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
FG Unveils Unified System to End Fragmented Aid, Accelerate Poverty Exit
FG Unveils Unified System to End Fragmented Aid, Accelerate Poverty Exit
By: Michael Mike
The Federal Government has unveiled a sweeping reform of Nigeria’s humanitarian and poverty reduction architecture, adopting a new unified framework aimed at ending years of fragmented interventions and placing vulnerable citizens on a clear path from survival to self-reliance.
At the close of a four-day National Technical Workshop in Abuja, the Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro, announced the adoption of the One Humanitarian – One Poverty Response System (OHOPRS) as the country’s new national coordination framework for humanitarian action, social protection and poverty reduction.
Speaking during a press conference at the United Nations House in Abuja, the minister said the initiative represents a decisive shift in Nigeria’s approach to addressing poverty and humanitarian challenges.
“Today marks a defining moment in our journey towards reforming humanitarian interventions and reducing poverty at scale,” Doro told journalists and development partners.
He explained that the workshop, convened by the ministry in collaboration with international and local partners, was designed to tackle what he described as a fundamental weakness in Nigeria’s humanitarian ecosystem — the fragmentation of programmes and lack of coordination among institutions.
The minister illustrated the urgency for reform with a story shared by a field team working in Nigeria’s conflict-affected North-East.
According to him, the team encountered a mother of four who had spent three years receiving intermittent humanitarian support but remained trapped in poverty.
“She received enough food to survive the week, but never enough tools to change her life,” he said.
Quoting the woman’s words, he added: “We are always helped… but we are never moving forward.”
Doro said the story reflects a broader systemic failure in the country’s poverty response mechanisms.
“It is not that support is not reaching people,” he said. “It is that our systems are not designed to move people from survival to self-reliance.”
The minister warned that failure to reform the system would continue to waste scarce resources and leave vulnerable communities trapped in cycles of dependence.
“If a patient arrives at a hospital and ten different doctors each treat one symptom — with no shared notes, no shared diagnosis — that patient may survive the day but will never truly recover,” he said.
“Nigeria’s poor have had many doctors. What they have not had is a consultant who sees the whole person.”
To address these gaps, the government adopted the One Humanitarian – One Poverty Response System (OHOPRS), which the minister described as a national operating system rather than another standalone programme.
“OHOPRS is not another programme,” he stressed. “It is intended as a national operating system.”
The framework is designed to unify humanitarian interventions, social protection programmes and poverty reduction initiatives under a single coordination platform.
According to Doro, the new system will drive five major structural changes in how assistance is delivered across the country.
These include the transition from multiple coordination mechanisms to a single national system, the integration of several beneficiary databases into one national registry architecture, and the shift from project-based funding to a pooled financing structure with stronger accountability mechanisms.
He added that the new framework would also focus on measurable poverty exit outcomes rather than mere intervention delivery, while introducing real-time monitoring systems to strengthen transparency.
Central to the reform is what the minister described as a “Ladder of Progress”, a structured pathway designed to track the journey of every beneficiary from identification to economic resilience.
Under the system, vulnerable citizens will first be identified through the National Social Register. Their interventions will then be tracked using a Unified Beneficiary Register.
Beneficiaries will subsequently move through a Poverty Exit Pathway designed to guide them towards economic independence, after which they will be monitored through a Growth Register to ensure they remain resilient and do not relapse into poverty.
Doro emphasised that the success of the initiative will depend on the alignment of institutions across all levels of government and development partners.
He called on ministries, departments and agencies, state and local governments, development partners, the private sector, civil society organisations and non-governmental organisations to integrate their interventions into the unified national system.
“This reform requires collective commitment,” he said.
The minister also framed poverty reduction as a strategic national priority under the administration of President Bola Ahmed Tinubu, noting that addressing vulnerability is central to national stability.
“Poverty reduction is not an act of charity; it is a pillar of national security,” he said.
“We are no longer content with managing poverty. Our goal is to end it.”
