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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
Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies
Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies
By: Michael Mike
Energy policy experts have called for stronger data-driven decision making in Nigeria’s energy transition process, warning that ambitious climate targets must be balanced with economic realities, job security, and the country’s persistent energy access challenges.
The call was made during a national policy dialogue where researchers presented findings on the economic, environmental, and political implications of different energy transition pathways for Nigeria.
At the event, the Stakeholders Research Workshop on Supporting Just Transition in Nigeria, organized on Tuesday in Abuja by the Ministry of Environment and Society for Planet and Prosperity (SPP), analysts said the study was designed to help guide policymaking by providing empirical insights into how various decarbonisation strategies could impact growth, employment, and emissions.

President of the Society for Planet and Prosperity, Professor Chukwumerije Okereke, said Nigeria’s existing commitments under its Nationally Determined Contributions (NDCs) and Energy Transition Plan (ETP) are ambitious but require stronger technical validation before full implementation.
He noted that current projections suggesting up to 85 percent adoption of electric vehicles by 2060 and large-scale solar electricity generation of about 150 gigawatts may be difficult to achieve under current infrastructure and investment conditions.
“Policy targets are not enough on their own,” Okereke said. “What matters is how these targets will be achieved and what the economic and social consequences will be.”
He added that the research explores multiple transition scenarios, including gas-centered development, renewable-focused expansion, and hybrid energy strategies combining both gas and renewable technologies.
According to him, a balanced transition pathway may be more realistic for Nigeria, allowing the country to gradually reduce emissions while still leveraging its vast natural gas resources to support industrial growth and electricity access.
Researchers also emphasized that Nigeria’s transition strategy must address energy poverty, noting that millions of households still lack reliable electricity supply. They said distributed renewable energy systems, particularly solar mini-grids, could play a crucial role in expanding electricity access to rural and underserved communities.
Energy economists involved in the study explained that their analysis combined energy modelling with macroeconomic projections to assess how different policy choices would influence GDP growth, employment creation, and carbon emissions.
Senior Research Fellow, ODI Global, Dr. Timothy Kelsall said the research does not attempt to predict future outcomes but instead evaluates possible consequences of policy decisions.
“We are not predicting the future,” Kelsall said. “We are showing policymakers what could happen under different scenarios so they can make informed decisions.”
He explained that the study models three major transition pathways — gas-focused transition, renewable-dominated transition, and hybrid energy development — noting that each pathway would create different economic and political impacts across sectors.
Analysts also stressed that energy transition policies must consider Nigeria’s political economy realities, as policy reforms often create winners and losers across industries and interest groups.
Experts warned that abrupt policy changes could trigger economic disruptions, particularly in regions and sectors heavily dependent on fossil fuel revenues. Instead, they recommended a gradual transition supported by investment incentives, industrial development policies, and workforce reskilling programs.
The research also examined the use of savings from fuel subsidy reforms, noting that simply removing subsidies without clear reinvestment strategies would not automatically translate into development gains.
Stakeholders said subsidy savings could be redirected toward renewable energy infrastructure, social protection programs, and industrial development initiatives that support economic diversification.
While Nigeria continues to depend heavily on oil and gas exports for foreign exchange earnings, analysts said diversification efforts remain critical for long-term economic stability.
However, they stressed that natural gas could play a transitional role in supporting electricity generation and industrial expansion while renewable energy capacity continues to grow.
Researchers urged stronger collaboration between government institutions, private sector investors, and civil society organisations to ensure successful implementation of transition policies.
As Nigeria navigates its climate and energy future, experts say the country must pursue a pragmatic energy strategy that balances environmental protection with economic growth and improved access to reliable electricity for its growing population.
Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies
News
Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports
Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports
By: Michael Mike
The Federal Government has intensified efforts to strengthen transparency, accountability, and public service efficiency with the reactivation and upgrade of the national ReportGov feedback system across major international airports in Nigeria.
The initiative, driven by the Presidential Enabling Business Environment Council (PEBEC) and the Federal Airports Authority of Nigeria (FAAN), was formally unveiled at the Murtala Muhammed International Airport Terminal 2 in Lagos, with plans to extend the system to airports in Abuja, Port Harcourt, Enugu, and Kano.
Officials said the project is part of broader governance reforms aimed at improving citizen trust in public institutions while enhancing Nigeria’s business environment and service delivery standards across government agencies.
At the unveiling ceremony, PEBEC Director-General Princess Zahrah Mustapha Audu said the reactivation of ReportGov kiosks represents the federal government’s commitment to placing citizens at the center of governance reform.

