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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
Relief as Navy supports Gombe community with school, water projects
Relief as Navy supports Gombe community with school, water projects
By Hajara Leman
The Nigerian Navy on Friday inaugurated a 600-litre capacity borehole and a school at Dungaje community in Cham District of Balanga Local Government Area of Gombe State.
The projects were executed under the Chief of Naval Staff, Vice Admiral Idi Abbas’ Special Intervention Quick Impact Project.
The gesture was in recognition of Rear Admiral Ayuba Chuguli (rtd), outstanding service to the nation and the Nigerian Navy.
Inaugurating the projects, Abbas said the project was conceived by the Naval Headquarters as a mark of appreciation for Chuguli’s.
Abbas was represented by the project facilitator, Rear Admiral Ayuba Chuguli (rtd).
He said the projects inaugurated include three solar-powered boreholes with a combined capacity of 600 litres, three blocks of classrooms comprising nine classrooms, and staff quarters for primary and junior secondary schools, among other interventions.
“The inauguration of this 600-litre boreholes is not only to honour Rear Admiral Chuguli’s meritorious service, but also to support the health and daily needs of Dungaje, Kwarge and Jublan communities, all in Mona Ward of Cham District, Balanga LGA.
“Access to clean water is essential to public health, and this project reflects our commitment to community development,” he said.
The state deputy governor, Dr Manassah Jatau, urged members of the community to take full ownership of facilities executed by government and individuals to ensure sustainability and long-term benefits.
“Government alone cannot guarantee the longevity of such projects without the active involvement of beneficiaries.W hen communities see projects as their own, they are more likely to safeguard them against vandalism, misuse and neglect,” he said.
Jatau urged residents, particularly youths and community leaders, to work together to ensure effective protection and utilisation of the facilities.
He also commended individuals and development partners who contributed to community development, noting that such efforts complement government initiatives and accelerate grassroots development.
The Paramount Ruler of Cham, Dr James Chachis, lauded the Nigerian Navy for bringing the water project to the area, describing it as timely and impactful.
He said the borehole would significantly reduce water-related challenges being faced by residents, especially women and children.
The traditional ruler called on other public-spirited individuals in the community to emulate the project facilitator by contributing to development initiatives.
Relief as Navy supports Gombe community with school, water projects
News
Adeleke appeals to Army to prevent bandits’ infiltration into Osun from Kwara
Adeleke appeals to Army to prevent bandits’ infiltration into Osun from Kwara
By: Zagazola Makama
Ademola Adeleke of Osun on Saturday appealed to the Nigerian Army to intensify efforts at preventing the infiltration of bandits into the state from neighbouring Kwara.
Adeleke made the appeal while speaking at the Passing Out Parade of the 89 Regular Recruits Intake held at the Nigerian Army Depot, Osogbo.
The governor, who described the event as significant to national security, said the ceremony underscored the critical role of the military in protecting Nigeria’s territorial integrity and defending the Constitution.
He commended the Nigerian Army for its decades of service in maintaining both internal and external peace, noting that the Army, in collaboration with other services, the Police and security agencies, had remained central to the containment of terrorism, banditry and communal conflicts.
“For us as a state government, we have enjoyed a very close partnership with the Nigerian Army and the entire military establishment. From my hometown and across the state, our engagement with servicemen has continued to deliver peace and stability,” he said.
Adeleke said Osun had remained one of the most peaceful states in the country largely due to the sacrifices and dedication of the military and other security agencies, stressing that the state government deeply appreciated the efforts of servicemen and women.
He disclosed that troops were currently deployed in border communities between Osun and neighbouring states to conduct special operations aimed at containing banditry and kidnapping.
“Our dear Army Chief, your men are currently around the border towns between Osun and Kwara States conducting special operations to contain banditry and kidnapping. We are very grateful for this support,” the governor said.
He, however, appealed for sustained military presence to prevent any infiltration of bandits into Osun from Kwara State, describing the threat as real but expressing confidence that the ongoing operations would succeed.
Addressing the newly passed-out recruits, Adeleke urged them to remain dedicated to the values and ethos of military service, reminding them that they were joining an institution widely acknowledged as the heartbeat of the nation.
“You have a duty to remain loyal to the Nigerian Army, the Constitution and the Federal Republic of Nigeria,” he said.
