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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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VP Shettima To Public Servants: Remain Selfless To Sustain Enduring Legacies In Service
VP Shettima To Public Servants: Remain Selfless To Sustain Enduring Legacies In Service
Extols Hadiza Usman’s contributions to public service, nation building at 50th birthday colloquium
By: Our Reporter
The Vice President, Senator Kashim Shettima, has charged public servants in Nigeria to imbibe the virtues of selflessness and excellence, marked by a commitment to daily discipline, consistency of effort and strength of character.
According to him, enduring legacies in public service are the ones sustained by a consistent dedication to excellence, resilience and hard work regardless of the challenges of building enduring institutions.

Senator Shettima spoke in Abuja on Tuesday during a colloquium organised to commemorate the 50th birthday of Hajiya Hadiza Bala Usman, Special Adviser to the President on Policy and Coordination and Head, Central Delivery Coordination Unit.
“If we are to raise more generations of Nigerians ready to lead with purpose, to deliver with excellence, and to serve with courage, we must remember this truth: intention without the willingness to pay the price of service remains wishful thinking,” he stated.
Eulogizing the celebrant’s distinguished and unique public service career, the Vice President described Hadiza Bala Usman as a mirror not only for the northern Nigerian girl, but for the nation itself.
He said, “There is no doubt that Usman’s place in our public service history is secure. This is so because it was not built on spectacle, nor did it rely on applause. What she has become was a product of decisions taken quietly, responsibilities carried fully, and institutions strengthened with care.”
VP Shettima said Hadiza Bala Usman earned her influence in Nigeria’s public service, continually shaping the country’s national direction through “a rare combination of gifts: grace, strengthened by grit; clarity, guided by courage, vision and excellence.”

He continued: “What has not been noted enough about our celebrant is that she is emerging from a part of our country where many young women still search for proof that ambition such as hers is permitted.
“Indeed, her journey required courage, and that is why she has become that proof. Its trials were visible. Its demands were exacting. Its rewards were earned. Nigeria watched her grow into responsibility early, stepping into critical policy spaces when many are still finding their voice.”
Maintaining that Usman’s achievements were never accidental, Senator Shettima noted that the celebrant’s rise in public service was deliberate, earned and sustained by a faithful commitment to the difficult work of building a functional nation.
“May your example continue to guide those who still believe that service, when done well, can ennoble a nation,” the VP added.
Earlier, Secretary to Government of the Federation, Senator George Akume, said Usman’s life remains a shining example of discipline.
He urged the celebrant to remain steadfast in advancing the Renewed Hope Agenda of President Bola Tinubu, expressing optimism that her years ahead will be marked by continuous, impactful service to Nigeria.

