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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
Zulum Inaugurates 48-Classroom High Islamic College in Gubio
Zulum Inaugurates 48-Classroom High Islamic College in Gubio
… Commissions 3 projects executed by Gubio LGA
By: Our Reporter
Borno State Governor, Babagana Umara Zulum, on Tuesday, officially opened a newly constructed 48-classroom High Islamic College in Gubio Local Government Area of northern Borno.

The state-of-the-art institution is designed to offer a hybrid curriculum that integrates western education with traditional sangaya (Qur’anic) educational system.

Zulum had introduced an integrated policy framework which aims to provide students with a holistic education, grounding them in both religious principles and contemporary academic knowledge.

Speaking at the commissioning ceremony, Zulum emphasised that the college is structured to ensure its graduates are not only deeply rooted in Islamic scholarship but are also fully equipped and qualified to pursue higher education in conventional institutions.
“Our focus has been on revitalising the system by preserving its rich tradition of Islamic scholarship while introducing modern subjects and vocational skills. We recognise the historic role of sangaya education in shaping moral values, discipline, and learning within our communities, while also equipping learners with essential skills in literacy, numeracy, science, technology, foundational English, and vocational training to enable them to function effectively and competitively in today’s society.”

“Through institutions operating under the National Board for Arabic and Islamic Studies (NBAIS) approved curriculum, sangaya learners are now receiving a balanced education that integrates Islamic Studies with modern knowledge. These reforms have created clear pathways for graduates to obtain O-Level equivalent certification and, where they so desire, progress to higher institutions of learning to further develop their potential.”
The facility, in addition to the 48 classrooms, also features administrative blocks and a library. It is expected to serve hundreds of students from Gubio and surrounding communities, reducing the need for children to travel far from home for quality integrated education.

Zulum also commissioned the Gubio II Junior Day Secondary School, executed by Borno State Government. During a tour of the facilities, the Commissioner for Education, Engr Lawan Abba Wakilbe, explained that classrooms are intended to provide safe and inclusive learning spaces, with a particular focus on improving access for adolescent girls.
… Commissions 3 projects executed by Gubio LGA
Meanwhile, Governor Babagana Umara Zulum has commissioned three projects executed by the Chairman of Gubio Local Government Area, Mali Bulama Mali Gubio.
The projects include Gubio Oil Mills, Zulum Ultramodern Clinic, and Mustapha Gubio Shopping Complex.
The occasions were attended by the Shehu of Borno, Abubakar Ibn Umar Garbai Elkanemi; Senator Mohammed Tahir Monguno; and Members of the House of Representatives, Usman Zanah and Engr Bukar Talba.
Other dignitaries include the Speaker Borno State House of Assembly, Abdulkarim Lawan, commissioners, special advisers and other senior government officials.
Zulum Inaugurates 48-Classroom High Islamic College in Gubio
News
Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari
Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari
By: Yahaya Wakili
Governor Mai Mala Buni CON of Yobe State has charged the newly appointed chairman of the Yusufari local government area to consider security of lives and property as the priority of the administration.
Buni gave the warning today while swearing in Alhaji Adamu Jibrin as the chairman of the council following the death of Alhaji Bah Abba Aji some few days ago.
According to Buni, the death of the chairman has created a vacuum that must be filled for continuity in governance, and this justifies the appointment of Alhaji Adamu Jibrin as the new chairman of the Yusufari local government council.
He urged him to be a good team player for a result-oriented administration that would give members of the council and people of the local government area a sense of belonging.
Governor Buni also urged the new chairman to conduct government business transparently to promote accountability and probity as well as to channel government resources into areas of need that have a direct impact on the lives of the people.
He appealed to the people of the local government area to support the new chairman for a smooth and successful administration that would meet the needs of the people.
Yobe: Prioritize security, Buni tells newly appointed Chairman of Yusufari
News
Zulum Boosts Rural Health Incentives With Major Allowance Increase
Zulum Boosts Rural Health Incentives With Major Allowance Increase
By: Michael Mike
Borno State Governor, Babagana Zulum has approved a substantial increase in rural allowances for health workers as part of efforts to address the shortage of medical personnel in remote communities across the state.
The governor announced the decision after inspecting several government projects in the northern axis of Borno. The inspection covered Government Secondary School, Gubio; two general hospitals; and ongoing housing developments in Gubio and Magumeri Local Government Areas.

Under the new arrangement, medical doctors posted to rural areas under the State Hospital Management Board will receive a rural allowance equivalent to their full basic salary, representing a 100 per cent increase. Nurses and midwives serving in similar locations will receive a 40 per cent increase in their rural allowances. The policy takes effect from January 1.
Governor Zulum said the move was informed by persistent manpower gaps in public health facilities, particularly in rural communities.
“We are facing serious challenges with human resources for health. Many of our hospitals do not have enough doctors and nurses,” he said. “Our findings show that a good number of medical professionals prefer working with international organisations because the pay is better. We must respond to this reality.”
According to the governor, the improved welfare package is expected to make rural postings more attractive and encourage more qualified personnel to work in general hospitals at the local government level.
He expressed optimism that the incentive would significantly improve healthcare delivery in villages and underserved areas, adding that health workers willing to take up rural postings should report to the State Hospital Management Board.

During his visit to Government Secondary School, Gubio, the governor also directed the immediate provision of essential facilities for the school’s laboratories and library to improve teaching and learning.
The inspection tour was attended by the Senator representing Borno North, Mohammed Tahir Monguno; members of the House of Representatives, Usman Zannah and Engr. Bukar Talba; and several commissioners and senior government officials, including those in charge of information, works and housing, local government affairs, and water resources.
The allowance increase forms part of the Zulum administration’s broader strategy to strengthen public service delivery and improve living conditions in rural communities across Borno State.
Zulum Boosts Rural Health Incentives With Major Allowance Increase
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