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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
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Zulum Donates Multi-Million Naira JAMB Zonal Headquarters, 500-Seat CBT Centre to Boost North-east Education
Zulum Donates Multi-Million Naira JAMB Zonal Headquarters, 500-Seat CBT Centre to Boost North-east Education
By: Michael Mike
Borno State Governor, Prof. Babagana Zulum on Wednesday deepened his administration’s investment in education by handing over a multi-million naira Joint Admissions and Matriculation Board (JAMB) zonal headquarters and one of Nigeria’s largest Computer-Based Test (CBT) centres, a landmark project expected to transform tertiary admission services across the North-east.
The ultra-modern facility, strategically located along the Maiduguri-Dikwa Road, will serve as JAMB’s North-east Zonal Office, providing administrative and examination services to the region’s six states. It comprises a modern office complex and a dual CBT centre capable of accommodating 500 candidates simultaneously and processing more than 2,000 candidates daily.
The project is believed to be the first in the country to be wholly financed, constructed and donated by a state government to JAMB.
Commissioning the facility, Zulum described it as part of his administration’s broader strategy to rebuild education in a region that has suffered years of insurgency and disruption to learning.
He said the project was designed not only to improve access to JAMB services but also to strengthen educational infrastructure and reduce the burden on candidates seeking admission into tertiary institutions.
According to the governor, the facility represents Borno State’s contribution to enhancing national education service delivery while positioning the North-east as a major hub for computer-based examinations.
The significance of the project was underscored by JAMB Registrar, Prof. Ishaq Oloyede, who described it as an unprecedented intervention and one of the finest CBT facilities in Nigeria.
“This is the first time in the history of JAMB that a state governor has independently built and donated a zonal office and CBT centre to the Board,” Oloyede said.
He noted that what was initially conceived as an ambitious proposal had become a reality within just four months, describing the achievement as a reflection of Governor Zulum’s visionary leadership and commitment to education.
“Today, reality has surpassed my expectations. In just four months, what seemed humanly impossible has been accomplished,” he said.
Oloyede explained that the centre would significantly expand JAMB’s operational capacity in the North-east by allowing 500 candidates to write examinations simultaneously while handling over 2,000 candidates each day.
He added that the integrated registration facilities would enable the Board to complete registration and documentation for applicants from Borno State within a few days, drastically reducing delays and travel burdens.
“The CBT centre you have graciously provided will serve as a beacon of excellence for computer-based testing and administrative services. It will bring immense relief to candidates, educational institutions and stakeholders across this region.
“More importantly, it represents Your Excellency’s broader commitment to rebuilding educational confidence and expanding opportunities for young people despite the enormous challenges confronting this region,” he stated.
The outgoing JAMB Registrar further commended Governor Zulum’s sustained investment in education, human capital development and youth empowerment, describing education as the foundation for peace, stability and economic recovery in the North-east.
In a symbolic gesture acknowledging Oloyede’s contributions to educational development in Nigeria, Governor Zulum directed the Borno State Ministry of Education to name the newly commissioned facility after the outgoing JAMB Registrar.
The event was attended by the Secretary to the Borno State Government, Bukar Tijani; the incoming JAMB Registrar, Prof. Segun Aina; Acting Chief of Staff to the Governor, Dr. Babagana Mustapha Malumbe; Commissioner for Education, Engr. Lawan Abba Wakilbe; and other senior government officials.
The commissioning marks another milestone in Borno State’s post-insurgency recovery efforts, with the Zulum administration continuing to prioritise investments in schools, tertiary institutions and educational infrastructure as a pathway to rebuilding the state and expanding opportunities for its youth.
Zulum Donates Multi-Million Naira JAMB Zonal Headquarters, 500-Seat CBT Centre to Boost North-east Education
News
VP Shettima: Nigeria’s Digital Transformation Under Tinubu Unrivaled
VP Shettima: Nigeria’s Digital Transformation Under Tinubu Unrivaled
Applauds ongoing reforms by NIMC management
By: Our Reporter
The Vice President, Senator Kashim Shettima, has applauded the ongoing transformation of Nigeria’s digital identity ecosystem under the administration of President Asiwaju Bola Ahmed Tinubu, describing the process as unrivaled.
He attributed the development to the administration’s reforms being undertaken by the current management of the National Identity Management Commission (NIMC), particularly with the enactment of the NIMC Act 2026.

Senator Shettima, who stated this, Wednesday, when he received on a courtesy visit to the Presidential Villa, a delegation from NIMC led by its Director General, Engr. Abisoye Odusote, said the reorganisation will enable the establishment of a sovereign Digital Public Infrastructure (DPI) for Nigeria.
He noted that this is in addition to the transitioning of governments from paper-based administration to secure digital governance, using robust trust architectures.

