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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
News
Tension in Kebbi as bandits attack GGCSS Maga, kill vice Principal , abduct students
Tension in Kebbi as bandits attack GGCSS Maga, kill vice Principal , abduct students
By: Zagazola Makama
Tension has gripped the Zuru Emirate of Kebbi State following a late-night attack on Government Girls Comprehensive Senior Secondary School (GGCSS) Maga in Danko/Wasagu Local Government Area, during which bandits killed the school’s Vice Principal, Malam Hassan Yakubu Makuku, and abducted an unspecified number of students.
A resident, Malama Murjanatu Hassan Gishiri, who confirmed the incident on Monday, said the attackers stormed the school at night and operated freely, throwing the community into panic.
She described the invasion as “a heartbreaking tragedy that has thrown the entire region into deep fear and mourning”, adding that the bandits moved in large numbers and overpowered the area without resistance.
Gishiri said the late Vice Principal was shot while attempting to protect students from the attackers.
“People in the community have been offering prayers for his soul, asking Allah to grant him mercy, a peaceful resting place, and to console his family over this painful loss,” she said.
Efforts to get official comments from security agencies proved unsuccessful as of the time of filing this report.
Residents appealed to the government to act swiftly to rescue the abducted students and to strengthen security around schools and communities in the area, which have suffered repeated attacks by bandits.
Tension in Kebbi as bandits attack GGCSS Maga, kill vice Principal , abduct students
News
VP Shettima: Hajiya Sutura Shagari Will Be Remembered For Her Selflessness, Compassion
VP Shettima: Hajiya Sutura Shagari Will Be Remembered For Her Selflessness, Compassion
- Leads FG delegation on condolence visit to the late former president’s family in Sokoto
By: Michael Mike
The Vice President, Senator Kashim Shettima, has described the passing of Hajiya Sutura Shehu Shagari, the last surviving wife of former President Shehu Shagari as a huge loss to Nigeria, saying she will be remembered for her life of compassionate and selfless service to her community and the nation at large.
Senator Shettima spoke on Sunday when he led the Federal Government delegation to condole with the Shagari family over the demise of the matriarch of the Shagari family in their residence in Sokoto State.

Announcing the death of the last surviving wife of the former President, a statement signed by the eldest son of the former President and Sarkin Mafaran Shagari, Capt. Bala Shagari, had noted that the late Hajiya Sutura died at about 3pm on Monday, November 10, 2025, after a prolonged illness at the age of 79.
Commiserating with the Shagari family in Sokoto, the Vice President who said he was in the state at the instance of President Bola Ahmed Tinubu prayed for the repose of Hajiya Sutura’s soul, as well as comfort for the family and the Sultanate.

“We are here at the instance of His Excellency, President Bola Ahmed Tinubu, to condole with the government and people of Sokoto State, His Eminence, the Sultan of Sokoto and the immediate family of our late President, Alhaji Shehu Usman Aliyu Shagari, over the sad event of the passing of his last surviving wife, Hajia Sutura Aliyu Usman Shagari,” he stated.
Vice President Shettima also prayed Almighty Allah to reward the departed with Aljannah Firdaus, as well as the fortitude for the immediate family, Sokoto State and the entire nation to bear the loss.

“May Allah grant her soul eternal rest and reward her with Aljana Firdaus. May Allah also grant the family and the good people of Sokoto and the nation as a whole, the fortitude to bear the irreparable loss,” he prayed.
Earlier, the Governor of Sokoto State, Dr. Ahmed Aliyu Sokoto, thanked the Vice President for the show of love and concern about not only the Shagari family but the entire Sokoto State.
“The visit is a gesture which speaks volumes for having you in our midst today. Distinguished audience, you may recall that the Vice President has been here almost, I can say, four times since the inception of our administration. This is a show of love and the concern.

