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UN Report: 2024 Could Errand Protracted Period of Low Growth

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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

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June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC

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June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC

By: Michael Mike

As Nigeria marks Democracy Day, the Executive Secretary of the National Human Rights Commission, Chief Tony Ojukwu (OFR, SAN), has declared that credible elections are a fundamental human right that must be guaranteed to every citizen, rather than a privilege granted by those in power.

In a statement commemorating the significance of June 12, Ojukwu said the annulled 1993 presidential election remains the strongest evidence that Nigeria is capable of conducting free, fair, and transparent elections when democratic institutions respect the will of the people.

According to him, the electoral framework introduced by Humphrey Nwosu, particularly the Option A4 and Modified Open Ballot systems, demonstrated that electoral credibility is achievable when election management bodies operate with integrity, transparency, and strict adherence to the law.

The NHRC boss emphasized that the right of citizens to participate in governance through genuine elections is guaranteed under Nigeria’s Constitution and regional human rights instruments, stressing that electoral misconduct amounts to a direct assault on fundamental freedoms.

He noted that practices such as voter suppression, vote buying, electoral violence, and manipulation of election results should not be viewed merely as administrative shortcomings but as serious violations of civil and political rights.

Ojukwu expressed concern that more than three decades after the June 12 election, many of the challenges that undermine electoral credibility continue to persist, weakening public confidence in democratic institutions and diminishing citizens’ faith in the electoral process.

“Whenever elections lose their integrity, the rights to freedom of expression, association, participation, and peaceful assembly are also placed at risk,” he said.

The human rights advocate called on the Independent National Electoral Commission (INEC), political parties, security agencies, the judiciary, civil society organizations, and the media to remain committed to neutrality, transparency, and accountability in the conduct of elections.

He assured Nigerians that the Commission would intensify its monitoring of electoral processes across the country, document violations, and pursue appropriate remedies for victims in line with its statutory mandate.

Ojukwu also urged the National Assembly to strengthen legal safeguards that protect the independence of electoral institutions and improve citizens’ access to electoral justice.

He maintained that institutionalizing electoral integrity remains critical to deepening democracy and safeguarding the right of every Nigerian to freely choose their leaders, adding that the NHRC is prepared to collaborate with government and other stakeholders to ensure that credible elections become a permanent feature of the nation’s democratic culture.

The statement, signed by Director of Corporate Affairs and External Linkages, Fatimah Agwai Mohammed, underscored the Commission’s commitment to advancing democratic governance through the protection and promotion of electoral rights.

June 12: Credible Elections Are a Fundamental Human Right, Not a Privilege – NHRC

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ActionAid Says June 12 Democratic Promise Remains Unfulfilled Amid Poverty, Rights Violations

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ActionAid Says June 12 Democratic Promise Remains Unfulfilled Amid Poverty, Rights Violations

By: Michael Mike

As Nigerians mark Democracy Day, ActionAid Nigeria has raised concerns over what it describes as the country’s failure to fully realize the democratic ideals symbolized by June 12, warning that shrinking civic space, rising poverty, insecurity and weak governance threaten the nation’s democratic future.

In a statement issued to mark the June 12 celebration, the Country Director of ActionAid Nigeria, Andrew Mamedu, said the decision by former President Muhammadu Buhari in 2018 to recognize June 12 as Democracy Day was a significant step toward correcting the injustice surrounding the annulment of the 1993 presidential election won by Moshood Kashimawo Olawale Abiola.

According to the organisation, the declaration was more than a symbolic gesture; it represented a commitment to uphold the will of the Nigerian people and strengthen democratic governance. However, ActionAid argued that eight years later, many of the aspirations associated with that promise remain unrealized.

The organisation expressed concern over what it called a growing crackdown on civic freedoms, citing reports of arrests, prosecutions and intimidation of journalists, activists and citizens critical of government actions.

It referenced data from the National Human Rights Commission indicating that hundreds of thousands of human rights complaints were recorded in April 2026, including allegations of extrajudicial killings, abuse of authority and restrictions on freedom of expression and peaceful assembly.

ActionAid also criticized the application of the Cybercrimes Act against journalists and activists, pointing to cases involving media practitioners and civil society actors who were reportedly arrested or prosecuted after exposing governance failures or questioning official claims.

The group further warned that Nigeria’s electoral system faces significant challenges ahead of the 2027 general elections. It argued that the Electoral Act 2026 was enacted without sufficient stakeholder consultation and called for urgent amendments to strengthen public confidence in the electoral process.

According to the organisation, preserving electoral credibility is essential to avoiding a repeat of the political crisis that followed the annulment of the June 12, 1993 election.

Beyond electoral concerns, ActionAid raised alarm over worsening socio-economic conditions, noting that millions of Nigerians continue to struggle with poverty despite decades of democratic rule.

The organisation cited statistics showing that more than 130 million Nigerians live in multidimensional poverty, while insecurity, including banditry, kidnapping and armed conflict, continues to disrupt livelihoods across many communities.

It argued that poverty and insecurity are interconnected challenges stemming from governance failures, weak institutions and limited accountability.

ActionAid also criticized what it described as weak fiscal transparency, alleging that the concurrent implementation of multiple federal budgets has undermined effective oversight and accountability in public spending.

The organisation maintained that these governance shortcomings have contributed to Nigeria’s poor performance in global assessments of government effectiveness.

To address the challenges, ActionAid called on the Federal Government and the National Assembly to undertake comprehensive reforms, including amendments to the Electoral Act, protection of civic freedoms, improved security measures, strengthened social protection programmes and greater transparency in public finance management.

Mamedu stressed that Democracy Day should serve as more than a ceremonial event, urging leaders to take concrete actions that reflect the aspirations of Nigerians for accountable governance, justice and inclusive development.

He said that while recognizing June 12 was an important milestone, the true measure of that decision lies in the government’s commitment to protecting democratic institutions, expanding civic freedoms and improving the welfare of citizens.

ActionAid pledged to continue working with communities and civil society organizations across the country to promote accountability and ensure that the democratic ideals associated with June 12 are translated into tangible benefits for Nigerians.

ActionAid Says June 12 Democratic Promise Remains Unfulfilled Amid Poverty, Rights Violations

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Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau

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Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau

By: Zagazola Makama

Troops of Operation Enduring Peace have recovered 61 cattle during a clearance operation in Riyom Local Government Area of Plateau State.

Security sources disclosed that the operation was conducted on Thursday as part of ongoing efforts to track down suspected kidnappers who fled following sustained military pressure in the area.

The sources said troops of Sector 6 Operation Safe Haven carried out coordinated raids on suspected hideouts and high-ground locations around Sopp, Hawan Kibo and Rafin Sanyi communities in Riyom LGA.

According to the sources, the operation involved cordon-and-search activities targeting suspected kidnappers’ camps, dens and livestock enclosures believed to be linked to criminal networks operating in the area.

During the operation, troops recovered 61 cattle suspected to belong to the fleeing criminals.

“All identified camps, hideouts and cattle enclosures within the general area were searched during the operation. A total of 61 cattle suspected to belong to the criminals were recovered,” a security source said.

The source, however, noted that no arrests were made as the suspects had fled before the troops arrived.

The recovered cattle have been taken into military custody pending further investigation and necessary action by relevant authorities.

The operation forms part of ongoing efforts by security agencies to dismantle kidnapping networks and other criminal groups operating in parts of Plateau State.

Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau

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