News
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
Military
NSCDC Intensifies Anti-Corruption Fight, Inaugurates New Heads of Anti-Corruption and Transparency Unit
NSCDC Intensifies Anti-Corruption Fight, Inaugurates New Heads of Anti-Corruption and Transparency Unit
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has reinforced its commitment to combating corruption by inaugurating new heads of its Anti-Corruption and Transparency Unit (ACTU) and unveiling a robust Corruption Prevention Strategy.
Commandant General (CG) of NSCDC, Prof. Ahmed Audi on Wednesday charged the newly inaugurated ACTU heads to lead by example, enforce compliance without fear or favour, and resist undue pressure by upholding the values of integrity, transparency, and accountability.
The CG, represented by the Deputy Commandant General (Administration), DCG Adeyinka Ayinla, delivered the keynote address at a one-day sensitization workshop, inauguration ceremony, and integrity award event held at the Corps’ National Headquarters in Abuja.

Audi stated that the new NSCDC Corruption Prevention Strategy is designed to reduce misconduct, promote due process, and reinforce internal discipline within the Corps. He applauded the support of President Bola Tinubu, through the Minister of Interior, Honourable Olubunmi Tunji-Ojo.
Also speaking at the event, the Chairman of the Independent Corrupt Practices and other related Offences Commission (ICPC), Dr. Musa Aliyu, stressed that corruption undermines service delivery, erodes public confidence, distorts development priorities, and weakens the security architecture of a nation.
Aliyu, represented by Mr. Olusegun Adigun, assured the NSCDC of the Commission’s continued partnership in championing preventative measures across Ministries, Departments, and Agencies (MDAs), and appreciated the Corps for its strong anti-corruption posture.
Earlier, the Chairman of the NSCDC ACTU, Acting Commandant Audrey Obeh, described the gathering as a “transformative moment” and a testament to the Corps’ dedication to integrity and national development. She commended the Commandant General for his visionary leadership, which has provided an enabling platform for the ACTU to thrive.
“The inauguration of ACTU Heads, integrity awards, and unveiling of the NSCDC corruption prevention strategy all demonstrate how we are intentionally strengthening the pillars of accountability within our system,” Commandant Obeh stated.
A key highlight of the event was the presentation of integrity awards to deserving officers and staff.
The CG of NSCDC, Prof. Ahmed Audi, received the Integrity Champion and Visionary Award.
The erstwhile Chairman of NSCDC ACTU, Commandant of Corps Remi Ekundayo, bagged the Distinguished ACTU Chairperson Emeritus Award.
Other recipients included ASCII Amanze Abraham Onyedikachi (ACTU Integrity, Ethics and Compliance Award), and CSC Aremu Rafiu (Kwara State Command), CSC Akinwande Adesola Comfort (Oyo State Command), SC Umar Abubakar Ladan (Borno State Command), and SC Yusuf Ibrahim Yusuf (Jigawa State Command), who all received the ACTU Outstanding Performance and Distinguished Service Award.
Goodwill messages were also delivered by representatives from sister agencies, including the Controller General of Immigration, the Director General of the National Emergency Management Agency (NEMA), and the National Identity Management Commission (NIMC).
NSCDC Intensifies Anti-Corruption Fight, Inaugurates New Heads of Anti-Corruption and Transparency Unit
News
Indigenous Contractors Call on President Tinubu to Pay Owed N500 billion Contract Money to Stop their Untimely Death
Indigenous Contractors Call on President Tinubu to Pay Owed N500 billion Contract Money to Stop their Untimely Death
By: Michael Mike
Indigenous contractors have cried to federal government to immediately pay them for contracts they have fully agreed executed in order to stem the tide of death of their counterparts and severe hardship all of them of continued to bear due to continued non-payment of what is due to them.
The group who thronged the federal ministry of finance for the second day running to protest non-payment of over N500 billion to indigenous contractors for contracts already completed and since commission, lamenting severe hardship of contractors and called on the President to intervene immediately.
Speaking during the protest in Abuja, representatives of the Indigenous Contractors Association of Nigeria said the government’s failure to release payments for fully executed 2024 federal projects has pushed many contractors into financial distress, loss of property, illness and in some cases death.
Haruna Gabari, President of the Nigerian Indigenous Contractors Association, highlighted the non-payment of contractors for 2024 projects, expressing frustration over the federal government taking credit for contracts executed by contractors without providing the approved payments.
He said: “We are protesting the contract we executed on behalf of the Nigerian federal government, a contract commissioned and executed by the federal government, particularly by members of the National Assembly, who have taken credit for it. But so far, the federal government has not paid us.”
Gabari called for presidential intervention to ensure payment and accountability. He urged the President to direct the Minister of Finance and the Coordinator of the Ministry of Economy to release the outstanding funds.
“So what we are asking is that the president intervene and demand that the Minister of Finance and the Coordinator of the Ministry of Economy pay us our money,” he noted.
He criticized the Minister of Finance for alleged incompetence and its impact on the economy. He argued that unpaid contractors slow economic activity and blamed the minister for stagnation.
“He has shown himself to be irresponsible in his duties and incapable of handling such an important position. We are the leaders of the economy. When we pay the contractors, the economy moves. But as you can see, the economy is stagnant. It’s stagnant, nothing is moving,” he said.
Gabari highlighted the human cost of the delay in payments. He spoke of contractors who are sick, hospitalized, or have lost property due to the unpaid contracts, condemning the perceived indifference of the Ministry of Finance.
