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

NSIA, UK’s Asset Green to Launch $496 Million Dairy Mega-Project in Nigeria

Published

on

NSIA, UK’s Asset Green to Launch $496 Million Dairy Mega-Project in Nigeria

By: Michael Mike

The Nigeria Sovereign Investment Authority (NSIA) has signed a landmark Memorandum of Understanding with UK-based Asset Green Ltd to develop a US$496 million integrated dairy livestock production and processing platform, a project set to modernize Nigeria’s dairy sector, boost food security, and create thousands of jobs.

The MoU, signed in London ahead of the State Visit, laid out the framework for collaboration and project development, paving the way for a formal shareholders’ agreement.

The initiative, one of the largest integrated dairy investments ever undertaken in Nigeria, will combine 20,000 hectares of climate-smart, regenerative crop and forage production with a 10,000-milking-cow dairy operation and a state-of-the-art processing plant capable of producing fresh milk, milk powders, butter, cream, and up to 15,000 metric tonnes of infant formula annually.

Designed to reduce Nigeria’s reliance on imported milk powder, the platform will integrate up to 10,000 rural households into the supply chain through inclusive out-grower schemes and is projected to generate over US$620 million annually, while creating approximately 2,500 direct and 5,000 indirect jobs nationwide.

British Deputy High Commissioner Jonny Baxter praised the partnership, noting, “Over a decade ago, the UK provided pivotal support to Nigeria in establishing the NSIA, offering legal and financial expertise that helped lay the foundation for its successful launch and strengthening its governance and credibility. That early institutional investment has paid dividends, helping to build a resilient Nigerian institution capable of creating jobs and driving transformational, long-term development.

“The NSIA and Asset Green partnership is a powerful example of how that groundwork continues to deliver impact—a full-circle moment that reflects the long-term economic cooperation between the UK and Nigeria and the shared commitment to deepening sustainable, private-sector-driven growth.”

NSIA Managing Director & CEO Aminu Umar-Sadiq described the project as transformative, saying, “NSIA is pleased to partner with Asset Green on this transformative investment. With a project size of almost US$500 million, this is one of the most ambitious initiatives aimed at strengthening Nigeria’s food and nutrition security in a generation. By combining climate-smart farming, advanced processing capacity, and inclusive out-grower participation, we are laying the foundation for a modern, competitive dairy sector that reduces import dependence, creates meaningful jobs, and delivers long-term value for Nigerians.”

Asset Green Ltd Director and Agrium Capital Ltd CEO Rod Bassett emphasized the strategic importance of the investment, noting, “This partnership between NSIA and Asset Green is the business and investment innovation required to unlock the potential of the agriculture sector in Nigeria, with the development of such a future (dairy) food system. The foundation of the approach is one of collaborating with NSIA and their shared vision and purpose to establish a platform to catalyse the development of such a national strategic priority. We are incredibly proud to partner with Nigeria’s premier investment institution. The development of greenfield projects have consistently played a major role in our history, establishing industries or nurturing young businesses that are able to deliver catalytic transformation. This US$500 million greenfield investment in Nigeria’s dairy industry allows for the development of advanced and necessary infrastructure spanning the full production and supply system to enhance local production, reduce the reliance on the huge imports of dairy goods into Nigeria, deliver environmental services, and strengthen national food sovereignty and nutritional resilience.”

The partnership signals a major milestone in Nigeria’s agricultural modernization, leveraging private-sector investment, inclusive farming practices, and advanced processing to create a resilient, competitive dairy industry while strengthening national food and nutrition security.

NSIA, UK’s Asset Green to Launch $496 Million Dairy Mega-Project in Nigeria

Continue Reading

News

IPCR Trains 19 Professionals, Pushes Practical Peacebuilding Across Nigeria

Published

on

IPCR Trains 19 Professionals, Pushes Practical Peacebuilding Across Nigeria

By: Michael Mike

The Institute for Peace and Conflict Resolution (IPCR) has urged newly trained professionals to translate their knowledge of negotiation and mediation into concrete actions that will promote peace and stability across Nigeria.

The call was made at the close of a three-week Strategic Course on Negotiation and Mediation (Chartered), held at the National Peace Academy in Abuja, where 19 participants were formally inducted as Members of the Peace Institute (MPI).

