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
NRM Presidential Aspirant Faduri Declares 2027 Ambition, Vows To Rescue Nigeria From ‘Political Elites’
NRM Presidential Aspirant Faduri Declares 2027 Ambition, Vows To Rescue Nigeria From ‘Political Elites’
By: Our Reporter
Faduri Oluwadare Joseph, popularly known as Fadojoe, has formally declared his intention to contest the 2027 presidential election under the platform of the National Rescue Movement (NRM), promising what he described as “people-first leadership” to pull Nigeria back from economic decline and insecurity.
In a speech announcing his ambitionnon Wednesday, the sociologist and US-based healthcare executive said Nigeria was “bleeding” and required urgent rescue from years of corruption, mismanagement and what he called recycled political leadership.
Faduri, who hails from Ipetu-Ijesha in Osun State, recounted his early life struggles, revealing that he lost his father at the age of four and his mother at fourteen.
A graduate of Ambrose Alli University, Ekpoma, Edo State, Faduri also stated that he is a licensed nurse in New York, United States, and currently serves as CEO of F Planet Group USA, with interests spanning healthcare, consulting, foundation work and film production.
Referencing Nigeria’s founding leaders—Nnamdi Azikiwe, Abubakar Tafawa Balewa and Obafemi Awolowo—the presidential hopeful said the country had drifted far from the ideals of a true republic envisioned at independence.
According to him, Nigeria has degenerated into a nation where poverty, youth unemployment, insecurity and currency depreciation have replaced the prosperity and unity of earlier decades.
Faduri blamed Nigeria’s challenges on systemic corruption and leadership failure, arguing that personal interests have consistently been placed above national interest.
He questioned the continued dysfunction of state assets such as refineries and the Ajaokuta Steel project, asking why thousands of workers are still paid in non-functional institutions while the country depends heavily on private interests and foreign services.
The NRM aspirant disclosed that he previously joined the Labour Party ahead of the 2023 elections and contributed to building the platform that produced Mr. Peter Obi as presidential candidate, but stepped down in the interest of unity.
Quoting American civil rights leader Martin Luther King Jr., he said leadership must be measured by courage in times of crisis, insisting that Nigeria now needs decisive and people-driven governance.
Faduri said he would contest under the National Rescue Movement, symbolised by the honeybee, adding that it was time to return Nigeria “to her honey days.”
If elected, he promised to prioritise economic stability, strengthen the naira, revive local refining capacity, and address energy costs. He also pledged to make primary and secondary education compulsory, strengthen vocational training, and ensure lecturers’ salaries are paid promptly.
He further promised to rebuild public hospitals to world-class standards and vowed that no government official, including himself, would seek medical treatment abroad at public expense.
Other priorities listed include decentralising electricity supply, reforming and strengthening the military and police, and promoting local manufacturing, including the use of locally produced vehicles for official purposes.
Framing the 2027 election as “the people versus the political class,” Faduri called on Nigerians at home and in the diaspora to join what he termed a “rescue mission” to rebuild the country.
The statement reads in part; “When the founding fathers of this nation came together in the struggle for independence—great leaders like Nnamdi Azikiwe, Abubakar Tafawa Balewa, and Obafemi Awolowo—they fought for a Republic. A true Republic—if we can keep it.
“A Republic where government would be kind to its people. A Republic where life would be dignified, where food would be affordable, where citizens would love one another, and where love of country would supersede love of self. A Republic where leaders would create an enabling environment for prosperity through the proper use of our vast human and natural resources.
“A Republic where citizens would collaborate with government to build a society we can all be proud of. A Republic where morality, decency, and the fear of God would guide leadership. Above all, a Republic where people would feel safe in their own land. Today, my fellow Nigerians, we must admit that what we have falls far short of that vision.
“We now live in a nation that resembles a jungle—where survival of the fittest has replaced shared prosperity. A nation plunged into poverty by leaders who once enjoyed the best of Nigeria in their youth but have failed to preserve it for future generations.
“While the rest of the world is discussing artificial intelligence and technological breakthroughs, we are still campaigning with rice, noodles, onions, and ₦42,000 handouts on election day. What a tragedy.
“There was a time when the Nigerian passport was among the most respected in the world. Our naira was strong. Education was free and qualitative. Jobs awaited graduates even before graduation. Housing schemes met population growth. Hospitals functioned. Rural health centres served communities. You could travel safely from Lagos to Sokoto or from Port Harcourt to Maiduguri without fear.
