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UN Report: 2024 Could Errand Protracted Period of Low Growth

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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 Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

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Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has commiserated with the people of Ngoshe affected by the recent Boko Haram attack, describing the incident as tragic.

Ngoshe, a community in Gwoza local government, was attacked on Tuesday evening, scores were killed, while others were abducted.

Addressing members of the community on Friday in Pulka, Governor Zulum said he personally came to sympathize with the affected people and families of those that lost their loved ones.

He assured that efforts are underway to rescue all those abducted, restore security, and provide humanitarian support to victims.

“We are here today to commiserate with the people of Ngoshe that have lost their loved ones following the unfortunate incident that occurred on Tuesday. The situation is very sad and our hearts go out to all those affected by this tragedy,” Zulum said.

“I want to assure you that we will do everything possible to address the unfortunate situation that has befallen this community, and for those who have been abducted, the Nigerian military will do everything within its capacity to rescue them,” Zulum assured.

Governor Zulum explained that military operations are currently ongoing in Ngoshe and the Sambisa Forest to rid the area of criminal elements.

“There are ongoing military operations within the Sambisa Game Reserve. What we witnessed yesterday was largely a result of insurgents being pushed out from their strongholds, which led them to launch coordinated attacks on nearby communities,” he explained.

He called on the Nigerian Army to intensify operations to clear insurgents from the Mandara Hills which he described as a major security threat.

“The Mandara Hills remain a major security concern. The insurgents descended from the hills to attack this town. Therefore, I call on the Nigerian Army and the Federal Government to intensify efforts to clear Mandara Hills of insurgents,” Zulum said.

The governor noted that the exact number of casualties is yet to be confirmed as assessments are still ongoing, but acknowledged that several lives were lost while others were abducted.

As part of immediate humanitarian intervention, the governor said the state government had begun distributing relief materials and establishing cooking points to provide food for displaced residents.

“For now, we will distribute food items to those affected and I have directed that cooking points be established so that everyone in this community can receive meals from a central kitchen,” he said.

The governor appealed to residents to remain calm and law-abiding, noting that Borno State government will double its efforts to end this madness. “We shall not relent in our commitment to restoring lasting peace and stability in the state,” he said.

“I strongly believe that with sustained military operations and cooperation between all levels of government, we will overcome this challenge. Insha Allah, peace will return fully to our land,” the governor added.

Similarly, Governor Babagana Zulum inspected houses burned during an attack by Boko Haram insurgents on Thursday in Konduga town.

Zulum Pays Sympathy Visit to Victims of Ngoshe Attack, Assures Rescue of Abducted Residents

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IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women Hold Just 3.9% of Parliamentary Seats

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IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women¹ Hold Just 3.9% of Parliamentary Seats

By: Michael Michael

The Country Representative of UN Women to Nigeria and the Economic Community of West African States (ECOWAS), Beatrice Eyong, has warned that Nigeria’s democratic progress and development could remain stunted unless urgent action is taken to close the country’s widening gender inequality gap.

Speaking in Abuja during a media parley ahead of the 2026 commemoration of International Women’s Day, Eyong said Nigeria continues to face troubling disparities in women’s representation, safety and access to justice despite years of advocacy and policy commitments.

The global observance this year is themed “Rights. Justice. Action.”

Eyong said the theme reflects a growing international concern that although women’s rights are widely recognised in law and policy, millions of women still struggle to experience those rights in their daily lives.

She particularly raised alarm over Nigeria’s extremely low level of female political representation, revealing that women currently occupy just 3.9 per cent of parliamentary seats, one of the lowest rates anywhere in the world.

According to her, the imbalance not only undermines democratic inclusion but also weakens the country’s ability to make policies that reflect the needs of half of its population.

“Gender equality is fundamentally a question of power, and the power gap in Nigeria remains stark,” Eyong said.

“When women are missing from decision-making tables, the consequences are visible in the policies we adopt, the priorities we fund, and the voices that remain unheard.”

Beyond politics, she said Nigeria continues to grapple with persistently high levels of gender-based violence, noting that many survivors still face enormous barriers in seeking justice.

She warned that violence against women is increasingly spreading into digital spaces, where technology-facilitated abuse has become a growing threat.

“Rights mean little without justice,” she said. “Justice must be experienced in women’s safety, in their freedom from fear, and in their ability to seek protection and accountability wherever abuse occurs.”

To confront these challenges, Eyong said UN Women is intensifying advocacy for the Special Seats for Women Bill, a constitutional reform proposal aimed at guaranteeing women stronger representation in Nigeria’s legislative institutions.

