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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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KACRAN Applauds Dr. Goje’s Commitment to Advancing Buni’s Policies in Yobe

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KACRAN Applauds Dr. Goje’s Commitment to Advancing Buni’s Policies in Yobe

By: Michael Mike

The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has commended the newly appointed Acting Secretary to the Yobe State Government, Dr. Mohammed Goje, for what it described as his zeal, competence and commitment to driving the policies and programmes of Governor Mai Mala Buni.

In a statement issued on Sunday in Damaturu by its National President, Hon. Khalil Mohd Bello, the association said Dr. Goje’s appointment had generated widespread positive reactions across Yobe State, especially among residents familiar with his performance as former Executive Secretary of the Yobe State Emergency Management Agency (SEMA).

KACRAN described the appointment as timely and well-deserved, noting that Dr. Goje distinguished himself through sacrifice, loyalty and dedication to humanitarian service while at SEMA.

The association particularly recalled his role in coordinating relief and support for victims of flooding in Maiduguri and parts of Yobe State, saying his response demonstrated leadership capacity and ability to deliver under pressure.

According to the statement, the large turnout of Permanent Secretaries, Directors, traditional representatives, Special Advisers, security personnel, journalists, SEMA staff and other well-wishers during his assumption of office reflected the confidence many stakeholders have in his leadership.

“KACRAN is impressed by the smooth transition and the immediate positive energy Dr. Goje has brought to the Office of the SSG,” Bello stated.

“From his articulate remarks during the handover to his engagements within the first week in office, he has shown he understands the task ahead and is ready to sacrifice his time and effort to ensure Governor Buni’s policies are implemented effectively.”

The association added that Dr. Goje’s previous working relationship with the Governor’s Office and former Secretary to the State Government, Alhaji Baba Malam Wali, had equipped him with the experience needed to coordinate government activities effectively.

KACRAN further praised his consultative leadership style, citing his engagements with commissioners, permanent secretaries, directors and other critical stakeholders as evidence of his readiness to foster collaboration and improve governance.

The association also commended Governor Buni for appointing what it termed a committed and experienced public servant capable of supporting the administration’s development agenda and campaign promises.

In the same vein, KACRAN applauded the Yobe State Head of Service, Alhaji Abdullahi Musa Shehu, for efforts aimed at reforming and strengthening the state civil service through training and capacity-building programmes.

The association specifically hailed the ongoing training of Yobe teachers in Kaduna, describing it as a strategic investment toward improving the quality of education in the state.

KACRAN reaffirmed its support for policies and initiatives geared toward promoting good governance, security and the welfare of pastoralists and other citizens, while pledging continued partnership with the Yobe State Government in advancing development objectives

KACRAN Applauds Dr. Goje’s Commitment to Advancing Buni’s Policies in Yobe

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Zulum Visits Bama Windstorm Victims, Approves Relief for Bereaved Families

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Zulum Visits Bama Windstorm Victims, Approves Relief for Bereaved Families

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum on Sunday visited Bama town in the state to sympathise with victims of a devastating windstorm that destroyed hundreds of homes and claimed lives in the community.

The governor, who travelled to the affected area alongside top government officials, announced immediate relief measures for victims, including a cash donation of N500,000 to each family that lost a relative in the disaster.

Zulum was accompanied on the visit by a member of the House of Representatives, Hon. Bukar Talba, the Secretary to the Borno State Government, Bukar Tijani, Acting Chief of Staff, Babagana Malumbe, former commissioners and other senior government officials.

Addressing residents during the visit, the governor directed an immediate assessment of the scale of destruction caused by the windstorm, assuring affected households that government assistance would be provided according to the level of damage suffered.

The disaster, which swept through parts of Bama town, reportedly destroyed rooftops, buildings and other properties, leaving many residents homeless and vulnerable.

Chairman of Bama Local Government Area, Babagana Barma, disclosed that no fewer than 1,200 houses were affected by the storm, while four persons lost their lives.

Zulum described the incident as unfortunate and expressed condolences to bereaved families, assuring them that the state government would continue to stand by victims during the difficult period.

The governor, however, used the occasion to raise concerns over environmental degradation, warning residents against indiscriminate tree felling, which he identified as a major contributor to the increasing occurrence of windstorms and ecological disasters in the region.

“We must stop cutting down trees arbitrarily. This is a key factor behind the increasing intensity of storms and ecological challenges we face. We already have laws on the ground, and there is a need to ensure that we fully implement them,” he said.