Speaking on behalf of the Director-General of IPCR, Joseph Ochogwu, the Director of Finance and Accounts, Sunday Daji, emphasized that peacebuilding is not accidental but the result of conscious daily efforts and effective communication.

He noted that many conflicts begin from simple misunderstandings that escalate due to poor communication, stressing that the skills acquired during the training must be applied in real-life situations.

“Peace is built through our everyday interactions and decisions. Negotiation is not a sign of weakness but a reflection of wisdom, courage, and leadership,” he said.

He also pointed to the participation of officers from the Nigerian Immigration Service as evidence of a growing shift within Nigeria’s security architecture toward preventive and dialogue-driven approaches to conflict resolution.

According to him, achieving lasting peace requires more than enforcement, adding that public institutions must embrace mediation and dialogue as critical tools in managing disputes.

Participants at the training described the programme as impactful and transformative. Speaking on behalf of the cohort, SA Ibrahim said the journey, though initially demanding, proved deeply rewarding.

“What lies ahead is something money cannot buy. We are leaving here not just as participants, but as peace ambassadors committed to making a difference,” she said.

Earlier, the Director of the National Peace Academy, Emmanuel Mmam, commended the participants for their discipline and engagement, describing them as one of the most outstanding groups trained by the institute.

He cautioned against prioritizing certificates over impact, urging them to put their knowledge into practice in their workplaces and communities.

“Knowledge that is not applied is as good as not having it,” he said, while encouraging continued collaboration with the institute to strengthen national peace efforts.

The training programme focused on core areas such as conflict management, workplace reconciliation, and advanced negotiation and mediation strategies, equipping participants with the tools needed to support Nigeria’s evolving peacebuilding framework.

IPCR Trains 19 Professionals, Pushes Practical Peacebuilding Across Nigeria

Continue Reading

News

Eid-al-Fitr: NSCDC Mobilises 53,500 Operatives Nationwide for Security of Lives and Property

Published

on

Eid-al-Fitr: NSCDC Mobilises 53,500 Operatives Nationwide for Security of Lives and Property

By: Michael Mike

Nigeria is tightening its internal security grid ahead of the forthcoming Eid al-Fitr celebrations, with the Nigeria Security and Civil Defence Corps (NSCDC) announcing a sweeping nationwide deployment of more than 53,500 operatives.

The directive, issued by the Commandant General, Ahmed Audi is aimed at pre-empting security threats and ensuring a peaceful atmosphere before, during, and after the festivities. The deployment spans all 36 states and the Federal Capital Territory, underscoring the scale of the operation.

Security presence is to be significantly heightened at identified flashpoints, including Eid prayer grounds, mosques, churches, shopping centres, motor parks, and recreational hubs. The Corps is adopting a dual-layer strategy that combines visible policing with covert intelligence operations to deter criminal elements and swiftly neutralize any emerging threats.

Field commanders across zones and states have been instructed to take full control of their operational environments, with clear orders to intensify patrols and maintain constant surveillance. The NSCDC leadership is also pushing for deeper inter-agency collaboration, emphasizing intelligence sharing and rapid response mechanisms as critical to maintaining order during the festive period.

Audi, while reaffirming the Corps’ readiness, stressed that security is a collective responsibility. He urged citizens to remain alert and cooperate with law enforcement agencies by reporting suspicious activities. He also appealed to parents and guardians to guide young people away from actions that could disrupt public peace.

In a further show of readiness, specialized units—including the Commandant General’s Special Intelligence Squad, Crack Squad, Mining Marshals, Special Female Squad, and Special Forces—have been placed on high alert. These units have been specifically tasked with responding decisively to any threats posed by criminal or subversive elements.

The large-scale mobilization reflects growing efforts by security agencies to stay ahead of potential risks during major national celebrations. With millions expected to travel and gather across the country, authorities say the operation is designed not only to prevent incidents but also to reassure citizens of their safety.

The NSCDC promised its continued commitment to protecting lives, property, and critical infrastructure, while calling on Nigerians to support security efforts to ensure a hitch-free celebration nationwide.

Eid-al-Fitr: NSCDC Mobilises 53,500 Operatives Nationwide for Security of Lives and Property

Continue Reading

Trending

Verified by MonsterInsights