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
News
After Boko Haram’s destructions, Governor Buni built modern markets across Yobe
After Boko Haram’s destructions, Governor Buni built modern markets across Yobe
By: Yahaya Wakili
Yobe State is one of the states whose economic activities were destroyed and suffered from the Boko Haram insurgency in the northeastern part of Nigeria, and in its effort to expand the economic activities in the state and also to provide infrastructure facilities to the citizens of the state after recovery from the Boko Haram insurgency. His Excellency, the Executive Governor of Yobe State, Hon. Mai Mala Buni, has built modern markets across the state in order to boost the economy and businesses in the state. The Commissioner of Home Affairs and Information, Hon. Abdullahi Bego, said there are two types of markets that His Excellency built. The first one is the ultramodern markets: one in Potiskum, one in Damaturu, the state capital, one in Geidam, one in Gashu’a, and another one in Nguru town. The major towns of Yobe State have one each of these markets. And also, we have the modern markets: one in Yunusari, one in Machina, one in Ngalda, and one in Buni Yadi, an ongoing project.

The commissioner of Housing and Rural Development, Architect Ahmed Buba, said His Excellency has constructed 9 modern markets across the state; we have 5 ultramodern markets completed with one ongoing, making 6; and also we have 4 modern markets, and Potiskum ultramodern markets have 500 shops, 192 stalls, and 12 warehouses large enough to accommodate about 12 trucks each, and also they have about 3 kilometers of roads and drainages as well as an administration block and praying ground. The markets are opening up economic activities in Yobe State, and with these markets the economy of Yobe is now building up, and then with the modern markets the businesses are fully on course.
Bego said, “Yobe State Woven and Polythene Company has been an existing company for a long time, and His Excellency Governor Mai Mala Buni is retrofitting and rehabilitating it and making it modern and new.” He starts with the structure, renovating and improving the structure and equipment that are already imported; we are just waiting for the arrival. When they come, they will be installed, and work will start. We produce a lot of grains in Yobe as an agrarian state, so we don’t need to buy all the sacks, all the woven sacks, and all the polythene bags that were used for those grains and other things like that. So this company has existed for a long time but is comatose and dormant. His Excellency has decided to breathe a new spirit into it, retrofitting it, reconstructing it, rebuilding it literally, and then providing equipment. As you can see, the number of people is very few in terms of job creation and in terms of economic activities that will be spanned around this area.

The Mega Motor Park: The former motor park, due to the expansion of that place. His Excellency directed the ministry of housing to identify a site far away from the city; from that roundabout we have a bypass, and henceforth motor vehicles do not pass through Damaturu. They can stop here, and from here other vehicles can transport them to the city center. The commissioner of Housing and Rural Development, Architect Ahmed Buba, said, “This is Damaturu Mega Motor Park, with a capacity of about 500 vehicles. We have a drivers’ lodge, which is going to accommodate up to 150 drivers at a time; we have a terminal building; we have a police station outpost; and we have the clinic, restaurant, and quite a few more.”
Engr. Muhammed Abba Hassan, General Coordinator for the project, said, “This project is awarded to Samsun Nigeria Ltd by the Yobe state government. We started this project about 6 months ago. At this level, we have reached almost over 80 percent, and we expect to complete this project within the stipulated contract agreement. Inshallah, by the end of March, this project will be fully completed.” This Damaturu Mega Motor Park is one of the mega motor parks of its type in Nigeria. We have almost every facility here. We have enough accommodation for travelers and accommodation also for drivers. We have a shop complex, we have a fire service, and we have a comprehensive health clinic that can accommodate not only the passengers but also the environment of this town. We can handle it as far as concern goes; we delivered this project within the stipulated period of time.
Township Stadium in Buni Yadi: This township stadium here in Buni Yadi is transforming sport, which will transform sport in Yobe State. The Permanent Secretary of the Ministry of Youth and Sport, Alhaji Gidado Abubakar, said this project was awarded at the end of September last year to Damuli Investment Company Ltd. for the award of contract for the construction of a mini stadium in Buni Yadi. This is a post-insurgency project being awarded by the state government through the window of the Ministry of Youth, Sport, and Community Development. We signed a 6-month mandate giving the contractor the handing over of the project to the ministry for onward utilization, and about 65% of the project has been achieved. The capacity of the mini stadium is about 5,000 to 6,000 pupils; we have a multipurpose fit, we have badminton, basketball, and the other games, and we have about 78 different games in this project, and it is 250 meters by 200 meters, and 75 thousand square meters.
After Boko Haram’s destructions, Governor Buni built modern markets across Yobe
News
U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership
U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership
By: Michael Mike
The United States and Nigeria have taken a significant step to deepen commercial relations with the U.S.-Nigeria Commercial and Investment Partnership (CIP), a five-year initiative aimed at boosting trade, investment, and private sector growth.
The partnership was highlighted at a ministerial meeting in Lagos co-chaired by U.S. Deputy Assistant Secretary for the U.S. Commercial Service Bradley McKinney and Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole. The meeting brought together government officials and private sector leaders to review proposed reforms from the CIP Working Groups on Agriculture, Digital Economy, and Infrastructure.

The Working Groups presented strategies intended to improve the business environment, ease trade barriers, and attract investment. McKinney described the proposals as practical measures that could strengthen bilateral trade and create new economic opportunities for both nations.
Oduwole emphasized Nigeria’s commitment to expanding non-oil exports and making local businesses more competitive in global markets. “We are focused on creating sustainable and inclusive opportunities for Nigerian companies to access U.S. markets and beyond,” she said, noting ongoing efforts to implement reforms that make Nigeria’s economy more predictable and investment-friendly.
Senior officials from both countries attended the session, including U.S. Mission Chargé d’Affaires Keith Heffern and Nigeria’s Permanent Secretary of the Ministry of Industry, Trade and Investment, Ambassador Nura Rimi.
The partnership is expected to facilitate continued consultations on trade and investment, encourage two-way investment flows, and support economic growth on both sides of the Atlantic.
In 2024, bilateral trade in goods and services between Nigeria and the United States reached nearly $13 billion. U.S. foreign direct investment in Nigeria also rose to $7.9 billion, reflecting a 25 percent increase from the previous year, making the U.S. one of Nigeria’s top foreign investors.
U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership
News
Six killed, others injured, abducted in bandit attack on Tsafe community
Six killed, others injured, abducted in bandit attack on Tsafe community
By: Zagazola Makama
At least six persons were killed and several others injured when armed bandits attacked Kanbiri village via Kwaren Ganuwa in Tsafe Local Government Area of Zamfara on Thursday afternoon.
Residents said the assailants stormed the community at about 2:50 p.m., shooting sporadically and causing panic among villagers.
“They shot many people. Six were confirmed dead on the spot, while others sustained gunshot injuries,” a local source said.
The attackers were also reported to have abducted an unspecified number of residents and taken them to an unknown destination.
Troops and other responders have since moved into the area to evacuate the corpses for burial and to begin efforts to locate and rescue the abducted victims.
Kanbiri and surrounding communities in Tsafe LGA have experienced repeated attacks in recent months, as bandit groups continue to target rural settlements in Zamfara.
Six killed, others injured, abducted in bandit attack on Tsafe community
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News10 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