“We lived as brothers and sisters—hopeful, united, and prosperous. But what do we have today? One of the highest youth unemployment rates in the world. Rising insecurity. A struggling economy. A free-falling currency. A passport that no longer commands respect. A nation once united now divided by suspicion and fear. A country once flowing with opportunity now burdened by poverty, hunger, kidnapping, and corruption.
“My fellow Nigerians, how did we get here? How did we descend to this level where our citizens flee daily as though escaping a war zone? We got here through years of systemic corruption, mismanagement, and policies that moved our country from boom to doom. We got here because leaders placed personal interest above national interest.
“Even those in the diaspora, who struggle daily abroad, still carry the burden of families back home. Many of our health workers abroad—once undervalued here—now treat Nigerian leaders overseas for ailments that should be handled in our own hospitals. Enough is enough.
“It is time to fight for the soul of our nation. I am not here merely to recount our problems. I am here to declare that Nigeria is fixable. It is not rocket science. What we have lacked is sincere, courageous, and people-centred leadership. What happened to our refineries? What happened to Ajaokuta Steel? Why do we continue to pay thousands of workers in non-functional institutions? Why must we depend on private individuals for what government should provide?
“Corruption has become normalized. Public funds meant for national development are diverted. Absurd excuses are given for missing money, yet there are no consequences. Poverty has no tribe. Hunger has no ethnicity. Insecurity affects us all. If we fail to rescue Nigeria now, we risk becoming slaves in our own land—not chained by colonial masters, but controlled by political elites who care only for themselves. This is why I offer myself for service.
In 2022, ahead of the 2023 presidential election, I joined the Labour Party and contributed to building the LP that produced Mr. Peter Obi. I stepped down in the interest of unity. However, leadership must be measured by resilience and responsibility, especially in times of crisis. As Martin Luther King Jr. once said, “The ultimate measure of a man is not where he stands in moments of comfort, but where he stands at times of challenge and controversy.
“Nigeria needs resolute, decisive, and people-driven leadership—not desperation or recycled political coalitions. The 2027 election will be the people versus the political class. And the people’s coalition shall prevail. I will be contesting under the National Rescue Movement (NRM), symbolized by the honeybee. It is time to return Nigeria to her honey days. If given the mandate, our government will be People First. Nation First.
“We will prioritize: Restoring economic stability and strengthening the naira; Revitalizing local refining capacity and addressing energy costs; Investing massively in education—making primary and secondary education compulsory and strengthening technical and vocational training; Ensuring lecturers’ salaries are never delayed.
“Rebuilding and equipping our hospitals to world-class standards. No government official—including myself—will seek medical treatment abroad at public expense. Decentralizing and stabilizing electricity supply. Reforming and strengthening the military and police to restore law and order.
“Encouraging local manufacturing, including the use of locally produced vehicles for official purposes. We will build a nation of law and order—a nation of reward and accountability. This is a generational call—a call for a shift from recycled leadership to visionary leadership. It is not a time for convenience. It is time to rebuild Nigeria.
“Our slogan says it clearly: “A Nation That Has Everything, Yet Lacks Everything.” Together, we will change that narrative. Join me in this rescue mission. Let us combine the best of Nigerians at home and abroad to build a new Republic—one we can keep,” the statement added.
NRM Presidential Aspirant Faduri Declares 2027 Ambition, Vows To Rescue Nigeria From ‘Political Elites’
News
UMTH: The Making of History, Flood Disaster Museum
UMTH: The Making of History, Flood Disaster Museum
By: Balami Lazarus
Museums are warehouses of histories where historical/cultural source materials are kept and preserved, which speaks volumes of people’s history and institutions or organizations that explained their past in terms of growth, progress, and developments.
Sometimes some unfortunate events give birth to history through the collections and preservations of their past emerging from two shades of events, positive or negative, as part of their history.

NEWSng was there, and on the ground is the “Flood Disaster Museum” of 10th September, 2024, where items destroyed by the flood are kept. The preservations are in two forms: audiovisual and pictorial.

Walking through the museum, the curator Mallam Abdul Inusa said that this is the beginning of UMTH’s historical collections and preservation of artifacts. “What you see in pictures and paintings on some of the walls in the museum…are the realities of what truly happened during the flood,” he lamented.