“Some of our members are dying. Some are in the hospital. Some have lost their property. In response to our disaster, the minister told us that people are dying every day. If contractors are dying, what’s so special about that? Because he’s asking us to die, and we’re asking ourselves to die too,” he stated.
He further warned of escalating consequences if payments are not made promptly. He implied that continued inaction could lead to further economic and social distress, pressing the urgency for immediate government response.
“Before the end of December, by His grace, he will be normal. He will join some of our members who have died,” he said, emphasizing the seriousness of the situation and the human toll of delayed payments.
Public Relations Officer of the Association, Rotimi Raheem, emphasized the ongoing delay in payment for 2024 contracts. He highlighted that despite repeated protests and official meetings, the contractors have yet to receive their dues.
“We were here, we protested, this is our third time of protesting. We protested about a month ago in National Assembly, in which the leadership of National Assembly met with the President and told the Minister of Finance, instructed the Minister of Finance to pay us. We have submitted our list for about three weeks ago. Up till now our payment has not been made,” he said.
He pointed out that the contractors have been persistent in their demonstrations to secure payment. Raheem noted that the protesters have been camping overnight and engaging directly with officials to press for immediate action.
“We started this protest yesterday and we slept here all through the night. A permanent secretary came out yesterday that our payment will be made before the month end. We told him we are not for that,” he said.
Raheem stressed the urgency for a prompt resolution within 48 hours, explaining that leadership is trying to negotiate a pathway to ensure the funds are released to contractors without further delay.
“We have called our leadership for negotiation this money, that we should give them way in, so that in the next 48 hours our money will be paid. But up till now, we are trying to convince our members to give them the way so that they can enter,” he said.
He further highlighted the accountability of the Finance Ministry in the delay,stressing that the failure to release funds reflects poorly on the ministry and undermines the economic contributions of contractors.
“The leadership of National Assembly met with the President and told the Minister of Finance, instructed the Minister of Finance to pay us. We have submitted our list for about three weeks ago. Up till now our payment has not been made,” he said.
Indigenous Contractors Call on President Tinubu to Pay Owed N500 billion Contract Money to Stop their Untimely Death
News
Envoy: Cinema, Now Tool of Growing Chino-Nigerian Relationship
Envoy: Cinema, Now Tool of Growing Chino-Nigerian Relationship
By: Michael Mike
The China Cultural Centre, Counsellor Yang Jianxing has explained that cinema is now emerging as the latest tool in building bilateral, stating that film and artistic collaboration would continued to be employed to boost Chino-Nigerian relations.
He made the declaration on Tuesday evening at the Chinese Embassy’s masterclass and special screening of the acclaimed documentary, ‘Rooting’ at the Zuma International Film Festival in Abuja.
Yang said the series of events is not only a cinematic feast, but also a dialogue between civilisations and a testament to friendship.
The counselor, who represented the Chinese Ambassador in Nigeria, Yu Dunhai described the featured documentary Rooting, filmed over four years in Yunnan Province, as “a condensed visual chronicle of China’s poverty alleviation efforts.”
He said the film follows a rural villager who escapes poverty with the help of targeted government policies and has earned multiple awards at international film festivals.
Yang said the film’s message mirrors the hopes of many Nigerians. “The film’s theme resonates deeply with the Nigerian people’s aspirations for national development and a better life, and we believe the authentic footage and heartfelt language will strongly resonate with audiences.”
While speaking further, he extended appreciation to festival organisers and key Nigerian film figures.
He said: “On behalf of the Chinese Embassy in Nigeria and the China Cultural Centre in Nigeria, I would like to express my sincere gratitude to the Zuma International Film Festival Organising Committee for their meticulous preparations and warm invitation.”
He also praised the Chinese filmmakers behind Rooting for travelling to Nigeria for the screening. “I extend my highest respect to Director Chai Hongfang and Director of Editing Zhou Xinxia, who have travelled all the way from China, and express my heartfelt thanks to China Harbour Engineering Company (Nigeria) Ltd. for their tremendous support,” he added.
Highlighting the cultural dynamism of both Nigeria and China, he observed that “China and Nigeria are world-renowned film-producing countries,” adding that Nollywood’s output of 2,500 films annually makes it the world’s second-largest film industry.
He described the Zuma Film Festival as “an important window for exchange and mutual learning between different civilisations.”
Jianxing also spotlighted China’s own cinematic growth. “In 2024, the number of screens in China exceeded 90,000, and the total box office reached 6 billion US dollars,” he said, noting the country’s evolution from black-and-white productions to a global film powerhouse.
He underscored the cultural weight of documentary filmmaking, despite limited commercial returns. “We should pay our highest respects to Director Chai Hongfang, Director of Editing Zhou Xinxia and their colleagues for their dedication and contributions to social progress,” he said.
Yang however announced that another Chinese documentary, SHENZHOU13, filmed by astronauts aboard the Shenzhou Space Station, would also be screened at the festival. “We believe this screening of Chinese films will be another beautiful chapter in the history of cultural exchange between our two countries,” he stated.
Yang while linking the event to broader policy, explained that the outcomes of the Fourth Plenary Session of the 20th CPC Central Committee emphasised deeper global cultural exchanges. He reminded the audience that 2026 is designated the China-Africa Year of People-to-People Exchanges, adding: “We look forward to deeper exchanges and cooperation between China and Nigeria in the film field, playing a bridging role in enhancing the friendship between the two peoples.”
Envoy: Cinema, Now Tool of Growing Chino-Nigerian Relationship
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