For his part, Chief of Staff to the President, Hon. Femi Gbajabiamila, explained that the gathering was aimed at honouring a life defined by purpose, courage, and an unwavering commitment to service and value addition to the Tinubu administration.
Gbajabiamila noted that when Usman transitioned fully into government at the state and national levels, she introduced structure to governance and clarity in priorities.
He recalled how the presidential aide eventually enforced reforms in one of Nigeria’s most strategic and complex agencies, the Nigerian Ports Authority (NPA), thereby raising the standard of leadership and service within the agency.
Also, the Minister for Youth Development, Ayodele Olawande, recognised Usman’s service and commitment to public institutions in Nigeria, particularly the Ministry of Youth Development.
He noted that her relevance in public service has resulted in her supportive roles in many initiatives aimed at benefiting youths across the country.
The Director General of the National Emergency Management Agency (NEMA), Zubaida Umar Abubakar, described Usman as a friend of over three decades.
According to her, the celebrant exemplifies an overwhelming commitment to principles, matched with quiet clarity and conviction, both in private and public life.
Speaking on “Leadership Delivery and the Courage to Serve,” the keynote speaker at the colloquium, a former Director General of the Bureau of Public Service Reforms, Dr Joe Abah, said serving Nigeria at a senior level is a privilege only a few would attain, entailing that those who occupy such roles must positively impact the lives of the citizenry.
Highlighting a number of leadership lessons practically expressed through Usman’s life, he said, “Your work no longer speaks for you,” adding that one must now speak for their work due to the emergence of fake news and critics.
He noted that leading people remains difficult, and that leaders may not see the impact of their actions in government until they leave office.
On her part, the celebrant, Hadiza, said she was humbled by the personalities who graced the colloquium, just as she thanked President Tinubu, Vice President Shettima, and others for contributing to her political career and personal life.
She recalled her roles in election planning since 2015 and at the NPA, and used the opportunity to recommit herself to the Renewed Hope Agenda for the betterment of Nigeria.
VP Shettima To Public Servants: Remain Selfless To Sustain Enduring Legacies In Service
News
Global Peace Development Launches Five-Year Strategic Plan, Targets Peacebuilding, Governance, and Social Justice
Global Peace Development Launches Five-Year Strategic Plan, Targets Peacebuilding, Governance, and Social Justice
By: Michael Mike
Global Peace Development (GPD) has unveiled its Five-Year Strategic Plan (2026–2030), outlining an expanded vision to strengthen peacebuilding, inclusive governance, and sustainable development across Nigeria and beyond.
The plan was officially launched in Abuja on Tuesday at a well-attended event that brought together civil society leaders, development partners, and government representatives, including the Institute for Peace and Conflict Resolution (IPCR).
Delivering a goodwill message on behalf of the Director-General of IPCR, Dr. Joseph Ochogwu, the institute commended GPD for its long-standing contributions to peacebuilding, gender equality, child protection, and inclusive governance.
Ochogwu, who was represented by Dr. Mang Chaimang, a director in the Institute, described the strategic plan as a timely and well-articulated roadmap that reflects over two decades of practical experience in addressing peace and development challenges in Nigeria.
Ochogwu noted that civil society organisations such as GPD play a critical role in complementing government efforts, particularly in fragile and conflict-affected regions. He added that the new strategic plan provides a strong framework for collaboration among government institutions, development partners, and civil society actors working towards sustainable peace.
Speaking in an interview after the launch, the Board Chairman of GPD, Chief Ejiro Oghenebrume, said the five-year plan represents more than a policy document, describing it as a renewed commitment to justice, good governance, and sustainable peace.
According to him, the organisation is repositioning itself to expand its scope from local interventions to a broader global outlook. He emphasized that peacebuilding is a continuous process and urged stakeholders not to relent in their efforts, warning that unresolved ethnic, religious, and political tensions could undermine national stability if not properly addressed.
Oghenebrume also advised that ethnicity and religion should not be allowed to define access to opportunities, calling for policy reforms that promote inclusion based on residency rather than origin. He stressed that peace cannot be sustained without constant engagement, education, and vigilance.
On the organisation’s priorities, the GPD chairman disclosed that women and young people remain central to the strategic plan, noting that peace at the community level begins with stable families and empowered children. He revealed that the organisation anticipates a budget of about ₦1.8 billion for 2026 to support phased implementation of the plan.
Also speaking, the Executive Director of GPD, Mr. Ebruke Esike, explained that the new strategic plan expands the organisation’s focus from five to eight thematic pillars. These include peace and conflict resolution, gender justice, democracy and governance, environment and climate change, water, sanitation and hygiene, livelihood development, education, and the protection of women and children from gender-based violence.
Esike said the plan is designed to improve security and social cohesion through non-kinetic approaches such as community dialogue, education, economic empowerment, and legal advocacy. He disclosed that the organisation projects a ₦1.2 billion operational budget for 2026, which will be sourced largely through competitive grants and partnerships.
According to him, GPD currently operates across several states in the South-South, South-East, North-Central, and North-West regions, with plans to expand to the North-East and South-West. He noted that the organisation has been involved in conflict mediation between farmers and herders, women-led peace platforms, environmental sustainability initiatives, and civic education programmes.
Esike acknowledged challenges such as insecurity, poverty, and low literacy levels but said GPD continues to work closely with government authorities, security agencies, and local peace institutions to ensure effective and safe programme delivery.
The launch ended with renewed commitments from stakeholders to strengthen partnerships aimed at promoting peace, social justice, and sustainable development in Nigeria.
Global Peace Development Launches Five-Year Strategic Plan, Targets Peacebuilding, Governance, and Social Justice
News
AFRICOM Delegation Reaffirms Support for NDLEA in Fight Against Drug Trafficking
AFRICOM Delegation Reaffirms Support for NDLEA in Fight Against Drug Trafficking
By: Michael Mike
A high-level delegation from the United States Africa Command (AFRICOM) has assured the National Drug Law Enforcement Agency (NDLEA) of stronger cooperation and continued technical support as efforts intensify to curb illicit drug trafficking in Nigeria and the wider region.
The delegation met on Tuesday with the Chairman and Chief Executive Officer of NDLEA, Brigadier General Buba Marwa (Rtd), where both sides discussed the progress of existing partnerships and future areas of collaboration.

Leading the delegation, Philip Esch, who serves as the United States Drug Enforcement Administration (DEA) liaison to AFRICOM, described the working relationship with NDLEA as critical to international security.
He commended the agency’s leadership and professionalism, noting that NDLEA’s operations in Nigeria have far-reaching implications beyond the country’s borders.
Members of the delegation also praised NDLEA for the effective use and maintenance of equipment previously supplied by the United States government, a development they said demonstrates accountability and commitment to the shared anti-drug agenda. They disclosed that additional projects and training programmes are being planned to further strengthen the agency’s capacity.
In his remarks, Marwa expressed gratitude for the visit and acknowledged AFRICOM’s sustained support, which he said has contributed significantly to recent successes recorded by the agency.
He stressed that drug trafficking remains closely linked to other security challenges, including terrorism and organized crime.

The NDLEA boss called for expanded assistance in key operational areas such as airport screening technology, forensic laboratories, digital investigation tools, portable drug detection devices and the deployment of trained sniffer dogs.
The meeting concluded with a mutual commitment to deepen cooperation aimed at disrupting drug networks, enhancing law enforcement capacity and promoting regional and global security.
AFRICOM Delegation Reaffirms Support for NDLEA in Fight Against Drug Trafficking
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