“We thank you most sincerely; we thank you for your coming. We pray Allah to give you sound health, and to give you courage to continue the good work you are doing for this great country,” the Governor told VP Shettima.
Also, leader of the Shagari family and District Head of Shagari, Capt. Bala Shagari (rtd), thanked the Vice President for leading the Federal Government’s delegation to condole with the family.
He said it was a great honour having the Federal Government’s delegation sent by President Tinubu to condole with the Shagari family in their moment of grief, even as he also thanked the state Governor for taking care of the Shagari family.
Also in attendance were the Minister of State for Works, Senator Bello Mohammed Goronyo; former Attorney -General of the Federation and Minister of Justice, Bello Mohammed Adoke, and former Deputy Governor of Sokoto State, Alhaji Mukhtari Shagari, among other senior government officials.
VP Shettima: Hajiya Sutura Shagari Will Be Remembered For Her Selflessness, Compassion
News
Duke of Edinburgh Visits Nigeria to Host Series of Events, Meets Tinubu
Duke of Edinburgh Visits Nigeria to Host Series of Events, Meets Tinubu
By: Michael Mike
His Royal Highness The Duke of Edinburgh is expected in the country to host a series of events in Lagos, Nigeria from 17 – 23 November 2025 to champion the expansion of the Duke of Edinburgh’s International Award across the world.
He is also expected to meet President Bola Tinubu in Abuja, and get involved in some other activities at the nation’s capital.
According to a statement on Sunday, Prince Edward, as Chairman of the Duke of Edinburgh’s International Award Foundation, will convene almost 200 young people from more than 50 countries over the week, alongside hundreds of leaders delivering the Duke of Edinburgh’s International Award globally, policymakers, and representatives from global youth movements.
Young people will take part in an intensive three-day youth leadership programme, before taking part in the International Award’s triennial Forum focused on expanding access to the Award globally.
Last year almost 1.2 million young people in more than 130 countries took part in the Award. While young people in the UK make up around half of all participants, Kenya has the second-highest number of young people involved in the Award. In Nigeria – where this week’s events are taking place – participation has surged by 37% in the past year, reflecting increasing interest across West Africa.

On the eve of the Duke of Edinburgh’s Award turning 70 next year, new analysis about the global impact of the Award shows that the social value generated by young people completing the Award in the last year has exceeded £1 billion for the first time. The social value is calculated through a robust methodology developed by PWC quantifying the impact of volunteering, improved mental and physical health, and social cohesion.
The Award has gained increasing momentum in recent years, as the likes of the World Bank, World Economic Forum and International Labor Organisation have placed strong emphasis on skills developed beyond the classroom, such as teamwork, communication skills, resilience and problem-solving.
Over the course of the week the Duke of Edinburgh will meet the President of Nigeria in Abuja, convene senior ministers and international development agencies in Lagos to foster deeper collaboration on non-formal education and take part in major events hosted by the Governor of Lagos and the British Deputy High Commissioner in Lagos.
Secretary General of the Duke of Edinburgh’s International Award worldwide, Mr. Martin Houghton-Brown, commented that: “More and more young people across the world are taking on the challenge of the Award, and embracing learning outside the classroom. Through smartphones and AI, young people can access the world’s knowledge in seconds fingertips, but the Award is providing a fresh challenge and helping young people develop the skills that give them the ‘human edge’. From team work to creativity, determination to flexibility, the Award is helping young people across the world become World Ready. Our gathering here in Lagos is focused on significantly increasing opportunities for young people in every country to take on the Award’s challenge and opportunity.”
British Deputy High Commissioner in Lagos, Mr. Jonny Baxter said: “The Duke of Edinburgh’s International Award exemplifies the potential of Nigeria’s young people, and that is important because Nigeria’s success matters deeply to the UK. As partners, we share a commitment to empower the next generation, create jobs, and unlock economic potential. We applaud Nigeria’s bold reforms and are optimistic that these plans will remove constraints on Nigeria’s entrepreneurial spirit and help move Nigeria forward. The UK stands ready to work together to drive growth, stability, and prosperity for the benefit of both our countries.”
The Duke of Edinburgh’s International Award is a global framework for non-formal education, empowering young people to develop skills, resilience, and a spirit of service. It is delivered through schools, youth organisations, and community groups worldwide.
Founded in 1956 by HRH The Duke of Edinburgh, Prince Philip, the Award has grown from a UK-based initiative into the world’s most widely recognised youth achievement framework delivered in more than 130 countries and territories, with 1.2 million participants annually. The Award equips young people aged 14 to 24 with essential skills for life and work, including confidence, empathy, teamwork, resilience and leadership, through experiential learning beyond the classroom.
As the Duke of Edinburgh’s International Award approaches its 70th anniversary, more than 1,500 young people begin their Award journey every day, engaging in activities from environmental restoration and volunteering to skills development and adventurous journeys.
Duke of Edinburgh Visits Nigeria to Host Series of Events, Meets Tinubu
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