The curator further informed NEWSng that UMTH under Prof. Ahmed Ahidjo is considering expanding it into a hospital medical museum, which will cover the history of UMTH with all its medical source materials for the future.

The Flood Disaster Museum is faced with the challenges of space and staff. However, it was a welcome development.
UMTH: The Making of History, Flood Disaster Museum
News
Stakeholders Say Climate Governance Ranking Drives Reform Across Nigeria’s 36 States
Stakeholders Say Climate Governance Ranking Drives Reform Across Nigeria’s 36 States
By: Michael Mike
Nigeria’s push to confront climate change is gaining new momentum at the subnational level, as a groundbreaking climate governance ranking continues to spur competition, collaboration and measurable reforms across the country’s 36 states.
For years, climate discourse in Nigeria revolved largely around federal commitments, international pledges and national policy frameworks. But a new initiative spearheaded by the Society for Planet and Prosperity in partnership with the Department of Climate Change at the Federal Ministry of Environment is shifting the spotlight to state governments — where climate impacts are most directly felt.

Now in its second year, the Subnational Climate Governance Ranking assesses how states design, implement and institutionalize climate action.
President of the Society for Planet and Prosperity, Professor Chukwumerije Okereke, on Thursday in Abuja at the the Peer Learning Workshop for Honourable Commissioners of Environment on Subnational Climate Governance Performance Rating and Ranking, said the objective of the yearly ranking is not to shame underperformers, but to encourage transparency, peer learning and accelerated action.
He said: “We are clear that this is not just about scoring. It is about galvanizing climate action at the subnational level. States are on the frontline of climate vulnerability — floods, desertification, erosion, heatwaves. Without strong state action, Nigeria cannot build meaningful resilience.”
He noted that the when the first ranking was released two years ago, skepticism trailed the exercise. Some stakeholders feared it would generate political tension or unfair comparisons, insisting that the process was evidence-based and participatory, allowing states to present documented proof of their initiatives.
He added that the outcome surprised many observers, stating that: “Between the first and second editions of the ranking, nearly all states recorded measurable improvements in climate governance performance — from the creation of climate policies and action plans to the establishment of dedicated climate institutions.”
Okereke said what we found was remarkable, “there is an incredible array of climate initiatives happening across the federation. Many states are doing far more than people assume.”
He revealed that what the assessment framework evaluates are: Existence of climate policies and action plans; Institutional arrangements, including designated commissioners or agencies responsible for climate change; Concrete implementation projects such as flood control systems, reforestation drives, renewable energy deployment and community capacity-building; Transparency and online visibility of climate information; Ability to attract and manage climate finance.
He insisted that the emphasis on climate finance reflects a key reality, noting that ambition without funding cannot translate into durable results.
He however noted that despite the progress, challenges persist, stressing that: “Many states demonstrate willingness to act but face financial constraints, limited technical expertise and inadequate institutional capacity.
Recognizing this gap, he said the organisers are expanding the initiative beyond ranking into structured peer-learning networks and tailored capacity-building programmes, stating that the aim is to help states move from drafting policies to executing them effectively.
He disclosed that at a recent gathering of state environment commissioners, participants reviewed the ranking methodology to ensure fairness and collective ownership.
“We want every state to understand the criteria and contribute to refining the framework,” he said. “If something needs adjustment, we do it together. This is a co-created process.”
Meanwhile, Commissioners of Environment have seek stronger collaboration.
The Jigawa State Commissioner of Environment and Climate Change, Nura Ibrahim, said the peer-learning engagement is expected to yield three major outcomes: targeted training programmes, stronger inter-state networking and full adoption of climate mitigation and adaptation measures.
Ibrahim, who is also the Chairman of the Commissioners’ Forum on Environment in Nigeria, said earlier concerns over unclear criteria of the ranking have largely been addressed through dialogue and transparency.
He said: “With better understanding of the methodology and engagement among commissioners, future rankings will be smoother and more impactful.”
The initiative has drawn support from development partners including the African Climate Foundation and the UK Foreign, Commonwealth & Development Office, among others. Their contributions have enabled the development of the ranking framework, technical reviews and stakeholder engagements.
Observers said such partnerships are critical as Nigeria seeks to unlock climate finance and strengthen accountability at all levels of government.
Stakeholders Say Climate Governance Ranking Drives Reform Across Nigeria’s 36 States
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News10 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