The Vice President said Engr. Odusote’s leadership and impact on NIMC’s transformation from a database custodian to Nigeria’s foundational digital authority within a short period was unprecedented, rare and worthy of commendation.
He urged the entire management to lend their support for the transformative works of the Director General and adopt more technology driven models, with a view to advancing key components of the Renewed Hope Agenda of the administration.
He said across all sectors, the Tinubu administration is taking bold steps and making courageous decisions that will impact positively on Nigerians in education, healthcare delivery, drive financial inclusion and secure digital governance, among others.

Earlier, the CEO of NIMC, Engr. Odusote, congratulated President Tinubu for signing the NIMC Bill into law, highlighting that the legislation represents a significant transformation in Nigeria’s identity ecosystem.
According to her, the development ensures that all government databases can communicate with one another while enabling citizens to interact with the government more efficiently.
Highlighting the progress made so far, the Director General stressed that the Nigerian Immigration Service now uses the National Identification Number (NIN) for the issuance and renewal of passports.

She maintained that the NIN is now the single source of truth for Nigerian identity, adding that many insurance companies, financial institutions, and public agencies are already integrated into the new national digital public infrastructure.
The NIMC Act 2026 was signed into law by President Tinubu to activate the transition of Nigeria’s identity framework from the restrictive 2007 Act to a modern, sovereign digital public infrastructure (DPI) that secures national control over digital trust infrastructure and reduces foreign reliance.
VP Shettima: Nigeria’s Digital Transformation Under Tinubu Unrivaled
News
Julius Berger Pushes Low-Carbon Construction, Calls for Stronger Collaboration at Future Cities Summit
Julius Berger Pushes Low-Carbon Construction, Calls for Stronger Collaboration at Future Cities Summit
By: Michael Mike
Julius Berger Nigeria Plc has called for stronger collaboration among government, academia, regulators and private sector players to accelerate the adoption of low-carbon construction practices, saying sustainable building remains critical to the development of greener and more resilient cities.
The construction giant made the call during the Future Cities Summit 2026, organised by the Green Building Council Nigeria (GBCN) in Lagos under the theme, “Building the Future: Scaling Sustainability for Greener Cities.”

The summit brought together stakeholders from across the built environment to examine practical strategies for promoting sustainable construction, improving urban resilience and driving Nigeria’s transition to environmentally friendly cities.
Representing Julius Berger on the second and final day of the event, the company’s Regional Manager, Engr. Thomas Christl, participated as a panellist during a plenary session titled, “Materials, Methods, and Margins: Low Carbon Construction Constraints and Opportunities.” The company’s Chief Risk Officer, Mrs. Shakira Mustapha, also attended the summit.
The panel included industry leaders from Saint-Gobain Nigeria, Alitheia Capital and Enflor, with discussions focusing on the financial, technical and policy challenges slowing the adoption of sustainable building practices.
Speaking during the session, Christl identified the high initial cost of low-carbon construction as one of the biggest obstacles facing the industry. However, he argued that evaluating projects over their entire lifespan reveals substantial economic and environmental returns.
He said although sustainable buildings may require greater upfront investment, they ultimately reduce maintenance expenses, improve operational efficiency and lower energy consumption, making them more cost-effective over the long term.
Christl also advocated the wider use of recycled concrete, describing it as an important solution for reducing carbon emissions in the construction sector. According to him, reusing concrete from demolished structures would significantly cut reliance on newly manufactured materials while contributing to a circular economy.
He urged the establishment of clear regulatory standards and stronger cooperation among universities, construction firms, manufacturers and government agencies to promote the safe and widespread use of recycled concrete in Nigeria.
The Julius Berger executive further stressed that the industry’s challenge is no longer the availability of technical expertise but ensuring that research findings and emerging innovations are effectively shared across the construction value chain.

He noted that architects, engineers, contractors, procurement professionals and project owners must remain informed about advances in greener construction materials and sustainable building technologies to improve adoption.
Participants at the summit agreed that stronger partnerships involving government institutions, academia, financial organisations and the private sector would be essential to overcoming financial, technical and regulatory barriers to low-carbon construction.
Julius Berger also commended the Green Building Council Nigeria for creating a platform that encourages dialogue, innovation and knowledge sharing on sustainable urban development, describing such engagements as vital to building environmentally responsible and resilient cities for the future.
Julius Berger Pushes Low-Carbon Construction, Calls for Stronger Collaboration at Future Cities Summit
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