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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
Dignitaries Gather In Borno For APC Deputy National Chairman’s Children’s Wedding
By: Our Reporter
Prominent Nigerians on Saturday converged in Maiduguri, the Borno State capital, to attend the wedding ceremony of three children of the All Progressives Congress (APC) Deputy National Chairman (North), Hon. Dr. Ali Bukar Dalori.
Gatekeepers News reports that there was heavy traffic in parts of Maiduguri as dignitaries from all works of life made frantic effort to access the residence of Dalori and the Al-Ansar Mosque, the two main venues of the wedding ceremony.
Among those in attendance were top government officials, party leaders, traditiona rulers, business moguls, and religious leaders from within and outside Borno State. The ceremony attracted a large crowd, reflecting Dr. Dalori’s political influence and wide network across the country.
Leading the array of dignitaries is the National Chairman of the APC Prof. Nentawe Yilwatda, othe members of National Woking Committee of the APC and large numbers of States Chairmen of the party .
Also in attendance were the Borno State Governor, Prof. Babagana Zulum, his Deputy, Hon Umar Kadafur , three Senators from the state- Senator Mohammed Tahir Monguno, Senator Mohammed Ndume Senator Kaka Shehu Lawan and members of the House of Representatives from Borno State
Others are the Minister of Agriculture and Food Security, Sen, Abubakar Kyari, Speaker, Deputy Speaker and members of Borno State House of Assembly , former Nigeria Ambassador to China, Ambassador Baba Ahmed Jidda, Former Minister of the Federal Capital Territory (FCT) Alh. Ibrahim Bunu, Ibrahim , Former Deputy Governors of Borno State- Ali Jatau and Adamu Dibal .
The Deputy National Chairman of the APC was full of gratitude to his guests who left their various confort zones to attend wedding of his children- Usman, Falmata and Aisha .
” I’m immensely grateful our National Chairman of APC Professor Nentawe, our amiable Governor of Borno State Prof Babagana Zulum, the Deputy Governor Umar Kadafur and the too many important personalities who came from far and near to honour my invitation, may Allah (SAW) bless you all ” Dalori said .
The wedding rites were conducted in accordance with Islamic injunctions, featuring special prayers for the couples, their families,. The atmosphere was marked by joy, unity, and cultural splendour, as guests exchanged pleasantries and goodwill messages with the host and his family
Security operatives were deployed in large numbers around the venues to maintain law and order and ensure the smooth flow of activities. Traffic control officers were also on ground to manage the influx of vehicles and guests, while emergency and protocol teams worked tirelessly to coordinate movements and logistics.
The wedding ceremony came to a successful end with a reception that featured traditional music, refreshments, and continued interactions among guests, bringing together leaders and citizens in a rare atmosphere of celebration and solidarity.
Dignitaries Gather In Borno For APC Deputy National Chairman’s Children’s Wedding
JUST IN: Boko Haram terrorists demand N423m ransom to release Borno ex-LGA vice chairman
By: Our Reporter
A new video has emerged showing two men, allegedly abducted by Boko Haram/ISWAP terrorists in Borno State, pleading for help.
One of the victims, Hon. Hassan Biu Miringa, a former Vice Chairman of Biu Local Government Area, is seen in the video appealing for rescue.
The two men were taken hostage on December 17, 2025, while traveling from Miringa to Maiduguri.
In the video, the abductees said the terrorists are demanding a ransom of $150,000 per person, totaling $300,000, for their release.
‘We were abducted on our way from Miringa to Maiduguri around 2:30. Alhamdulillah, we are alive,’ one of the victims said. ‘We are calling on the government and individuals to come to our rescue.’
The victims specifically appealed to Deputy Governor Umar Usman Kadafur, Hon. Mukhtar Betara Aliyu, Hon. Sule Ali Rimi, Hon. Yakubu Gambo Kimba, and Alhaji Musa Dogo Biu to intervene and help secure their freedom.
‘We are pleading with them to come to our rescue. We are their sons,” the victim said. ‘They said we must provide $150,000 each. For the two of us, it is $300,000. We want to be reunited with our families.’
JUST IN: Boko Haram terrorists demand N423m ransom to release Borno ex-LGA vice chairman
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
By: Michael Mike
The Nigeria Movement of Solidarity with Cuba (NMSC) has expressed deep condolences to the government and people of Cuba following the killing of 32 Cuban internationalists in Venezuela.
In a press statement issued in Abuja on Saturday, the pro-people coalition, which includes labour unions, civil society organisations and intellectuals, alleged that the Cuban nationals were killed during an attack in Caracas on January 3, 2026, while protecting Venezuelan President Nicolás Maduro, his wife, Cilia Flores, and what it described as the sovereignty of Venezuela.
The group said the Cubans chose to resist despite being overwhelmed, describing their actions as a demonstration of courage, honour and commitment to international solidarity.
NMSC drew parallels between the incident and past historical events where Cuban nationals were involved in overseas struggles, including the 1983 U.S.-led invasion of Grenada and Cuba’s military support for African liberation movements in Angola, Namibia and South Africa during the fight against apartheid.
According to the organisation, thousands of Cuban youths lost their lives in Africa while contributing to the dismantling of apartheid systems backed by Western powers. The group noted that Cuba’s internationalism has not been limited to armed conflicts, citing the country’s long-standing medical outreach to developing nations, including Nigeria.
The statement also recalled Cuba’s response during the COVID-19 pandemic, when it dispatched medical teams to dozens of countries and received hundreds of stranded cruise ship passengers at a time many nations had closed their borders.
NMSC extended its sympathy to the families of those killed in Venezuela and called on the United States government to respect international law, halt what it described as foreign military interventions, and lift sanctions imposed on Cuba, Venezuela and other countries.
The group further aligned itself with repeated resolutions of the United Nations General Assembly calling for the end to the decades-long U.S. embargo against Cuba, insisting that global peace and development require cooperation rather than conflict.
The statement was signed by veteran labour activist and writer, Owei Lakemfa, on behalf of the Nigeria Movement of Solidarity with Cuba
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
Dignitaries Gather In Borno For APC Deputy National Chairman’s Children’s Wedding
JUST IN: Boko Haram terrorists demand N423m ransom to release Borno ex-LGA vice chairman
Nigerian Solidarity Groups Mourn Cubans Killed in Venezuela, Condemn U.S. Actions
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