She explained that the organisation is also working with the Federal Ministry of Women Affairs to strengthen the National Sexual Offender Database, a critical accountability tool designed to prevent convicted offenders from evading detection by moving between states.

In addition, she said UN Women has expanded its engagement with traditional and religious leaders across Nigeria to challenge cultural norms and social practices that perpetuate discrimination and violence against women.

The agency is also supporting efforts to institutionalise Gender-Responsive Budgeting at federal and state levels to ensure government spending prioritises issues affecting women and girls, including maternal health, girl-child education, economic empowerment and community safety.

Eyong noted that beyond policy reforms, UN Women is building partnerships with financial institutions and the private sector to increase access to funding for women-led businesses and community initiatives.

She also highlighted ongoing efforts to strengthen women’s participation in peacebuilding and conflict prevention through Nigeria’s Third National Action Plan on Women, Peace and Security.

However, Eyong stressed that meaningful progress will require more than policy declarations.

According to her, Nigeria does not suffer from a shortage of gender policies but from weak implementation, insufficient financing and inconsistent enforcement.

“We must move from commitments to implementation and from plans to measurable impact,” she said.

She called on the media to intensify its role in exposing injustice, amplifying the voices of survivors of violence and promoting women’s leadership across sectors.

Eyong said journalists remain critical partners in shaping national conversations that can influence policy reforms and public attitudes toward gender equality.

“When we secure justice and rights for women, we secure Nigeria’s stability, prosperity and future,” she said.

She added that UN Women remains committed to working with government, civil society, development partners and communities to ensure that the ideals of Rights, Justice and Action translate into tangible change for women and girls across Nigeria.

IWD 2026: UN Women Warns Nigeria’s Democracy at Risk as Women Hold Just 3.9% of Parliamentary Seats

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Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency

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Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency

By: Our Reporter

The earlier statement inadvertently refers to Dr. Sa’id Alkali Kori as the Director General/Chief Executive Officer of the Borno State Investment Promotion Agency, rather than the Chairman/Chief Investment Adviser to the Borno State Governor.

Therefore, this statement supersedes the earlier one.

Borno State Governor, Professor Babagana Umara Zulum, has approved the appointment of Dr. Sa’id Alkali Kori as Chairman/Chief Investment Adviser to the Borno State Governor.

Dr. Kori is a consummate entrepreneur and investment and infrastructure finance expert, and holds a PhD in Humanities and Social Sciences with a focus on Intellectual Capital from the University of London, United Kingdom.

He serves as the Honorary Special Adviser on International Relations and Investment to the Governor of Yobe State and is the Technical Adviser to the Lake Chad Basin Governors’ Forum.

Dr. Kori is currently the Chairman and Group Chief Executive Officer of Thinklab Group Limited, a leading innovation and development finance firm. He also serves as the Chairman of the Board for the Nigeria Food Corporation.

He has structured financing in excess of $200 million for critical infrastructure in housing, healthcare, and road networks.

The appointment is for the initial term of four years.

Governor Babagana Umara Zulum has also approved the appointment of Laminu Lawan Awana, Abubakar Ahmed Askira, and Danladi Alfaki Isa as Governing Board members representing the three senatorial zones of the state.

This is in accordance with section 6(b) of the Borno State Investment Promotion Law 2026 (as amended).

The appointees are seasoned professionals in trade and investment, development financing, housing, and mortgage finance.

Other members of the Board include:

A representative from each of the following Ministries, Departments, and Agencies, not below the rank of a Director, as Ex-Officio Members:
· Ministry of Commerce, Trade and Industries
· Borno State Geographic Information Service (BOGIS)
· Ministry of Works
· Ministry of Housing and Energy
· Ministry of Justice
· Ministry of Agriculture and Natural Resources
· Ministry of Livestock
· Ministry of Planning
· Ministry of Finance
· Ministry of Local Government and Emirate Affairs

  1. Two (2) representatives from the Organized Private Sector in Borno State.
  2. The Director-General of the Borno State Investment Promotion Agency will serve as the Secretary.

All the appointments take immediate effect.

Governor Babagana Zulum expressed confidence that, with Dr. Kori’s vast experience and the collective expertise of the board members, the state will be positioned as a hub for domestic and foreign investment and will foster viable Public-Private Partnerships (PPPs) to accelerate the State’s economic revitalization and sustainable development.

Zulum Appoints Dr. Sa’id Alkali Kori, 3 others as Chairman, Board Members, Borno Investment Promotion Agency

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