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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 Spends Night Coordinating Security in Pulka

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Zulum Spends Night Coordinating Security in Pulka

… Disburses Cash, Palliative to over 30,000 Ngoshe, Pulka Households

By: Michael Mike

Borno State Governor spent the entire Saturday night coordinating security activities in Pulka following the recent attacks in Ngoshe, Pulka and other communities in Gwoza.

This is the first time a sitting governor has slept in Pulka, a community 22 kilometres from Gwoza.

Governor Zulum held a security meeting with the Brigade Commander, military officers, security personnel, and civilian JTF to discuss strengthening security in the general area.

He said leadership is all about commitment and sacrifice which has been the hallmark of his administration since he assumed office.

“Leadership is not about living in your comfort zone and addressing people and their concerns, but coming directly to the doorsteps of the less privileged. This has been my tradition, this has been my culture since I assumed duty as the governor of the state,” Zulum said.

“I cannot remember when I lived consecutively for 10 days in my office or even one week since I assumed duty. I’m always in the remote areas attending to people, and I believe this is what we should do from now on to the end of my own administration,” he added.

… Zulum Disburses Cash, Palliative to over 30,000 Ngoshe, Pulka Households

Governor Babagana Umara Zulum has distributed cash, food, and non-food items to over 30,000 affected households of Ngoshe and Pulka communities.

The relief item is intended to provide succor to victims of the recent attack and to the host communities.

“Each male and female heads of household in Ngoshe will receive N30,000, while married women will receive N20,000. In addition, mattresses and clothing will be distributed to both men and women,” Zulum announced.

The governor disclosed that the intervention would also cover Pulka community which has been impacted by the influx of displaced persons from neighbouring areas.

He further acknowledged the support of the Federal Government and Alhaji Aliko Dangote, who donated 30,000 bags of 10kg rice to support vulnerable populations in the state.

“Out of the 30,000 bags, Pulka community will benefit from the scheme. We are distributing both food and non-food items not only to Ngoshe but also Pulka, which is also a displacement-affected community,” Zulum noted.

Governor Zulum called on residents of affected communities in Gwoza to remain patient and cooperate with security agencies, assuring them of sustained efforts by both the federal and state governments to restore lasting peace.

“They should give the necessary cooperation to all security agencies with a view to identifying culprits within the society. Information is a very valuable tool for addressing insecurity. Without the support of the community, insecurity will never end,” he added.

Items distributed include rice, maize, guinea corn, mattresses, and plastic mats.

Those on the governor’s entourage include Senator Mohammed Ali Ndume, member representing Gwoza, Damboa, and Chibok at the national assembly, Hon. Ahmed Jaha, Chairman Palliative Distribution Committee and member representing Monguno, Nganzai, Marte, Hon. Bukar Talba, member representing Gwoza state constituency; Commissioners for Local government and that of Transport and Energy; Special Advisers and other government officials.

Zulum Spends Night Coordinating Security in Pulka

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Nigeria Calls for Stronger Africa–Latin America Alliance at CELAC Forum

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Nigeria Calls for Stronger Africa–Latin America Alliance at CELAC Forum

By:Michael Mike

Nigeria has urged deeper cooperation between African and Latin American nations, stressing that stronger partnerships among countries of the Global South are essential to navigating growing global uncertainty and building more balanced international relations.

Speaking at the CELAC–Africa High-Level Forum in Bogotá, Nigeria’s Minister of Foreign Affairs, Yusuf Maitama Tuggar, called on leaders from both regions to intensify collaboration in key sectors including technology, agriculture, education, energy and culture.

Community of Latin American and Caribbean States — commonly known as CELAC — is a regional organization that brings together countries from Latin America and the Caribbean to promote political dialogue, economic cooperation, and regional integration.

Tuggar, who represented President Bola Ahmed Tinubu at the gathering, described the forum as a timely opportunity for Africa and Latin America to redefine their role in a rapidly changing global landscape. He praised Colombian President Gustavo Petro for convening the meeting at a moment marked by geopolitical tensions and economic disruptions across the world.

According to the minister, the consequences of global conflicts and instability are increasingly felt by developing nations, even when such crises occur far beyond their borders. He therefore urged countries in both regions to take a more coordinated approach in shaping international outcomes that promote peace, economic resilience and shared prosperity.

Tuggar said Africa and Latin America must strengthen their collective voice in global affairs to challenge systems that have historically disadvantaged developing economies. He emphasized that stronger South–South cooperation could unlock new opportunities for trade, innovation and sustainable development.

Highlighting Nigeria’s priorities for deeper engagement, the minister pointed to growing prospects in agriculture, solid minerals, renewable energy and emerging technologies. He also stressed the need for both regions to actively participate in the development of transformative technologies such as Artificial Intelligence, warning that the Global South must not be left behind in the next wave of technological advancement.

