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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
Nigeria Moves to Reinforce Global Diplomatic Presence with Deployment of 25 Ambassadors
Nigeria Moves to Reinforce Global Diplomatic Presence with Deployment of 25 Ambassadors
By: Michael Mike
Nigeria is poised to deepen its diplomatic footprint worldwide as the Federal Government concludes arrangements to deploy a new batch of 25 ambassadors to strategic missions abroad, marking a significant step in the country’s renewed foreign policy drive.
The spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, disclosed this on Friday in Abuja while briefing journalists on key developments within the ministry and Nigeria’s ongoing diplomatic engagements.
He revealed that the process has advanced considerably, with the government already securing over 25 formal acceptances—known in diplomatic circles as agrément—from host countries. The approvals signal that the receiving nations have completed due diligence and formally consented to the appointment of Nigeria’s nominees.
Describing the development as a critical milestone, Ebienfa announced that a high-level induction programme for the envoys has been scheduled to hold from April 26 to 29, 2026. He said the exercise would serve as a strategic orientation platform, preparing the ambassadors for the complex demands of representing Nigeria’s interests abroad.
“We have received more than 25 agreements from countries where ambassador-designates have been sent. With the induction programme scheduled for later this month, deployment will commence immediately after the exercise,” he stated.
According to him, the induction will go beyond ceremonial briefings, focusing on the practical realities of modern diplomacy, including bilateral engagement strategies, conduct and protocol in host countries, economic diplomacy, and alignment with Nigeria’s foreign policy priorities under President Bola Ahmed Tinubu.
He added that, in line with diplomatic tradition, spouses of the envoys would also participate in aspects of the programme, reflecting their supportive role in representing the country’s image and values overseas.
While most of the ambassador-designates are expected to proceed to their duty posts immediately after the induction, Ebienfa noted that a few postings may still be subject to final administrative clearances.
He noted that even if any of the ambassador-designates is rejected by the country to which he or she is posted, there is still room for reassignment to another country.
The imminent deployment is seen as a decisive move by the Federal Government to revitalise Nigeria’s diplomatic architecture, strengthen bilateral and multilateral ties, and position the country more assertively on the global stage amid shifting geopolitical and economic realities.
Nigeria Moves to Reinforce Global Diplomatic Presence with Deployment of 25 Ambassadors
News
FG Cracks Down on Fake Ambassadors, Criminalises Unauthorised Use of Diplomatic Titles
FG Cracks Down on Fake Ambassadors, Criminalises Unauthorised Use of Diplomatic Titles
By: Michael Mike
The Federal Government has moved decisively to protect the sanctity of Nigeria’s diplomatic system, declaring the unauthorised use of ambassadorial titles a criminal offence punishable under the law.
Raising alarm over what it described as a disturbing rise in impersonation and fraudulent conferment of diplomatic ranks, the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, said the development has exposed the country to reputational risks and international embarrassment.
Speaking in Abuja on Friday, Ebienfa warned that only the President, Bola Ahmed Tinubu, possesses the constitutional authority to appoint and accredit ambassadors, stressing that any individual or group claiming otherwise is acting illegally.
He described as “worrisome” the activities of unscrupulous persons and organisations that confer ambassadorial titles on themselves or unsuspecting members of the public, often for financial gain or social influence.
According to him, such practices have no basis in Nigerian law or international diplomatic conventions and amount to outright impersonation.
“The Ministry has observed with grave concern the increasing trend of individuals usurping diplomatic titles and fraudulently presenting themselves as ambassadors. These actions are illegal and undermine the credibility of Nigeria’s foreign representation,” he said.
Ebienfa listed common violations to include the unauthorised use of titles such as “Ambassador” and “Diplomatic Envoy,” the issuance of fake diplomatic passports and identity cards, as well as the circulation of counterfeit vehicle plate numbers bearing official insignia.
He cautioned Nigerians against accepting such titles from unofficial bodies, warning that those who parade themselves as ambassadors based on such conferment are committing a criminal offence and risk prosecution.
In a key clarification, the ministry noted that while individuals may be appointed as brand ambassadors for commercial or promotional purposes, such recognition does not confer any legal or diplomatic status.
“Brand ambassadors remain what they are—representatives of products or services. They are not entitled to adopt or prefix the title ‘Ambassador’ to their names in a diplomatic sense,” he emphasised.
To enforce compliance, Ebienfa disclosed that the ministry is working closely with relevant security and regulatory agencies, including the Nigerian Immigration Service and the Federal Road Safety Corps, to identify, arrest, and prosecute offenders. The crackdown will also target the production and use of fake diplomatic documents and unauthorised number plates.