The governor also called on political leaders across the country to adopt dialogue and consensus-building in resolving governance challenges, noting that political solutions would reduce tension and ease the burden on the military and other security agencies.
He commended President Bola Ahmed Tinubu, the Commander-in-Chief of the Armed Forces, for promoting inclusiveness in governance, saying such an approach would strengthen national unity and stability.
Adeleke assured that the Osun State Government remained committed to peaceful political engagement and harmony, adding that this would enable security agencies to focus on their core responsibilities of protecting lives and property.
The passing-out parade was attended by senior military officers, traditional rulers, government officials, serving and retired military personnel, other security operatives and representatives of the media.
Adeleke appeals to Army to prevent bandits’ infiltration into Osun from Kwara
News
Stakeholders unveil Regional Think thank, declare action on maternal, newborn deaths, others
Stakeholders unveil Regional Think thank, declare action on maternal, newborn deaths, others
By: Michael Mike
A Regional Body of academia and experts in the health sector has been inaugurated with the goal of accelerating innovations in maternal, newborn, child, nutrition and health (MNCH&N) outcomes across sub-Saharan Africa.
The Regional Think Tank which was formed in Abuja, Nigeria’s federal capital, comprising experts from across sub-Saharan Africa draws its mandate from relevant global and African charters and treaties of which Nigeria is a signatory.
These charters include: The Sustainable Development Goal (SDG) 3, the African Union Agenda 2063, Every Newborn Action Plan (ENAP), the Ending Preventable Maternal Mortality (EPMM) Strategy, and other multi-country implementation frameworks to catalyse coordinated acceleration of maternal, newborn, child, nutrition, and health (MNCH&N) outcomes across sub-Saharan Africa.
According to the stakeholders, the establishment of a regional body of experts becomes imperative because less than five years to the end of the SDG timeline in 2030, Africa remains far from achieving its MNCH&N targets. In 2023 alone, the region recorded an estimated 201,205 maternal deaths, concentrated in West, East, Central, and Southern Africa.
“Approximately one quarter of these deaths were attributable to postpartum haemorrhage (PPH), a largely preventable cause when proven, life-saving interventions such as E-MOTIVE are implemented at scale,” Prof. Hadiza Galadanci, a member of the Think Tank and Executive Director, Africa Centre of Excellence for Population Health and Policy, said.
In a statement made available to our correspondent in Abuja, the newly formed body decried newborn mortality in the region describing it as unacceptably high, with over one million newborn deaths annually in sub-Saharan Africa, while stillbirths persist as a major public health concern.
It noted that malnutrition contributes to nearly 45% of under-five deaths, further compounding risks to child survival. “These overlapping challenges underscore the urgent need for coordinated, evidence-driven, and scalable action,” the communique said in part.
It said that the newly unveiled regional think tank (RTT) will coordinate engagement at regional and national levels to support the scale-up of E-MOTIVE, while serving as a platform for dialogue on effective pathways for scaling other high-impact MNCH innovations across Africa.
It reads: “The overarching vision of the RTT is to accelerate implementation at scale and avert thousands of preventable deaths soon. The RTT responds to persistent challenges in African MNCH&N programming, including fragmentation, uneven adoption of proven innovations, policy–practice gaps, insufficient and unsustainable financing, limited cross-country learning, and weak performance monitoring systems. By convening regional expertise, the RTT aims to harmonise evidence, strengthen country pathways to scale, and improve implementation fidelity.”
Participants at the inaugural meeting of the Think Tank included representatives from the Africa Centres of Excellence (Nigeria, Guinea, and Senegal); academic institutions (Muhimbili University of Health and Allied Sciences, University of Nairobi, and University of Rwanda); civil society (White Ribbon); implementing partners (Centre for Communication and Social Impact (CCSI), Medical Women’s Association of Nigeria (MWAN), Pathfinder International, TA Connect, SCiDAR, and Clinton Health Access Initiative (CHAI); funders (Gates Foundation); and the private sector (Ferring Pharmaceuticals).
They reflected representation from all sub-regions of sub-Saharan Africa, with a wider pool of regional experts identified for future engagement. The participants formally endorsed the RTT governance structure, including a Steering Committee, a dual Chair arrangement ensuring Anglophone and Francophone representation, and a Secretariat to coordinate implementation, learning, and engagement.
Stakeholders unveil Regional Think thank, declare action on maternal, newborn deaths, others
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