Tuggar reaffirmed Nigeria’s longstanding commitment to international cooperation through initiatives such as the Technical Aid Corps, which has deployed Nigerian professionals to Caribbean countries for nearly four decades. He said the programme reflects Nigeria’s broader commitment to strengthening ties with partners across Latin America and the Caribbean.

On economic cooperation, the minister highlighted Nigeria’s position as Africa’s largest market and underscored opportunities for investment in agro-processing and food production. He noted that Nigeria is implementing policies aimed at achieving food self-sufficiency while expanding fertiliser production to support farmers and boost agricultural output.

Beyond economic ties, Tuggar also stressed the importance of cultural exchange and creative industries as powerful tools for deepening connections between the two regions. He called for expanded collaboration in arts, education, digital innovation and intellectual property development.

Addressing wider global challenges, the minister advocated stronger joint action on climate change, improved healthcare access and increased technology transfer to developing countries. He also reiterated Nigeria’s position on the need for greater accountability in addressing illicit financial flows from developing economies and renewed calls for historical reparations linked to the legacies of slavery and colonialism.

The CELAC–Africa High-Level Forum, organised under the framework of the Community of Latin American and Caribbean States, brought together leaders and senior officials from Latin America, the Caribbean and Africa from March 20 to 21 to explore ways of strengthening political, economic and cultural cooperation between the two regions.

Tuggar concluded by urging participants to seize the moment to build stronger interregional partnerships capable of unlocking economic potential and advancing a more equitable global order.

Nigeria Calls for Stronger Africa–Latin America Alliance at CELAC Forum

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CSO Condemns Alleged Sexual Violence Against Women at Ozoro Festival, Demands Justice

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CSO Condemns Alleged Sexual Violence Against Women at Ozoro Festival, Demands Justice

By:Michael Mike

A civil society organisation, Speak Out for Justice Advocacy (SOJA), has strongly condemned the alleged sexual violence against women and girls during a cultural festival in Ozoro, describing the reported incident as a grave violation of human rights and Nigerian law.

In a press statement issued on Sunday, the organisation said it was deeply disturbed by reports that women and young girls were stripped, publicly humiliated and sexually assaulted during the festival, which allegedly took place on March 19.

SOJA said that although authorities have reportedly made arrests in connection with the incident, the seriousness of the allegations requires urgent, transparent and decisive action to ensure justice for the victims.

The organisation noted that if confirmed, the acts would amount to criminal offences under Nigerian law and also represent a breach of the country’s international human rights obligations to protect the dignity and safety of women and girls.

“No cultural practice, festival or traditional expression can justify sexual violence, degradation or the violation of bodily autonomy,” the statement said.

SOJA cited several international human rights instruments that protect women from violence and degrading treatment, including the United Nations-backed Universal Declaration of Human Rights and the Convention on the Elimination of All Forms of Discrimination Against Women.

It also referenced the African Charter on Human and Peoples’ Rights and the Maputo Protocol, which affirm the rights of women to dignity, safety and protection from all forms of violence.

According to the organisation, Nigeria’s domestic legal framework equally prohibits such acts, citing provisions of the Constitution of the Federal Republic of Nigeria and the Violence Against Persons (Prohibition) Act, which criminalise sexual assault, degrading treatment and psychological abuse.

SOJA stressed that the alleged actions, if proven, represent sexual violence and gender-based abuse, cruel and degrading treatment, and a failure of protective state mechanisms.

The organisation warned against attempts to justify violence against women under cultural or traditional practices, stressing that culture must operate within the limits of law and human dignity.

“Any cultural practice that strips women of dignity is unlawful, unconstitutional and unacceptable,” the statement added.

The group called on the Federal Government, the Delta State Government and law enforcement agencies to ensure the thorough and speedy prosecution of all suspects already arrested, while also identifying and prosecuting other perpetrators and accomplices.

It further demanded immediate medical, psychological and legal support for victims, as well as an independent inquiry into the incident and the systemic failures that allowed it to occur.

SOJA also urged authorities to strengthen enforcement of the Violence Against Persons (Prohibition) Act across the country and to work with traditional institutions to eliminate harmful cultural practices.

The organisation recommended the establishment of preventive monitoring mechanisms for public festivals and gatherings to prevent similar incidents in the future.

SOJA’s Executive Director, Hameed Jimoh, in the signed the statement, said the events in Ozoro should serve as a turning point for stronger accountability and national reflection on the protection of women’s rights.

He stressed that the dignity, safety and bodily integrity of every woman and girl must remain non-negotiable.

“Justice must prevail,” he said.

CSO Condemns Alleged Sexual Violence Against Women at Ozoro Festival, Demands Justice

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