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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
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Democracy Day: Zulum gives 2 MRAPs, other logistics to Army, celebrates with IDPs
Democracy Day: Zulum gives 2 MRAPs, other logistics to Army, celebrates with IDPs
By: Michael Mike
Borno State Governor, Babagana Umara Zulum, marked Democracy Day with the handover of two Mine-Resistant Ambush Protected (MRAP) vehicles and critical logistics to the Nigerian Army, after joining internally displaced persons (IDPs) for a symbolic celebration and distribution of food items to 2,500 beneficiaries.
The armoured MRAPs delivered to the Theatre Command of Operation Hadin Kai on Friday are intended to enhance troop protection against improvised explosive devices (IEDs) and ambushes which remain a persistent threat in the fight against insurgents. Additional logistics include operational Hilux vehicles and motorcycles for frontline soldiers in difficult terrains.
Zulum also marked Nigeria’s Democracy Day celebration with Internally Displaced Persons (IDPs) at the Madinatu camp where he distributed food supplies, non-food items, and cash gifts to thousands of beneficiaries.
The distribution, held at the Madinatu IDP camp, served to consolidate Zulum’s resettlement gains. Over the past seven years, Borno State Government has successfully resettled more than 2 million IDPs in their ancestral communities in a dignified and voluntary manner.
“It gladdens my heart today, the 12th of June, 2026, to celebrate June 12th, Democracy Day, here in Madinatu Camp, the only formal camp that is standing inside Maiduguri Metropolitan Council, today, to the glory of God and the benefit of mankind, for the distribution of food and non-food items. Inshallah, this camp will be closed this year. This will be our last distribution exercise in this camp, or the second to the last,” Zulum said.
However, Governor Zulum used the occasion to announce a timeline for the camp’s closure. The governor ordered that Madinatu camp be shut down within one month, vowing to similarly close most IDP camps across various Local Government Areas in the coming phase of his administration’s resettlement strategy.
“Democracy must translate into restoring the dignity of our people,” Zulum told the IDPs. “Living in camps is not a permanent solution. Our goal remains to return every displaced person to their ancestral homes with security and means of livelihood.”
In addition to the food items, Zulum approved N50,000 each for the 2,500 beneficiaries present at the event.
“Each of the 500 beneficiaries mentioned will receive a 25kg bag of rice and a 25kg bag of sorghum. Women will receive wrappers. I also promise to provide 50,000 naira to each beneficiary. This amount can be credited into their own individual accounts, inshallah,” Zulum said.
The exercise was attended by the APC’s State Deputy Chairman, Garba Mulima, APC State Vice Chairman (Central) Abdur Rahman Abdulkarim, Acting Chief of Staff, Dr Babagana Mallumbe, Member representing Jere at the State Assembly, Abba Kyari Kolo, commissioners and commissioner designates and several other senior government officials.
Democracy Day: Zulum gives 2 MRAPs, other logistics to Army, celebrates with IDPs
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Gov. Yusuf Commends DSS Over Arrest of Suspected Gun Courier in Kano
Gov. Yusuf Commends DSS Over Arrest of Suspected Gun Courier in Kano
By: Michael Mike
Kano State Governor, Abba Kabir Yusuf, has commended the Department of State Services (DSS) for the arrest of a suspected gun courier intercepted while allegedly transporting weapons believed to be destined for criminal elements in Katsina State.
The commendation was contained in a statement issued by the Governor’s spokesperson, Sunusi Bature Dawakin Tofa, on Thursday, June 12, 2026.

Governor Yusuf described the operation as a major breakthrough in the ongoing fight against banditry, terrorism and other violent crimes threatening communities across Northern Nigeria.
According to information provided by the DSS, the suspect, identified as Muhammad Abubakar, 30, was apprehended in Gezawa Local Government Area of Kano State while allegedly transporting four rocket-propelled grenade (RPG) tubes, three AK-47 rifles and two empty magazines to Funtua in Katsina State.
Preliminary investigations reportedly revealed that the suspect collected the weapons from an individual identified as Bello in the Maigatari border area of Jigawa State and was expected to receive N450,000 upon successful delivery of the arms.
Governor Yusuf praised the professionalism, vigilance and intelligence-driven approach of DSS operatives, noting that the timely interception prevented the weapons from falling into the hands of bandits and other criminal groups.
He said the operation underscored the critical role of intelligence gathering and effective collaboration among security agencies in tackling emerging security threats across the country.
The governor reaffirmed the commitment of the Kano State Government to supporting security agencies through sustained cooperation, logistics assistance and policies aimed at strengthening public safety throughout the state.
He also urged residents to remain vigilant and continue providing credible information to security agencies to aid efforts to combat crime and maintain peace.
Governor Yusuf expressed confidence that ongoing investigations would lead to the arrest and prosecution of all individuals connected to the alleged arms trafficking network.
The statement was signed by Sunusi Bature Dawakin Tofa, Director General, Media and Publicity, Government House, Kano.
Gov. Yusuf Commends DSS Over Arrest of Suspected Gun Courier in Kano
News
June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC
June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC
By: Michael Mike
As Nigeria marks Democracy Day, the Executive Secretary of the National Human Rights Commission, Chief Tony Ojukwu (OFR, SAN), has declared that credible elections are a fundamental human right that must be guaranteed to every citizen, rather than a privilege granted by those in power.
In a statement commemorating the significance of June 12, Ojukwu said the annulled 1993 presidential election remains the strongest evidence that Nigeria is capable of conducting free, fair, and transparent elections when democratic institutions respect the will of the people.
According to him, the electoral framework introduced by Humphrey Nwosu, particularly the Option A4 and Modified Open Ballot systems, demonstrated that electoral credibility is achievable when election management bodies operate with integrity, transparency, and strict adherence to the law.
The NHRC boss emphasized that the right of citizens to participate in governance through genuine elections is guaranteed under Nigeria’s Constitution and regional human rights instruments, stressing that electoral misconduct amounts to a direct assault on fundamental freedoms.
He noted that practices such as voter suppression, vote buying, electoral violence, and manipulation of election results should not be viewed merely as administrative shortcomings but as serious violations of civil and political rights.
Ojukwu expressed concern that more than three decades after the June 12 election, many of the challenges that undermine electoral credibility continue to persist, weakening public confidence in democratic institutions and diminishing citizens’ faith in the electoral process.
“Whenever elections lose their integrity, the rights to freedom of expression, association, participation, and peaceful assembly are also placed at risk,” he said.
The human rights advocate called on the Independent National Electoral Commission (INEC), political parties, security agencies, the judiciary, civil society organizations, and the media to remain committed to neutrality, transparency, and accountability in the conduct of elections.
He assured Nigerians that the Commission would intensify its monitoring of electoral processes across the country, document violations, and pursue appropriate remedies for victims in line with its statutory mandate.
Ojukwu also urged the National Assembly to strengthen legal safeguards that protect the independence of electoral institutions and improve citizens’ access to electoral justice.
He maintained that institutionalizing electoral integrity remains critical to deepening democracy and safeguarding the right of every Nigerian to freely choose their leaders, adding that the NHRC is prepared to collaborate with government and other stakeholders to ensure that credible elections become a permanent feature of the nation’s democratic culture.
The statement, signed by Director of Corporate Affairs and External Linkages, Fatimah Agwai Mohammed, underscored the Commission’s commitment to advancing democratic governance through the protection and promotion of electoral rights.
June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC
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