She explained that the platform is designed to capture real-time complaints, commendations, and service improvement suggestions from citizens while helping government institutions respond faster to service failures.
According to her, institutionalizing feedback mechanisms will help reduce bureaucratic delays, improve inter-agency coordination, and ensure that public service performance is measured by actual service outcomes experienced by citizens.
FAAN Managing Director Olubunmi Kuku described airports as strategic economic gateways where service quality directly affects Nigeria’s international reputation.
She said improving passenger experience is critical for attracting foreign investment, promoting tourism, and strengthening business travel confidence. Kuku added that FAAN would continue supporting initiatives that promote transparency, operational efficiency, and customer-centered service delivery across Nigeria’s aviation facilities, noting that airport efficiency is closely linked to national economic competitiveness.
ReportGov serves as Nigeria’s official national grievance redress platform designed to capture citizen feedback on service delivery challenges across Ministries, Departments, and Agencies.
The newly upgraded physical kiosks will operate 24 hours daily in high-traffic public locations, allowing travellers and citizens to submit complaints, compliments, and policy suggestions directly into government monitoring systems.

Officials said the platform is structured to track complaints from submission to final resolution, helping authorities identify systemic service gaps and discourage unethical practices in public service interactions.
Government reform advocates said the initiative reflects a broader shift toward citizen-centered governance, where public satisfaction becomes a key performance indicator for government institutions.
Stakeholders noted that improving feedback infrastructure is particularly important as Nigeria continues efforts to diversify its economy and strengthen investor confidence in key sectors such as aviation, trade, and services.
Industry analysts said strengthening service delivery at airports is particularly important because aviation facilities serve as Nigeria’s international interface with the global economy. They explained that passengers’ first experiences at airports often shape perceptions about business conditions, investment potential, and tourism opportunities in the country. Improved feedback systems, they said, will help authorities address operational challenges such as passenger processing delays, service quality issues, and infrastructure maintenance gaps.
Officials also emphasized that the expanded deployment of ReportGov kiosks aligns with national anti-corruption and governance reform objectives. By creating structured reporting channels, the government hopes to strengthen transparency, reduce rent-seeking behavior, and improve coordination among agencies responsible for public service delivery.
As Nigeria continues its economic reform and infrastructure development agenda, authorities said citizen feedback will remain a central tool for measuring public service performance and guiding future policy decisions.
Nigeria Expands Citizen Feedback Infrastructure as PEBEC, FAAN Launch ReportGov Kiosks at Major Airports
News
KACRAN Calls for Increased Funding for Northeast Development
KACRAN Calls for Increased Funding for Northeast Development
By: Michael Mike
The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has commended the North East Development Commission (NEDC) for demonstrating transparency and accountability following its recently concluded month-long inspection of development projects across the Northeast region.
In a statement released by KACRAN National President Hon. Khalil Mohammed Bello, the association described the inspection exercise as a strong indicator of responsible public administration, noting that comprehensive project verification remains a key test of accountability in public service delivery.

KACRAN stated that the NEDC’s decision to conduct high-level inspections of both ongoing and completed projects reflects a commitment to ensuring that public funds are translated into tangible developmental outcomes for citizens in the region.
The association further praised what it described as the “boldness and confidence” displayed by the Commission during the inspection tour, saying it signals that projects executed by the agency meet required standards and represent value for money.
Of particular interest to KACRAN members are the Commission’s investments in water infrastructure and livestock support projects aimed at improving pastoral livelihoods across the Northeast.
The association noted that such initiatives are critical to sustaining the livestock sector and supporting pastoral communities, while also aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes livestock development, food security, and economic diversification.

KACRAN said strengthening livestock production could help reduce Nigeria’s reliance on imported dairy and meat products while positioning the country as a potential exporter of livestock products in the long term.
The group also commended the composition of the NEDC inspection team, which included the Commission’s Governing Board Chairman, Managing Director, and senior directors from finance, operations, and humanitarian affairs. KACRAN said the inclusion of senior management personnel and media representatives during the nearly 30-day inspection tour demonstrates transparency and accountability in governance.
The inspection covered several development sectors including road infrastructure, drainage systems, primary healthcare facilities, educational projects, water points for livestock, and distribution of humanitarian relief materials to internally displaced persons (IDPs).
KACRAN described the NEDC as a model of sincerity and dedication in Nigeria’s public sector, praising the Commission’s efforts toward the rehabilitation and economic recovery of the Northeast region.
The association, however, called on President Bola Ahmed Tinubu to ensure timely and adequate funding for the NEDC to enable the Commission to sustain its development and humanitarian programs.
It stressed that increased funding would strengthen infrastructure development, livestock productivity, peace-building efforts, and humanitarian interventions across the Northeast.
KACRAN Calls for Increased Funding for Northeast Development
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