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
FG Reaffirms Commitment to Collaboration, Innovation at AFRIDEX 2026
FG Reaffirms Commitment to Collaboration, Innovation at AFRIDEX 2026
By: Michael Mike
Minister of Interior, Olubunmi Tunji-Ojo, has reaffirmed the Federal Government’s strong commitment to inter-agency collaboration, innovation, and national development during a high-level engagement with organisers of the African International Defence Exhibition (AFRIDEX) 2026.
The Minister made this known while receiving Maj. Gen. Umar Alkali and his delegation on a courtesy visit to his office in Abuja.
Describing AFRIDEX as “a very special programme,” Dr. Tunji-Ojo emphasized that meaningful progress within Nigeria’s defence and security architecture can only be achieved through collaboration rather than isolated efforts. He stressed the need for institutions to embrace openness, synergy, and strategic partnerships to maximise national impact and drive sustainable development.
He commended the AFRIDEX initiative as a critical platform for both emerging and established innovators, particularly Nigerian youths who continue to demonstrate exceptional ingenuity in digital and cybersecurity sectors. According to the Minister, providing visibility for such talents is essential for strengthening national pride, advancing economic growth, and enhancing global competitiveness.
Highlighting the central role of research in national development, Tunji-Ojo called for stronger linkages between innovation and market opportunities. He noted that creating platforms where innovators, manufacturers, and investors can interact is key to translating research into tangible economic value.
Encouraging the organisers, the Minister advised that AFRIDEX should be institutionalised as an annual event. While acknowledging that the maiden edition may present challenges, he noted that it would also offer valuable lessons to improve future editions. He further called for deeper collaboration among security and intelligence agencies, stressing that “this is not a time for territorial thinking, but for collective progress.”
Reaffirming the Ministry’s support, he described AFRIDEX as an initiative that represents “the future, not just the present,” adding that sustained efforts would attract international participation and promote the growth of indigenous industries.
On visa facilitation, the Minister acknowledged ongoing improvements but recommended the establishment of a dedicated support desk to ensure seamless entry processes for the expected influx of international participants.
Earlier, Maj. Gen. Alkali expressed appreciation to the Minister for the audience and commended his continued support for capacity building and inter-agency cooperation. He formally introduced AFRIDEX as a premier global defence and security exhibition scheduled to hold from October 26–29, 2026, at Eko Atlantic City.
Organised with the support of the Federal Government of Nigeria and hosted by the Ministry of Defence in collaboration with the Defence Industries Corporation of Nigeria, the event is expected to bring together global leaders, policymakers, industry experts, and innovators. The exhibition will showcase cutting-edge solutions across land, air, maritime, space, and cyber domains, with over 30,000 international participants and 500 exhibitors anticipated.
Alkali also highlighted the critical role of the Ministry of Interior in ensuring the success of the event, particularly in the areas of security coordination and visa facilitation. He formally invited the Honourable Minister to participate and requested the Ministry’s support in promoting AFRIDEX through its platforms, as well as encouraging participation from agencies under its supervision.
The visit concluded with a shared commitment to strategic partnership and a unified vision of positioning Nigeria as a global hub for defence innovation and security solutions.
FG Reaffirms Commitment to Collaboration, Innovation at AFRIDEX 2026
News
Marwa Warns University Students Against Drug Abuse, Says It Destroys Future Prospects
Marwa Warns University Students Against Drug Abuse, Says It Destroys Future Prospects
By: Michael Mike
The Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Buba Marwa, has warned Nigerian youths against drug abuse, describing it as a dangerous habit capable of ruining their future and career prospects.
Marwa gave the warning on Tuesday while delivering the convocation lecture at the 29th and 30th combined convocation ceremony of the University of Abuja.
Speaking on the topic, “High Today, Lost Tomorrow: The Real Cost of Drug Abuse on Campus,” the NDLEA boss said substance abuse has moved beyond the streets and is now a growing problem within lecture halls and campuses.

