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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
Inclusive Investment in Vulnerable Women Critical to Nigeria’s $1tn Economy Goal – Uzoka-Anite
Inclusive Investment in Vulnerable Women Critical to Nigeria’s $1tn Economy Goal – Uzoka-Anite
By: Michael Mike
Nigeria’s ambition to build a one-trillion-dollar economy will remain incomplete without deliberate investment in vulnerable women and girls, Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, has said.
The minister stated this on Tuesday in Abuja during a symposium organised to commemorate the 2026 edition of International Women’s Day and Women’s Month, where stakeholders called for stronger policies to address the challenges facing women with special needs across the country.
Speaking at the event themed “Rights, Justice, Action for Women & Girls With Special Needs in Nigeria: Exploring Strategies & Approaches for Acceleration and Impacts,” Uzoka-Anite stressed that targeted support for vulnerable women is not merely a social welfare responsibility but a strategic economic investment.
According to her, women living with HIV, persons with disabilities, elderly women and internally displaced persons remain among the most excluded groups in development planning despite their potential to contribute significantly to economic growth.
She explained that the administration of President Bola Ahmed Tinubu is shifting Nigeria’s public finance framework from traditional expenditure-based budgeting to investment-driven planning aimed at producing measurable economic outcomes.
The minister said the proposed National Development Plan for 2026–2030 would prioritise inclusive growth as Nigeria works toward building a $1 trillion economy.
Uzoka-Anite noted that when vulnerable women receive economic opportunities and protection from violence, the impact extends beyond individuals to families and communities.
“When an internally displaced woman receives livelihood support and security, she does not remain dependent. She becomes a trader, an entrepreneur and a pillar for rebuilding her family and community,” she said.
She added that inclusive policies generate stronger economic returns and represent one of the most efficient uses of public resources.
According to her, the Ministry of Budget and Economic Planning is strengthening gender-responsive and disability-inclusive planning within Nigeria’s national development framework, while also introducing systems to track whether government spending reaches the most vulnerable populations.
Earlier, the Representative to UN Women and ECOWAS, Beatrice Eyong, said the event was designed to spotlight women whose struggles are often overlooked in policy formulation.
She noted that women facing multiple forms of vulnerability—such as those living with HIV, women with disabilities and internally displaced women—frequently experience overlapping discrimination driven by poverty, stigma and social exclusion.
Also speaking, the Country Director of UNAIDS in Nigeria, Boonto Krittayawa, warned that progress toward gender equality remains slow globally and requires stronger political commitment.
She pointed to persistent gaps in political representation, economic participation and access to opportunities for women, stressing the need for targeted investments and legal reforms to accelerate progress.
Nigeria’s Minister of Women Affairs, Imaan Sulaiman-Ibrahim, represented by her Special Assistant, Princess Joan Jumai, said the government is strengthening programmes designed to address the needs of women facing multiple layers of discrimination.
She highlighted initiatives such as the Renewed Hope Social Impact Intervention 774, which aims to expand social protection and economic empowerment for vulnerable women across Nigeria’s 774 local government areas.
In her remarks, Acting Deputy Representative of UN Women in Nigeria, Patience Ekeoba, said the symposium provided a platform for women with special needs to share their experiences and influence policies affecting them.
She added that the meeting would conclude with a communiqué outlining key challenges and policy recommendations aimed at strengthening protection, inclusion and economic participation for vulnerable women across the country.
Inclusive Investment in Vulnerable Women Critical to Nigeria’s $1tn Economy Goal – Uzoka-Anite
News
Nigeria Secures Strategic Role in Global Digital Economy at World Data Organization Launch
Nigeria Secures Strategic Role in Global Digital Economy at World Data Organization Launch
By: Michael Mike
In a landmark move aimed at cementing its influence in the global digital economy, Nigeria participated in the launch of the World Data Organization (WDO) in Beijing, China.
At the event, which held on Monday, the country was represented by Director-General and Global Liaison of the Nigeria-China Strategic Partnership (NCSP), Joseph Tegbe alongside Head of International Relations at NCSP, Judy Melifonwu.

The WDO, headquartered in Beijing, is the first international body dedicated to advancing data governance, enabling secure cross-border data flows, and promoting the inclusive growth of the digital economy. Its launch brings together global powers seeking to address the digital divide, enhance cybersecurity, and establish standards that ensure equitable benefits from data-driven development.
