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
NTAC DG Commends CIFCFIN for Giant Strides on 2nd Founders’ Day
NTAC DG Commends CIFCFIN for Giant Strides on 2nd Founders’ Day
By: Michael Mike
The Director General of the Nigerian Technical Aid Corps, Rt. Hon. Yusuf Buba Yakub, has commended the Chartered Institute of Forensics and Fraud Investigators of Nigeria (CIFCFIN) for its remarkable achievements since its establishment, describing the Institute’s progress as “giant strides”.
The commendation was made during CIFCFIN’s 2nd Founders’ Day celebration, which took place,Thursday,in Abuja,and also featured the induction of new members, professional practitioners, and Fellows of the Institute; in addition to a few Awards to some deserving individuals.

The event,which was chaired by Hon. Justice Moore Abraham Aseimo of the Supreme Court of Nigeria,had in attendance several dignitaries,including the CIFCIN Founder and Pioneer President,
Dr. Iliyasu Buba Gashinbaki;Alh. Mairiga Aliyu Katuga,Chairman of the Securities and Exchange Commission (SEC) as well as Dr. Isa Egah Salifu, Registrar/CEO and Secretary to the Council of CIFCFIN.
Others included the
former EFCC Chairman, Mr. Ibrahim Magu; representative of the Development Bank of Nigeria;representative of the Inspector General of Police as well as the representative of the Corps Marshall of the Federal Roads Safety Corps (FRSC),among many other senior officials of Government and stakeholders of the Institute.
In his remarks,Rt.Hon. Buba expressed pride in the milestones attained by CIFCFIN, noting that the Institute’s growth reflects a strong commitment to professionalism in forensics and fraud investigation,both of which are critical to Nigeria’s fight against corruption and economic crime.
Among those honoured at the event were the NTAC DG,whose role as the sponsor of the Bill for the establishment of the Institute was applauded by all.
The ceremony concluded with an official photo session with the Institute’s leadership and invited guests.
End
News
Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria
Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria
By: Michael Mike
The Minister of Information and National Orientation, Mohammed Idris, has appealed to Civil Society Organisations to help correct the misrepresentations of Nigeria as a violator of religious freedom.
The Minister made the appeal at the 25th Anniversary of ActionAid in Abuja.
He said there is an urgent need for CSOs in the country to counter the narratives by applying evidence-based insights into the Nigerian situation.
Idris while addressing the misconceptions about Nigeria abroad, insisted that the country is not a violator of religious freedom and reaffirmed that such freedoms are clearly guaranteed in the constitution.
The minister who acknowledged security challenges even as he emphasized that government efforts are yielding progress, cautioned against narratives that mischaracterise Nigeria and strain its relations with its partners, particularly the United States.
He admitted lthe government’s responsibility to protect citizens, especially children, stating that “our children must be safe in their schools, safe in their communities, and safe in their homes” and highlighted President Tinubu’s recent declaration of a national emergency on security.
He revealed that the emergency measures include new recruitment into security agencies, support for state-level security outfits, and a push for legislative action towards establishing state police.
He described the declaration as a turning point in the fight against terrorism and banditry.
He called on CSOs to deepen their support for open governance, media freedom, digital literacy, and community development, and affirmed that ActionAid’s contributions in these areas remain “complementary and invaluable” to national progress.
The Minister who was the Chairman of ActionAid Nigeria 25 years anniversary celebration commended AAN for its action, service, and transformative work across the country.
He said, “For a quarter of a century, ActionAid has taken development to the frontlines, empowering women and girls, strengthening education, improving healthcare, advocating for governance reforms, supporting communities during crises, and amplifying the voices of the most vulnerable.”
He noted that ActionAid must be praised for its innumerable responses to challenging humanitarian situations and grassroots empowerment work that have shaped policy and community development in profound and measurable ways in Nigeria. “Today, we gather to honour this legacy and to look toward the next chapter.”
The Minister said: “I am equally pleased to unveil the ActionAid building prototype, a strong signal of organisational growth and long-term presence in Nigeria. This forward-looking investment reflects ActionAid’s commitment to deepening its contribution to our nation over the next 25 years and beyond. These milestones deserve our collective applause.”
In his remarks, Country Director, ActionAid Nigeria, Andrew Mamedu, said the struggle of AAN in the last 25 years is to help contain poverty, a struggle he said has not been of convenience but of conviction.
He said: “25 years ago, ActionAid Nigeria began with a simple but radical proposition that poverty is not natural.
And that exclusion is not a condition to be managed by the system. But we have to dismantle it. The true development does not happen when charity is displaced.
“Charity may be rights, give things, that’s charity. But when power is shifted from privilege to the marginalised, from silence to participation, from oppression to agency, our journey has never been one of convenience, it has been one of conviction.
“We have chosen to take sides with women denied their rights, with youth denied their voices, and with communities denied access to opportunities they deserve.
“Because we know that to end poverty, we must confront the structural injustice that creates it. “So for the past 25 years, we have stood shoulder to shoulder with people living in poverty and exclusion. Not as saviours, we don’t see ourselves as saviours, but as allies who are working together.”
Christian Genocide: Information Minister Asks CSOs to Correct Misinformation About Nigeria
News
Sheikh Dahiru Bauchi: VP Shettima Charges Young Scholars To Preserve His Message Of Tolerance
Sheikh Dahiru Bauchi: VP Shettima Charges Young Scholars To Preserve His Message Of Tolerance
By: Michael Mike
Says nation has lost one of the last great titans of Islamic scholarship
Vice President Kashim Shettima has charged emerging Islamic scholars across Nigeria and Africa to preserve and propagate the enduring message of tolerance, dialogue, and inclusivity exemplified by the late renowned Islamic cleric, Sheikh Dahiru Usman Bauchi.
He specifically said that the late Tijjaniyya leader’s commitment to dialogue and inclusivity represents the true heritage of Islam that must guide future generations.
The Vice President gave the charge on Friday after attending the burial ceremony of the late Sheikh Dahiru Usman Bauchi in Bauchi, Bauchi State, where he described the passage of the cleric as a monumental loss not only to Nigeria but to the global Muslim Ummah.