Environmental experts have repeatedly warned that deforestation and desert encroachment remain major threats in many parts of northern Nigeria, particularly in states within the Sahel region, where changing climate patterns have continued to worsen flooding, erosion and wind-related disasters.

Borno State has in recent years intensified campaigns on environmental protection and tree planting as part of broader efforts to combat desertification and climate-related challenges.

During the visit, Zulum also reiterated his administration’s commitment to the safe return of displaced persons currently residing in Internally Displaced Persons camps across the state.

He assured residents that government would continue to pursue policies aimed at restoring communities devastated by years of insurgency and humanitarian crises.

Bama, one of the communities worst affected by the Boko Haram insurgency, has continued to witness gradual reconstruction and resettlement efforts under the present administration, despite recurring security and environmental challenges.

Zulum Visits Bama Windstorm Victims, Approves Relief for Bereaved Families

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UNIFEMGA Urges Positive Mindset, National Unity as Key to Nigeria’s Growth

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UNIFEMGA Urges Positive Mindset, National Unity as Key to Nigeria’s Growth

By: Michael Mike

Members of the Obafemi Awolowo University Muslim Graduates’ Association (UNIFEMGA) have called on Nigerians to embrace positive thinking, patriotism and collective responsibility as essential ingredients for national transformation and sustainable development.

The association made the call in a communiqué issued at the end of its 2026 Annual National Re-union held at Obafemi Awolowo University, Ile-Ife, Osun State, between May 8 and May 10.

The conference, themed “The Potential Within Nigeria: Positive Mindset and Communication for Success,” brought together Muslim professionals, academics, business leaders and alumni from across the country to deliberate on issues affecting national development, education, governance and economic growth.

The communiqué, signed by the National President of the association, Mohamed Buari, and the National Secretary, Sefiu Ikudaisi, stressed that Nigeria possesses abundant human and material resources capable of transforming the country into a global economic and political force if citizens adopt the right mindset and attitudes.

According to the association, negative narratives, disunity and poor value orientation have continued to undermine the country’s enormous potential.

It noted that Islam encourages development, innovation and the pursuit of knowledge capable of improving the quality of life, provided such advancements remain within the ethical boundaries prescribed by the religion.

The conference commenced with a special Jumat service at the OAU Central Mosque of Unity and a courtesy visit to the Vice-Chancellor of the university, Adebayo Simeon Bamire, and other principal officers of the institution.

During the visit, discussions centred on issues of mutual interest, with the university management reportedly commending the association for its contributions to the growth and development of the institution.

A major highlight of the reunion was the presentation of scholarships worth N14.6 million to 140 students of the university as part of the association’s welfare and educational support programme.

UNIFEMGA disclosed that since the introduction of the scholarship initiative in the 2009/2010 academic session, it has disbursed over N103.4 million to 1,148 students of the institution.

The association also launched a N200 million endowment fund targeted at supporting widows and orphans of members under its welfare scheme.

The event featured a networking dinner sponsored by the Chairman of the Board of Trustees of the association, Rafiu Ebiti, focusing on value-driven entrepreneurship and investment opportunities.

The reunion lecture was delivered by the Director-General of the National Orientation Agency, Lanre Issa-Onilu, while the Managing Director and Chief Executive Officer of Matrix Energy Group, Abdulkabir Adisa Aliu, chaired the occasion.

Also in attendance were representatives of the Osun State Government, including Governor Ademola Adeleke, represented by his Senior Special Assistant on Religious Affairs, Bello Adeniyi, as well as the Pro-Chancellor of the university, Adejare Bello.

The association expressed concern over the growing challenges confronting tertiary education in Nigeria, including brain drain, obsolete learning equipment, unstable academic calendars and outdated curricula.

It urged the government to urgently address the problems and transform the current “japa” trend into an opportunity for “brain gain” capable of enhancing national productivity and innovation.

UNIFEMGA further called for stronger collaboration between universities and the private sector to ensure sustainable research, innovation and technological advancement.

On the economy, the association urged governments at all levels to create an enabling business environment through improved electricity supply, infrastructure development and investment in human capital.

It also stressed the need to tackle unemployment, warning that many jobless youths are vulnerable to manipulation by individuals promoting violence and instability.

The association said that a positive national mindset remains the foundation for building a prosperous and united Nigeria, urging citizens to embrace values that promote peace, productivity, discipline and national cohesion.

UNIFEMGA Urges Positive Mindset, National Unity as Key to Nigeria’s Growth

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