News
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
Rev. Mohzo re-election as President is an avenue to unite COCIN, other faithfuls….. Ndume
Rev. Mohzo re-election as President is an avenue to unite COCIN, other faithfuls….. Ndume
By Ndahi Marama
Borno South Senator, Mohammed Ali Ndume has posit that the re-election of Reverend Dr. Amos Musa Mohzo as National President of the Church of Christ in Nations (COCIN) will serve as an avenue to unite members of the Christian community and other faithfuls in Nigeria.
Reverend Mohzo, a cousin brother to Ndume who hails from Ngoshe- Sama, a remote village in Gwoza local government area of Borno state, became the first non -indigenous and committed Man of God to clinch such a position for the first and second tenure, which is usually occupied by people of Plateau indigenes.

Recall that COCIN was established since 1904 in Wase community, Jos, the Plateau state capital.
Senator Ndume, having come from both muslim and Christian family, described the victory not only to the good people of Gwoza and Borno state, but the entire country.
In a press statement signed by Senator Ndume on Sunday, a copy which was made available to our Correspondent in Maiduguri, congratulated members of COCIN in Nigeria and those in diaspora, for giving Reverend Mohzo a second chance irrespective of where he hails from.
“The re-election of Reverend Dr. Amos Musa Mohzo as National President of the Church of Christ in Nations (COCIN) will serve as an avenue to unite members of the Christian community and other faithfuls in Nigeria.
“It will interest you to know that Rev. Mohzo is my Cousin brother who hails from Gwoza local government area of Borno state.
“Therefore, myself having come from both muslim and Christian family, I described the victory not only to the good people of Gwoza and Borno state, but the entire country.
“This is because, the National President is somebody I know with integrity, honesty, and an unquestionable character.
He is a man of deep humility, unshakable faith, and steadfast dedication to the service of God and humanity, which i believe, was the reason he was given the second chance to lead the noble Church.
“Let me also use this opportunity to congratulate all members of COCIN in Nigeria and those in diaspora, for giving Reverend Mohzo a second chance irrespective of where he hails from”. Senator Ndume said.
The Lawmaker prayed for God’s wisdom and guidance for the newly re-elected President.
Rev Dr Amos Musa Mohzo, born on 13th November, 1964 is from a humble background before his ascension to this exalted position.
Rev. Mohzo re-election as President is an avenue to unite COCIN, other faithfuls….. Ndume
Health
Yobe to establish dialysis center in Gashua
Yobe to establish dialysis center in Gashua
By: Yahaya Wakili
Pending the recommendations of the research being conducted by Bio-RTC in addressing the problem of Chronic Kidney failure in the state. The Yobe state government will establish additional succor to kidney patients with a Renal Dialysis Center in Gashua, the headquarters of the Bade local government area.
Yobe State Governor Hon. Dr. Mai Mala Buni CON, COMN, disclosed this in his 2026 budget proposal speech of #515.583 billion submitted to the Yobe State House of Assembly in Damaturu.
Governor Buni said the government will also construct a new general hospital in Potiskum to address the problem of overcrowding of patients at the specialist hospital.
According to him, the government will also intend to complete the rehabilitation and upgrade of the 36 remaining primary health care centers across the state in fulfillment of our campaign promise to provide one functional primary healthcare center in each of the 178 political wards.
He further said in the fiscal year, the government will embark on the provision of at least one model primary school in each of the 178 electoral wards in the state to improve basic education in the state.
He maintained that the modern markets in Geidam, Buni Yadi, Ngalda, Yunusari, and Machina will be completed and commissioned, adding that these markets will not only improve the commercial activities in the state but will further provide job opportunities to our teeming youths and increase the income of our people.
Governor Buni revealed that funds would be made available for the provision of power substations in 6 major towns of the state. In addition to the provision of solar-powered streetlights, 250 KVA, 500 KVA, and 800 KVA diesel soundproof generator sets would be distributed to government agencies across the state.
Yobe to establish dialysis center in Gashua
News
Angola, Nigeria Vote for Stronger Bilateral Relations
Angola, Nigeria Vote for Stronger Bilateral Relations
By: Michael Mike
Angola and Nigeria have expressed readiness to strengthen their bilateral relations as well as be at the forefront of regional multilateral cooperation.
This was disclosed at the weekend at the Angola’s 50th Independence Anniversary celebrations in Abuja.
The event with themed: “Pieces of Angola’s History Told by the Protagonists,” brought together diplomats, scholars, business leaders, and veterans to celebrate half a century of independence and friendship between Angola and Nigeria.
Minister of Foreign Affairs, Amb. Yusuf Tuggar, reiterated Nigeria’s commitment to strengthening relationships with Angola.
Tuggar, who was represented at the event by the Deputy Director/Head Southern African Affairs Division, Ministry of Foreign Affairs. Ambassador Nonyelum Afoekelu,, said the 49 years of diplomatic relations between Nigeria and Angola had witnessed tremendous achievements.
He added that: “There is no doubt that there is room for more collaboration in these new areas identified by both countries during the Joint Commission.
“I wish to reiterate Nigeria’s unrelenting commitment to deepening the strong bilateral ties between Nigeria-Angola for the mutual benefit of both countries.”
In his remarks, Angola Ambassador to Nigeria, Benin, Niger, and ECOWAS, José Bamaquina Zau, said his country is looking particularly in the area of trade, security, and cultural exchange.
The envoy said both nations are working on 29 cooperation agreements and memoranda of understanding, including visa exemptions and business partnerships to boost commerce between Luanda and Lagos.
“We are committed to ensuring that investors from both countries can move freely and build lasting prosperity,” he added.
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Zau praised the long-standing brotherhood and mutual respect between Angola and Nigeria, describing the relationship as one founded on solidarity, shared struggles, and a deep sense of African unity.
He specifically commended and awarded the Nigerian generals, now retired, who actively participated in the United Nations Observation Missions for the peace process and monitoring of the unification of the Angolan Armed Forces.
They include Gen. Ike Nwachukwu, Lt. Gen. Tukur Buratai, Maj. Gen. Chris Garuba, Brig. Gen. Buba Marwa, and Brig. Gen. Buba Saleh.
He said: “The awards are symbolic recognition and gratitude for their selfless contributions to the process of political emancipation and the achievement of lasting peace in Angola.
“The conferment of the awards today is an expression of profound gratitude from Angolan people to Nigerians, for the sacrifice made in voluntarily supporting the cause of freedom and independence in Angola.
“After our independence, on November 11, 1975, the Republic of Angola plunged into an unprecedented civil and proxy war that lasted for almost 27 years.
“The result was dramatic; thousands of citizens killed and maimed; the country was completely surrounded by 15 million landmines and around 5 million internally displaced citizens overcrowding the coastal cities.
“More than 100 thousand children separated from their families: around 70 per cent of the population deprived of access to health care.”
He noted that: “Nigeria has always stood by Angola in times of conflict, in peacebuilding, and in our continued development journey. Our friendship is historic and unshakable.”
He also acknowledged his predecessor, Ambassador Eustaquio Januario Quibato, for laying the groundwork for closer diplomatic and cultural ties between both nations, while reaffirming Angola’s commitment to deepening cooperation with Nigeria in trade, investment, security, and regional integration.
Angola, Nigeria Vote for Stronger Bilateral Relations
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