“This nation has lost a colossus—an institution and one of the last great titans of Islamic scholarship. We call on our emerging scholars to embrace the path of dialogue, moderation, accommodation, and inclusivity, because this is the true heritage of Islam—not fanaticism, not extremism,” VP Shetimma said.
Praying for the repose of the late cleric’s soul, the Vice President said, “May Allah grant his soul eternal rest and reward him with Aljannatul Firdaus. May Allah grant his family and millions of followers the fortitude to bear this irreparable loss.”
Also speaking at the burial, the Governor of Bauchi State, Senator Bala Mohammed, described Sheikh Dahiru Bauchi as a towering figure whose legacy transformed Islamic education and uplifted countless families.

“He made remarkable contributions to development and established a strong tradition of Qur’anic research and scholarship. He mentored so many people. We have lost a father, a guardian, a teacher, and a colossus,” the governor said.
Similarly, the Governor of Kano State, Abba Yusuf, described the day as deeply sorrowful, not only for the family of the cleric but for all Nigerians and the entire Muslim Ummah across the world.
Yusuf said Sheikh Bauchi was widely known as an exceptional Islamic scholar who taught Qur’an and Hadith to hundreds of millions of people, especially his family and members of the Tijjaniyya order.

“May God grant his soul eternal rest and give the nation the fortitude to bear this irreparable loss,” he added.
Also speaking, the Governor of Niger State, Mohammed Umar, expressed gratitude to God for the cleric’s life, describing it as well spent. He said the late scholar would be remembered as a distinguished scholar and leader.
Sheikh Dahiru Bauchi: VP Shettima Charges Young Scholars To Preserve His Message Of Tolerance
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
News7 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
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