He noted that the drug scene has evolved from the use of traditional substances like cannabis to more dangerous synthetic opioids and designer drugs such as Colorado, Loud and Methamphetamine. He also raised concerns over the increasing use of social media platforms for drug distribution, as well as the involvement of students in trafficking.
“A criminal record for drug offences is a life sentence on your career before it even begins. You cannot practise law, medicine or engineering with a drug-related conviction,” he said.
Marwa explained that drug abuse affects the brain by altering neurotransmitters, leading to poor memory and impaired critical thinking. He added that substance abuse is often linked to cultism and campus violence, warning that arrest and conviction could permanently end professional ambitions.
Citing statistics, he said over 77,000 drug offenders were arrested in the past five years, with more than 60 per cent being young people. He also disclosed that most of the over 48,000 individuals treated in NDLEA facilities within the same period were youths.
The NDLEA chairman further referenced findings from the 2018 National Drug Use and Health Survey, which showed that many Nigerians begin experimenting with drugs around the age of 19, while cases involving younger teenagers are on the rise.
Addressing the graduating students, Marwa urged them to remain focused and avoid peer pressure as they step into the next phase of their lives.
“You are about to enter a world that is AI-powered and fintech-driven. There is no room for a clouded mind in a fast-paced environment. Choose your circle carefully. If your friends require you to be ‘high’ to belong, you are in the wrong company,” he said.
He stressed that character is as important as academic success, urging the graduates not to sacrifice their future for temporary pleasure.
“Nigeria needs your talent, your energy and—most importantly—your sober mind to lead us into the next decade,” he added.
Marwa also called on stakeholders to intensify efforts in tackling drug abuse, noting that its effects extend beyond individuals to families, institutions and society through increased crime and reduced productivity.
He commended the leadership of the University of Abuja for partnering with NDLEA to strengthen campus surveillance and urged tertiary institutions to prioritise drug education during orientation programmes.
Dignitaries at the event included the Pro-Chancellor and Chairman of the Governing Council, Olanrewaju Tejuoso; Vice-Chancellor, Hakeem Babatunde Fawehinmi; Council Member, Adedeji Adefuye; as well as senior officials of the university and NDLEA.
Marwa Warns University Students Against Drug Abuse, Says It Destroys Future Prospects
News
Troops clear bandits’ camps, rescue victims, recover arms in Bauchi
Troops clear bandits’ camps, rescue victims, recover arms in Bauchi
By: Zagazola Makama
Troops under Operation WUTAN DAJI have cleared several bandits’ camps, rescued kidnapped victims and recovered arms during clearance operations in Bauchi State.
Security sources said troops of 33 Artillery Brigade Garrison, in conjunction with elements of the Brigade Headquarters and a team from the Office of the National Security Adviser (ONSA), carried out the operation in Kumbodoro forest and Kumbodoro village.

According to the sources, the operation was led by the Commander, 33 Artillery Brigade, Brig.-Gen. S.S. Shehu, as part of ongoing efforts to rid the area of criminal elements.
They added that several bandits’ camps, including Azuge camps, were cleared during the operation, while a number of the criminals were neutralised.
Items recovered include four skeletal rifles, four dane guns, two pairs of boots, three helmets, a power bank, a Startimes decoder, one FN rifle magazine, one AK-47 magazine, communication links, a jackknife, six mobile phones, arrows, radio chargers, ATM cards, photographs, identity cards, as well as several pairs of security agency uniforms and leg chains.

The sources further disclosed that eight kidnapped victims were rescued during the operation.
They said troops are currently holding position within the Kumbodoro forest to consolidate gains from the clearance mission.
In a related development, the sources said troops deployed at Duguri, in collaboration with local vigilantes, recovered 36 cows at Mushen Kura village following information that the animals were roaming the area.

“The cows are suspected to have fled from bandits’ camps due to the ongoing operations and are currently in custody for further action,” the sources said.
They noted that troops’ morale and combat efficiency remain high, while operations continue to deny bandits freedom of action in the region.
Troops clear bandits’ camps, rescue victims, recover arms in Bauchi
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