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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
Report in best interest of children, stakeholders urge journalists
Report in best interest of children, stakeholders urge journalists
Stakeholders in child rights protection have urged journalists to adhere to strict ethical guidelines that prioritise a children’s safety, dignity, and welfare over the urgency of a story.
They made the call on Tuesday in Gombe during a two-day training on ethical journalism and child rights reporting for journalists in the North-East.
They called on journalists to avoid reports that harm or stigmatise children while covering related issues.
The training was organised by the Federal Ministry of Information and National Orientation in collaboration with the United Nations Children’s Fund.
Mr Nansel Nimyel, a facilitator, said the training aimed not only to amplify children’s issues but ensure responsible and ethical coverage.
Nimyel said reporting on children must always prioritise their best interests and safeguard their dignity and welfare.
He noted that children and adolescents deserved adequate media attention in spite of limited coverage of their issues.
He urged journalists to move beyond reporting by considering how stories are framed and the potential consequences of exposure.
He said: “A central concern in ethical reporting is avoiding further harm to children.
“Many featured children are already vulnerable due to trauma from conflict, abuse, or social challenges such as bullying.
“In such contexts, insensitive reporting can worsen suffering, causing re-traumatisation, stigma, or long-term psychological harm.
“The journalist’s role extends beyond information dissemination to protecting the child’s dignity and welfare.”
Another facilitator, Dr Jide Johnson, stressed balancing public interest with child protection in all reports involving children.
Johnson urged journalists to act responsibly in ways that protect children’s dignity and future.
Sussan Akila, a Communication Specialist with the United Nations Children’s Fund, urged prioritising children’s safety, well-being and development in reports.
Akila said journalists’ reports could either make survivors feel safe or expose them to further harm.
“It starts with the footage we capture of survivors within our communities affected by conflict.
“It also includes the photographs and headlines we use; they can either support or harm those affected,” she said.
The News Agency of Nigeria (NAN) reports that at least 60 journalists participated in the training.
Report in best interest of children, stakeholders urge journalists
News
Outrage as ActionAid Raises Alarm Over School Bullying, Child Protection Failures
Outrage as ActionAid Raises Alarm Over School Bullying, Child Protection Failures
By: Michael Mike
Fresh concerns over the safety of schoolchildren in Nigeria have emerged following allegations of violence and bullying at Igbinedion Education Centre, prompting strong condemnation from ActionAid Nigeria, which warned of a deepening crisis in the country’s child protection system.
The organisation described the incident as a serious breach of children’s rights, saying it exposes widespread institutional weaknesses that allow abuse to persist within school environments.
Speaking in Abuja, ActionAid Nigeria’s Country Director, Andrew Mamedu, said the case reflects more than isolated misconduct, pointing instead to systemic failures in monitoring, reporting, and accountability across the education sector.
He stressed that every child is entitled to protection from violence, in line with provisions of the Child Rights Act, warning that when abuse goes undetected or unresolved, it signals a breakdown in the duty of care expected from schools and relevant authorities.
According to him, the incident highlights the inability of existing safeguarding systems to identify early warning signs or prevent escalation, raising questions about the effectiveness of oversight mechanisms in schools.
ActionAid noted that the situation at the school is only a reflection of a broader, largely hidden problem of bullying and school-related gender-based violence across Nigeria. It said many cases remain unreported due to fear, stigma, and the absence of trusted channels for victims to seek help.
The organisation also expressed concern over the circulation of videos linked to the incident, reportedly shared by students, describing it as evidence of failing internal reporting systems and a growing reliance on social media as a last resort for exposing abuse.
It criticised what it called a reactive approach to child protection, where authorities often respond only after incidents gain public attention, rather than through proactive monitoring and enforcement.
Calling for urgent reforms, ActionAid urged the Federal Ministry of Education and other regulatory bodies, including the Universal Basic Education Commission and the National Human Rights Commission, to strengthen implementation of safeguarding policies and establish effective reporting and tracking systems across schools.
The group also called on schools to introduce confidential reporting mechanisms, enforce strict disciplinary measures, and provide continuous training for staff on child protection, conflict management, and trauma-informed care.
Law enforcement agencies, particularly the Nigeria Police Force, were urged to ensure thorough investigation and prosecution of offenders, while parents were encouraged to support their children in speaking out against abuse.
ActionAid warned that unless urgent and coordinated steps are taken, cases of school-based violence could continue to escalate, putting the safety and wellbeing of Nigerian children at serious risk.
Outrage as ActionAid Raises Alarm Over School Bullying, Child Protection Failures
News
Plateau police arrest suspected bandit informant in Dengi-Kanam
Plateau police arrest suspected bandit informant in Dengi-Kanam
By: Zagazola Makama
The Plateau State Police Command has arrested a suspected informant believed to have aided bandits responsible for a deadly ambush that killed three officers and eight soldiers of Operation Enduring Peace along Wanka Village in Kyaram District, Dengi-Kanam Local Government Area.
Police sources identified the suspect as Hashimu Adamu, the village head of Wanka Village. He is alleged to have provided intelligence to the bandits who terrorised the area.
The command said the suspect is currently undergoing interrogation, while investigations continue to apprehend the perpetrators of the ambush. Concerted efforts by security agencies remain ongoing to ensure the arrest of all involved in the attack.
Further updates on the investigation will be communicated, the police said.
Plateau police arrest suspected bandit informant in Dengi-Kanam
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