure loans, and the eventual confiscation of strategic minerals anchored in the blue and green economies, Gulf states and Turkey enter with economic and military interests and the list continues to expand. These competing agendas pull governments in different directions, leaving citizens with little say over the region’s strategic direction.
The Decline of Democratic Credibility: Democracy in West Africa is in crisis not merely because of coups, but because a leadership pandemic. The region has a critical and morally bankrupt leadership. of Manipulated constitutions, electoral fraud, corruption scandals, and impunity have hollowed out institutions. When democratic governments fail to deliver development or justice, the military’s rhetoric of “rescue missions” becomes appealing. Yet these interventions ultimately produce another cycle of disillusionment.

What Real Sovereignty Requires: Breaking this cycle demands a new political imagination—one rooted in African agency, not external dictates or military paternalism. A pathway to genuine sovereignty includes: Strengthening democratic institutions beyond elections, economic independence, especially through value-added industries, regional security cooperation less reliant on external forces, civic education and accountability systems, that are citizenry driven, that restore public trust, as well as a pan-African political consciousness capable of resisting both imperial pressure and internal authoritarianism. The future depends on reclaiming democracy as a tool of liberation, not a façade for elite capture.

Conclusion: West Africa’s tragedy is not that it lacks alternatives, but that the region’s political trajectory has become trapped between two dominant and deeply flawed forces. Imperialism continues to shape its geopolitics and economy, while military rulers exploit public frustration to consolidate power. Together, they create a choiceless political reality where citizens struggle to find a path that protects both sovereignty and freedom. Yet within this crisis lies an opportunity: the chance to articulate a new political vision grounded in bold leadership, accountable governance, and regional solidarity. Reimagining democracy means going beyond periodic elections. It means nurturing institutions that are stronger than individuals and ensuring that power remains accountable to the people. It means prioritizing people’s power over that of statesmen, strengthening judicial independence, fortifying the institutions meant to protect democracy and ensuring that the exercise of power after elections truly serves citizens. Only then can West Africans move beyond the suffocating binary of imperialism and soldiers—and reclaim the right to choose their own future.

Chukwuemeka B. Eze is the Director for Democratic Futures in Africa and Jeggan Grey Johnson, Advocacy Advisor at the Open Society Foundations

Between Imperialism and Military Rule: The Choiceless Political Reality in West Africa

Continue Reading

News

New drug test policy for schools will cut down substance abuse among youth – Marwa

Published

on

New drug test policy for schools will cut down substance abuse among youth – Marwa

By: Michael Mike

Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA) Brig. Gen. Buba Marwa (rtd) has said that the newly launched drug test policy for schools in Nigeria will discourage illicit substances abuse by young Nigerians especially those aspiring for higher education.

Marwa stated this weekend when he received the Vice Chancellor of the Taraba State University, Professor Sunday Bako who led a team of his management staff to seek partnership with the anti-narcotics agency on the fight against substance abuse and illicit drug trafficking.

The NDLEA boss, said: “We’re glad to work and partner with you, your university and the Taraba state government on this matter and it’s a good thing that what you’re doing aligns with the new national policy for tertiary institutions that includes compulsory and random drug integrity tests for students. This initiative is a joint effort between the Federal Ministry of Education and the National Drug Law Enforcement Agency (NDLEA) to combat substance abuse among young people in schools across the country.

“At the NDLEA, we have been pushing for this and we’re happy we have a dependable partner in the Minister of Education and members of his team who worked with us and supported us on this. This is not in anyway punitive but a strategic push that will largely discourage our youths from going into substance abuse because they know at every stage of their education, they will face compulsory drug test.

“We are fully prepared to work with all schools to ensure the success of this great initiative that will make positive impact on youth development, security and national productivity in line with the renewed hope agenda of President Bola Tinubu.”

He commended the VC for leading the pack by establishing a full Directorate of Narcotics and Drug Abuse Prohibition in the institution, with a promise to support his efforts through capacity building training and other areas of collaboration.

In his remarks, Bako commended the Marwa leadership of NDLEA for its professionalism, openness and collaborative spirit, which has earned the agency both national and international accolades.

He said: @We are particularly pleased to visit at a time when your excellent and unwavering commitment in the fight against drugs and illicit substances abuse/trafficking earns you another five years of tenure renewal. Your relentless efforts in combatting substance abuse have contributed significantly to protecting our youths and preserving the future of our nation.”

He noted that his visit was borne out of his concern about the challenge of drug and substance abuse among young people, which poses serious threat to academic excellence, moral values, and national development.

The VC said: “This visit seeks to strengthen the relationship between Taraba State University, Jalingo and the National Drug law Enforcement Agency which started way back since 22nd August, 2024 during the inauguration of the Directorate of Narcotics and Drug Abuse Prohibition and the launch of WADA by the NDLEA Taraba state command, as well as the TSU Drug Free Club patrons/officials.

“We firmly believe that effective drug control and prevention require a multi-sectoral approach involving law enforcement agencies, academic institutions, and the wider society.

In this regard, Taraba State University is eager to partner with your agency in areas such as collaborative research on drug abuse and substance use disorder, policy-oriented studies, public enlightenment and sensitization programmes, capacity building training, student internship opportunities, and community outreach initiatives within Taraba state and beyond. Partnership with the NDLEA will further strengthen our institutional policies and programmes in this critical area.”

New drug test policy for schools will cut down substance abuse among youth – Marwa

Continue Reading

Trending

Verified by MonsterInsights