Speaking on behalf of Chinese President Xi Jinping, Ding Xuexiang outlined the organisation’s three strategic pillars: facilitating the free and secure flow of data across borders, promoting inclusive digital development, and establishing coordinated global frameworks to protect data from cyber threats.

For Nigeria, participation at the WDO’s founding stage represents a deliberate, forward-looking strategy under the Renewed Hope Agenda. Analysts note that it positions the country to influence global digital governance standards, accelerate access to emerging technologies, and participate in international research initiatives. Such engagement is expected to strengthen Nigeria’s digital infrastructure, enhance the competitiveness of startups and financial institutions, attract foreign direct investment, and generate high-value employment opportunities for the nation’s growing youth population.
Furthermore, the WDO platform allows Nigeria to deepen collaboration in cybersecurity, enabling the country to contribute to international frameworks that safeguard national data, combat cybercrime, and ensure digital sovereignty.
Observers said Nigeria’s involvement reflects a strategic evolution in the Nigeria–China partnership, which has moved beyond traditional infrastructure projects toward high-impact, technology-driven cooperation. By joining the WDO, Nigeria positions itself to harness the opportunities of the Fourth Industrial Revolution, ensuring that technological innovation drives sustainable growth across critical sectors such as agriculture, healthcare, governance, and finance.
“The participation of Nigeria at the WDO launch is not only symbolic; it is a tangible assertion of the country’s intent to be at the forefront of global digital governance,” said a senior NCSP official. “It ensures that Nigeria has a voice in shaping rules that govern the digital economy while unlocking opportunities that directly benefit its citizens and businesses.”
The WDO’s establishment is being hailed as a critical step in bridging the global digital divide, offering developing nations like Nigeria an unprecedented opportunity to integrate into global digital networks while safeguarding national interests.
With its seat at the WDO table, Nigeria is now strategically positioned to influence global data policies, strengthen cybersecurity frameworks, and drive innovation-led economic growth in the emerging digital era.
Nigeria Secures Strategic Role in Global Digital Economy at World Data Organization Launch
News
FG, Benue, UNHCR Partner to Deliver Life-Saving Support to 100,000 Displaced Persons
FG, Benue, UNHCR Partner to Deliver Life-Saving Support to 100,000 Displaced Persons
By: Michael Mike
The Federal Government, the Benue State Government and the United Nations High Commissioner for Refugees (UNHCR) have agreed on a coordinated intervention to deliver urgent life-saving and protection support to communities affected by violence and displacement in Benue State.
The agreement was formalised following a meeting witnessed by the Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, during which letters were exchanged between the Governor of Benue State, Hyacinth Iormem Alia, and UNHCR’s Country Representative in Nigeria, Arjun Jain.
The initiative, supported through the Nigerian Humanitarian Fund, is expected to directly benefit about 100,000 people in Guma and Makurdi Local Government Areas, with many more indirectly supported through improved protection systems and preventive security measures.
Speaking on the partnership, the Minister said the intervention reflects the Federal Government’s commitment to supporting Nigerians affected by conflict and displacement.
According to him, the collaboration will ensure that vulnerable families receive urgent assistance while advancing President Bola Ahmed Tinubu’s Renewed Hope Agenda aimed at restoring safety, dignity and stability to affected communities.
He added that the intervention will focus on three priority areas, including the provision of protection-based life-saving assistance for displaced populations, support for relocating families from camps to safer settlements, and the installation of solar-powered lighting systems to strengthen security in vulnerable communities.
The programme will also expand and digitise protection monitoring systems to enable real-time reporting, early identification of threats and integration into state and federal early-warning mechanisms.
Alia described the partnership as a critical step toward addressing the humanitarian crisis caused by persistent displacement in the state.
He noted that Benue has borne a heavy burden of forced displacement for years and stressed that the collaboration would help scale up immediate humanitarian relief while strengthening long-term systems to protect communities.
The governor reaffirmed his administration’s commitment to ensuring displaced families regain access to safety, recovery and opportunities for rebuilding their lives.
UNHCR Country Representative, Arjun Jain, also underscored the importance of strong government leadership and coordinated action in addressing humanitarian challenges.
He said the collaboration would allow partners to rapidly expand protection services and deliver assistance to families facing severe risks while laying the foundation for sustainable solutions.
Implementation of the joint intervention is expected to begin in April 2026.
FG, Benue, UNHCR Partner to Deliver Life-Saving Support to 100,000 Displaced Persons
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