He reaffirmed the government’s commitment to preserving the integrity of Nigeria’s diplomatic service, warning that any act capable of misrepresenting the country on the global stage will not be tolerated.
“The Federal Government will continue to take firm actions against individuals or groups whose activities bring Nigeria into disrepute. The integrity of our diplomatic system is non-negotiable,” he said.
FG Cracks Down on Fake Ambassadors, Criminalises Unauthorised Use of Diplomatic Titles
News
Nigeria Accelerates Peace Reform Drive as Stakeholders Push for Adoption of National Peace Policy
Nigeria Accelerates Peace Reform Drive as Stakeholders Push for Adoption of National Peace Policy
By: Michael Mike
Nigeria has intensified efforts to establish a unified national framework for peacebuilding as top security and governance stakeholders convened in Abuja for the Second High-Level Expert Dialogue on the Draft National Peace Policy (NPP), aimed at overhauling the country’s fragmented conflict management system.
The dialogue, convened by the Institute for Peace and Conflict Resolution (IPCR) in partnership with the Office of Strategic Preparedness and Resilience (OSPRE) and Triple Peace Africa, brought together policymakers, security experts, academics, civil society leaders, and development partners to refine and advance the proposed national framework.
Opening discussions, the Director-General of IPCR, Dr. Joseph Ochogwu, said Nigeria’s worsening and interconnected security challenges make the adoption of a coherent peace policy both urgent and unavoidable.
He pointed to the persistence of insurgency in the Northeast, farmer-herder conflicts in the Northcentral, separatist tensions in the Southeast, and widespread banditry and kidnapping in the Northwest, warning that the cumulative impact of these crises continues to strain national cohesion.

According to him, the spread of small arms, coupled with weakening trust between communities and institutions, has further deepened insecurity and undermined local resilience mechanisms.
Ochogwu stressed that Nigeria can no longer depend on scattered and uncoordinated interventions, insisting that only a unified, evidence-driven framework can deliver sustainable peace outcomes.
“What we require now is a nationally owned system that coordinates all peacebuilding actors, eliminates duplication, and ensures that interventions are measurable, accountable, and impactful at community level,” he said.
He explained that the Draft National Peace Policy is the outcome of extensive nationwide consultations spanning all six geopolitical zones, incorporating input from traditional rulers, civil society organisations, academic experts, government institutions, and community stakeholders.
Describing the document as a strategic shift in approach, he said the policy is designed to reposition peacebuilding from reactive crisis response to a preventive and development-oriented system anchored on data, early warning, and institutional coordination.
A major gap the policy seeks to address, he noted, is the absence of a central coordinating structure for peace initiatives across the country, a situation he said has resulted in duplication of efforts, institutional competition, and inefficient use of resources.
The proposed framework, he added, will integrate peacebuilding into core sectors including security, justice, education, health, agriculture, and governance, ensuring a whole-of-government approach to conflict prevention and stability.
Ochogwu further highlighted that the policy aligns with global and regional frameworks such as the United Nations Sustaining Peace Agenda, the Sustainable Development Goals—particularly SDG 16 on peace, justice and strong institutions—the African Union’s Agenda 2063, and the ECOWAS Conflict Prevention Framework.
He said this alignment reinforces Nigeria’s commitment to international best practices while positioning the country as a potential leader in structured peacebuilding across Africa.
Participants at the dialogue emphasised that the success of the policy will depend on strong political will, clear institutional roles, sustainable financing mechanisms, and effective coordination across all levels of government.

They warned that without decisive implementation structures, the policy risks becoming another well-crafted but inactive document.
Ochogwu urged stakeholders to take collective responsibility for the process, describing them as critical actors in shaping Nigeria’s peace architecture and cautioning against institutional silos that weaken national response systems.
He reaffirmed IPCR’s readiness to work with federal and state governments, peacebuilding agencies, civil society organisations, the private sector, and international partners to ensure the policy is finalised, adopted, and implemented without delay.
He maintained that Nigeria’s stability depends on deliberate and coordinated action, stressing that the time for policy adoption and implementation is now.
Analysts say the push for a National Peace Policy could mark a turning point in Nigeria’s conflict management strategy, shifting the country from reactive security responses to a more structured, preventive, and sustainable peace framework.
Nigeria Accelerates Peace Reform Drive as Stakeholders Push for Adoption of National Peace Policy
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