He added that the government’s new approach aims to move beyond temporary relief and focus instead on long-term economic empowerment.
“We are moving from helping Nigerians survive to enabling them to thrive,” he declared.
The workshop brought together government officials, development partners, humanitarian organisations and policy experts to deliberate on the structure, financing and operationalisation of the new system.
With the adoption of the framework, the Federal Government said the next phase will focus on implementation, integration of existing programmes and nationwide alignment of humanitarian and poverty reduction interventions under the OHOPRS platform.
FG Unveils Unified System to End Fragmented Aid, Accelerate Poverty Exit
News
El-Rufai’s Bereavement: Northern Christian Youths Praise Tinubu, ICPC for ‘Humanity Above Politics’
El-Rufai’s Bereavement: Northern Christian Youths Praise Tinubu, ICPC for ‘Humanity Above Politics’
By: Michael Mike
A northern Christian youth group has praised the decision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to allow former Kaduna State governor Nasir El-Rufai time to mourn and bury his late mother, describing the move as a reflection of the leadership style of President Bola Tinubu
In a press statement issued on Saturday, the Northern Christian Youth Professionals said the commission’s decision demonstrated compassion and respect for human dignity, values it said have continued to shape the Tinubu administration’s approach to governance.
The group noted that allowing El-Rufai to attend to family matters despite existing political disagreements with the president highlights what it called “politics without bitterness,” where humanity is placed above partisan differences.
According to the statement signed by its chairman, Isaac Abrak, the gesture sends a strong signal that leadership should be guided not only by authority and political interests but also by empathy and understanding.
“The humane decision by the ICPC reflects a leadership disposition that prioritises compassion and respect for human dignity,” Abrak said. “It shows that governance can be conducted with empathy even in the midst of political disagreements.”
The group stressed that the development was particularly noteworthy given the widely known political differences between Tinubu and El-Rufai, arguing that the decision reinforces the president’s belief that political competition should not erase shared human values.
Abrak said the move stands in contrast to earlier periods in Nigeria’s political history when leaders were accused of showing little compassion in similar circumstances.
He recalled that former president Muhammadu Buhari was reportedly not allowed to attend his mother’s burial while he was detained after the 1985 change of government led by Ibrahim Babangida, an episode that generated public criticism at the time.
“Many Nigerians viewed that situation as reflective of a rigid leadership approach that placed limited emphasis on humanity,” the statement said.
The group argued that Tinubu’s leadership has demonstrated that governance can be exercised with grace and empathy without undermining the rule of law.
It also emphasised that granting El-Rufai time to mourn does not interfere with ongoing legal processes, stressing that investigations or judicial procedures should continue after the burial in accordance with the law.
“The pursuit of justice must remain firm,” Abrak added, “but it should not come at the expense of compassion when a citizen is faced with a moment of personal loss.”
The Northern Christian Youth Professionals urged leaders and institutions across Nigeria to emulate what it described as a balanced approach that upholds both humanity and accountability.
El-Rufai’s Bereavement: Northern Christian Youths Praise Tinubu, ICPC for ‘Humanity Above Politics’
News
Bangladesh Envoy Seeks Stronger Nigeria Ties, Laments Low Bilateral Trade
Bangladesh Envoy Seeks Stronger Nigeria Ties, Laments Low Bilateral Trade
By: Michael Mike
The High Commissioner of Bangladesh to Nigeria, Miah Md. Mainul Kabir, has expressed concern over the relatively low volume of trade between the two countries, describing it as far below its actual potential despite the strong diplomatic ties that have existed for decades.
Kabir made the remarks in Abuja while addressing guests at the celebration of the 55th anniversary of Bangladesh’s Independence and National Day. He stressed that expanding economic cooperation between both countries would remain a key focus of his diplomatic mission.
According to him, although trade between Nigeria and Bangladesh has recorded gradual growth over the years, the level of commercial exchange does not reflect the enormous opportunities available to both nations.
