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UN Report: 2024 Could Errand Protracted Period of Low Growth

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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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NCoS Dismisses Claims of Prisons as TB Hotbeds, Reaffirms Strong Disease Control Measures

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NCoS Dismisses Claims of Prisons as TB Hotbeds, Reaffirms Strong Disease Control Measures

By: Michael Mike

The Nigerian Correctional Service (NCoS) has rejected claims that custodial centres across the country have become “hotbeds” for tuberculosis (TB), describing such assertions as misleading, alarmist, and unsupported by verified data.

In a press statement issued on Sunday, the Service spokesperson, Jane Osuji faulted a report published by Daily Trust on January 3, 2026, titled “How Nigerian Prisons Became Tuberculosis Hotbeds,” insisting that the narrative failed to reflect the realities within Nigeria’s correctional facilities.

According to the NCoS, while it welcomes responsible media engagement on public health and inmate welfare, the report relied on sweeping generalisations and unverified claims, despite the Service having provided the reporter with detailed and factual information on tuberculosis prevention and treatment in custodial centres.

“The portrayal of custodial centres as unchecked tuberculosis hotbeds is misleading and unfair,” the Service said, adding that some of the names and cases cited in the report do not exist in the records of any correctional facility known to the Service.

The NCoS noted that tuberculosis remains a global public health challenge affecting both custodial and non-custodial populations, stressing that Nigeria’s TB response is coordinated by the Federal Ministry of Health through the National Tuberculosis, Leprosy and Buruli Ulcer Control Programme (NTBLCP), in line with World Health Organization guidelines.

It explained that the Service is an active stakeholder in the national TB response, operating health clinics across custodial centres nationwide and working closely with the NTBLCP, federal and state ministries of health, non-governmental organisations, and development partners.

These collaborations, the Service said, support routine TB screening, laboratory diagnosis, treatment initiation, adherence monitoring, and referral to secondary or tertiary health institutions where required. Inmates diagnosed with tuberculosis are placed on nationally approved treatment regimens at no cost.

The NCoS further outlined that healthcare management in custodial centres includes medical screening upon admission, periodic health assessments, infection prevention and control measures, isolation of infectious cases when clinically indicated, and structured referral systems to external hospitals.

While acknowledging challenges such as congestion in some urban custodial facilities and ageing infrastructure, the Service stressed that these issues do not amount to neglect of inmate welfare. It highlighted ongoing decongestion efforts through jail delivery exercises, collaboration with the judiciary, and the expansion of non-custodial measures provided for under the Nigerian Correctional Service Act.

The Service also recalled its handling of the COVID-19 pandemic, noting that despite custodial centres being classified globally as high-risk environments, proactive screening, isolation protocols, and close collaboration with public health authorities ensured that no active COVID-19 cases were recorded in custodial centres nationwide.

According to the NCoS, this experience demonstrates its institutional capacity and preparedness to manage communicable diseases, including tuberculosis, within custodial settings.

The statement added that the Federal Government has approved the recruitment of additional medical and healthcare professionals to further strengthen health service delivery, disease surveillance, and treatment programmes across custodial centres.

Reaffirming its commitment to safeguarding the health, dignity, and human rights of persons in custody, the Nigerian Correctional Service said it remains open to constructive criticism but will continue to challenge reports that misinform the public or unjustly malign the institution.

NCoS Dismisses Claims of Prisons as TB Hotbeds, Reaffirms Strong Disease Control Measures

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US Invasion of Venezuela: ECOWAS Urges Restraint, Backs Dialogue

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US Invasion of Venezuela: ECOWAS Urges Restraint, Backs Dialogue

By: Michael Mike

The Economic Community of West African States (ECOWAS) has expressed concern over the recent developments in the Bolivarian Republic of Venezuela, calling on all parties to exercise restraint and respect international law.

In a statement issued in Abuja on Sunday, ECOWAS acknowledged the right of states to combat international crimes such as terrorism and drug trafficking but stressed that such efforts must be carried out in line with established principles of international law.

The regional bloc reminded the international community of the obligation to respect the sovereignty and territorial integrity of all nations, as provided under Article 2(4) of the United Nations Charter.

ECOWAS said it fully aligns with the African Union’s position, articulated in a statement released on 3 January 2026, which urged restraint and encouraged inclusive dialogue among the people of Venezuela as a means of addressing the country’s challenges.

The statement comes amid heightened tensions in Venezuela following reports of foreign military actions and growing international reactions to the evolving security and political situation in the South American country. Venezuela has in recent years faced prolonged political instability, economic hardship, and international pressure, leading to sharp divisions both domestically and globally over how best to address the crisis.

ECOWAS reiterated its solidarity with the Venezuelan people and called on all states to respect Venezuela’s independence and territorial integrity. The bloc expressed support for efforts by Venezuelans to determine the future of their country through an inclusive and peaceful process.

The West African regional body joins a growing list of international and regional organisations advocating de-escalation and dialogue as tensions continue to draw global attention.

US Invasion of Venezuela: ECOWAS Urges Restraint, Backs Dialogue

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Troops neutralise seven terrorists, rescue hostages in Borno

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Troops neutralise seven terrorists, rescue hostages in Borno

By: Zagazola Makama

Troops of Joint Task Force (North East), Operation Hadin Kai, have neutralised seven terrorists and rescued three abducted persons during coordinated clearance and ambush operations in Konduga Local Government Area of Borno.

Zagazola Makama reliably informed that the latest encounters occurred in the early hours of Saturday under Operation Desert Sanity V.

According to the sources, troops operating in conjunction with members of the Hybrid Force and Civilian Joint Task Force (CJTF) made contact with terrorists at about 4:40 a.m. at Sojiri, a known terrorist crossing point in Konduga LGA.

“During the firefight, five terrorists were neutralised, while three hostages kidnapped by the terrorists were successfully rescued. One AK-47 rifle was also recovered,” the sources said.

They added that no casualty was recorded on the side of own troops, with no personnel killed, wounded or missing.

In a related operation, the main advancing force into terrorist territory was reported to be about four kilometres short of the crossing point at Kana after commencing movement from a harbour position.

The sources said contact was made by an ambush team between Meleri and Ngirbua, where two additional terrorists were neutralised and one AK-pattern rifle recovered.

Zagazola reports that Operation Desert Sanity V is part of sustained offensive actions by the Nigerian military aimed at degrading terrorist networks, blocking movement corridors and rescuing abducted civilians across the North East.

Troops neutralise seven terrorists, rescue hostages in Borno

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