“Bilateral trade between our two countries has grown steadily yet remains well below its true potential,” he said. “Bangladesh offers competitively priced, high-quality products in textiles and garments, pharmaceuticals, ceramics, jute goods, processed foods and ICT services, while Nigeria, with its vast market, energy resources and agricultural depth, presents significant opportunities for stronger trade relations.”
The envoy highlighted agriculture as one of the most promising areas for collaboration, pointing particularly to contract farming as a new pathway for expanding bilateral economic engagement.
He explained that Bangladesh’s experience in high-yield and climate-adaptive agricultural production could be combined with Nigeria’s vast arable land and growing agro-processing industry to boost productivity and food security in both countries.
To unlock these opportunities, Kabir said Bangladesh is now intensifying its diplomatic and economic engagement with African nations, with Nigeria occupying a strategic position in that effort.
“Bangladesh is placing renewed focus on strengthening our partnerships in Africa, particularly with Nigeria — a country of immense dynamism, influence and opportunity,” he said.
The High Commissioner noted that the two countries share long-standing cordial relations rooted in similar historical experiences, youthful populations and shared democratic aspirations.
He added that both nations have consistently worked together within major international organisations such as the United Nations, the Non-Aligned Movement, the Organisation of Islamic Cooperation, the D-8 Organization for Economic Cooperation and the Commonwealth of Nations.
According to him, the partnership between the two countries reflects a broader commitment to South–South cooperation and collective efforts by developing nations to promote shared prosperity and global development.
Beyond trade, Kabir identified several other sectors where Nigeria and Bangladesh could deepen collaboration, including education, skills development, digital innovation, technical training and defence cooperation, particularly in professional military training and peacekeeping operations.
He also emphasised the importance of people-to-people engagement, noting that stronger cultural exchanges, academic partnerships and youth cooperation would further strengthen the bond between both nations.
The envoy used the occasion to commend Bangladeshi nationals living and working in Nigeria, describing them as responsible representatives of their country abroad.
“You are exemplary ambassadors of our nation,” he said. “Your hard work and integrity contribute significantly to the economies of Bangladesh and Nigeria and strengthen the bond between our peoples.”
Kabir also reflected on Bangladesh’s development journey over the past five and a half decades, noting that the country has emerged as a significant economic force among developing nations.
According to him, Bangladesh’s nominal gross domestic product is approaching half a trillion dollars, placing the country among the 35 largest economies in the world and making it a leading example of socio-economic progress in the Global South.
In his remarks, Director of Regions at Nigeria’s Ministry of Foreign Affairs, Bukar Hamman, reaffirmed Nigeria’s commitment to strengthening bilateral relations with Bangladesh.
Hamman said both countries share a strong belief in multilateral cooperation, peacebuilding and inclusive development.
“Both our nations have contributed significantly to United Nations peace operations, demonstrating mutual dedication to global peace and security,” he said.
He noted that bilateral engagement between Nigeria and Bangladesh has continued to expand in recent years, particularly in trade, agriculture, education and defence cooperation.
Hamman also welcomed the growing presence of Bangladeshi businesses in Nigeria and encouraged deeper collaboration between private sector actors from both countries.
“There is vast potential for collaboration in textiles, pharmaceuticals, ICT and renewable energy sectors where Bangladesh has developed notable expertise,” he said.
“As we look to the future, Nigeria remains committed to strengthening our ties with Bangladesh. Enhanced cooperation between our two countries will not only benefit our peoples but also contribute to stronger South–South cooperation and global development efforts.”
He added that the celebration of Bangladesh’s independence anniversary was not only an opportunity to reflect on the country’s historical journey but also a moment to recognise its aspirations for continued peace, innovation and progress.
Hamman stressed that Nigeria values Bangladesh as a trusted partner and friend, expressing confidence that the relationship between the two nations would continue to grow stronger in the years ahead.
Bangladesh Envoy Seeks Stronger Nigeria Ties, Laments Low Bilateral Trade
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