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 Targets Cross-Border Mobile Connectivity to Boost Security, Cut Internet Costs
FG Targets Cross-Border Mobile Connectivity to Boost Security, Cut Internet Costs
By: Michael Mike
The Federal Government has unveiled plans to expand Nigeria’s mobile and digital connectivity beyond its borders as part of a broader strategy to strengthen national security and lower the cost of internet services across the region.
The initiative was disclosed on Monday during the second edition of the Nigerian Satellite Week 2026 held in Abuja and organised by Nigerian Communications Satellite Limited.

Speaking at the event, the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, said the Federal Government plans to extend Nigeria’s fibre-optic network into neighbouring countries as part of efforts to modernise digital infrastructure and tackle security challenges.
According to him, the administration of Bola Ahmed Tinubu is investing in about ninety thousand kilometres of fibre-optic infrastructure that will connect Nigeria with neighbouring countries including Cameroon, Niger, Burkina Faso and Chad.
Tijani explained that the regional connectivity project would help reduce the cost of internet capacity in neighbouring countries, where the price of connectivity is significantly higher than in Nigeria.
He noted that while the project would improve digital access and affordability, it would also support national security operations along the country’s borders.
“This fibre network will also provide opportunities for the military because it will run across our borders, which means we will have stronger capabilities for fibre sensing and surveillance,” the minister said.
He also highlighted Nigeria’s strategic advantage as the only country in West Africa operating its own communications satellite through Nigerian Communications Satellite Limited, noting that the platform plays a critical role in providing connectivity to remote and underserved communities.

According to Tijani, satellite infrastructure supports sectors such as agriculture, education, business and security, especially in areas where terrestrial networks are limited.
He commended President Tinubu for approving the acquisition of additional satellites, describing the move as a strong demonstration of the government’s commitment to building future-ready digital infrastructure.
The minister added that investments in infrastructure must be accompanied by practical applications capable of driving real development outcomes.
“Satellite technology is a powerful enabler, particularly in the area of security,” he said.
In her welcome remarks, the Managing Director of Nigerian Communications Satellite Limited, Jane Nkechi Egerton-Idehen, said the event reflects Nigeria’s growing commitment to harnessing space technology for national development.
She highlighted initiatives such as Project 774, which aims to provide satellite-enabled connectivity to all local government areas in Nigeria, ensuring that rural and underserved communities are not left behind in the country’s digital transformation.
Egerton-Idehen also noted that the agency is strengthening its global partnerships, including collaborations with Eutelsat and the Kenya Space Agency, while Nigeria currently serves as Vice Chair of the Global Satellite Operators Association.
She explained that the role allows Nigeria to participate actively in shaping international satellite policy and spectrum management discussions.
Also speaking at the event, the Executive Vice Chairman of the Nigerian Communications Commission, Dr Aminu Maida, emphasised the importance of satellite technology in strengthening communication systems and supporting critical services.
According to him, satellite infrastructure has become vital for communication, emergency response, education, security and broader technological advancement.
The Nigerian Satellite Week 2026 brings together policymakers, industry leaders, researchers and innovators to explore opportunities within the satellite and digital infrastructure ecosystem.
Participants say the event provides a platform for collaboration aimed at positioning Nigeria as a leading force in Africa’s rapidly expanding digital and satellite economy.
FG Targets Cross-Border Mobile Connectivity to Boost Security, Cut Internet Costs
News
VP Shettima Visits El-Rufai, Consoles Ex-Kaduna Gov Over Mother’s Demise
VP Shettima Visits El-Rufai, Consoles Ex-Kaduna Gov Over Mother’s Demise
By: Our Reporter
Vice President Kashim Shettima has commiserated with former Governor of Kaduna State, Mallam Nasir El-Rufai, over the death of his mother, late Hajiya Fatima Umma.

The Vice President who paid the El-Rufai family at their Abuja residence called for collective effort in uniting the nation aside political differences.

Senator Shettima prayed for the repose of the soul of the late matriarch of the El-Rufai family.

The late Hajiya Fatima Umma El-Rufai passed away on Friday, March 27, 2026 in Cairo, Egypt, at the age of 96.

The Vice President was received by former Governor of Bauchi State, Ahmad Adamu Muazu; former Chief of Army Staff, General Abdurrahman Dambazau; Abdullahi Sarkin Gobir Adiya, and the member Representing Kaduna North, Bello El-Rufai, Bashir El-Rufai.
VP Shettima Visits El-Rufai, Consoles Ex-Kaduna Gov Over Mother’s Demise
News
Stakeholders Push for Scaled-Up Energy Efficiency in Nigeria’s Industrial Sector
Stakeholders Push for Scaled-Up Energy Efficiency in Nigeria’s Industrial Sector
By: Michael Mike
Stakeholders from government, the organised private sector, development agencies, and civil society have called for stronger collaboration and expanded financing to accelerate the adoption of energy-efficient and cleaner production practices in Nigeria’s industrial sector.
The call was made on Monday during a special project-specific interactive session and Efficiency Champions Competition organised under the Global Environment Facility and United Nations Industrial Development Organization Industrial Energy Efficiency and Resource Efficient and Cleaner Production project in Abuja.
The event brought together representatives of industries, non-governmental organisations, financial institutions, policy makers, and members of the media to review the progress of the initiative and explore opportunities for expanding sustainable industrial practices across the country.
Speakers at the session emphasised that improving energy efficiency and reducing waste in industrial operations are essential for lowering production costs, boosting competitiveness and promoting environmentally responsible manufacturing.
Opening the session, the project leadership said the initiative had recorded significant progress in promoting industrial energy efficiency and resource-efficient production methods within Nigeria’s manufacturing sector.
According to the National Project Coordinator, GEF-UNIDO IEE and RECP Project, Jacob Oladipo revealed that the project has supported capacity building programmes, cleaner production assessments, policy engagement and innovative financing mechanisms designed to help industries reduce energy consumption while improving productivity.
He explained that the project had demonstrated that sustainable industrial practices are not only environmentally responsible but also economically beneficial to businesses.
The session also provided an opportunity for stakeholders to review the outcomes of the project and identify lessons that could support the wider adoption of energy-efficient technologies and cleaner production systems across industries.
In a goodwill message delivered on behalf of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Mr. Kunle Fadare said the initiative was both timely and strategic for Nigeria’s industrial growth.
He noted that the industrial sector accounts for more than thirty per cent of the country’s total energy consumption but still operates far below optimal efficiency levels.
Fadare said studies have shown that improvements in energy efficiency within Nigerian industries could lead to savings of between twenty and forty per cent in energy use.
He added that such gains would translate into reduced production costs, improved competitiveness and lower greenhouse gas emissions.
He also highlighted the environmental implications of industrial waste, noting that Nigeria generates more than thirty-two million tonnes of solid waste annually, a significant portion of which originates from industrial activities.
According to him, adopting resource-efficient and cleaner production practices would not only reduce waste but also strengthen long-term business sustainability.
Fadare further praised the Efficiency Champions Competition, describing it as an important platform for recognising businesses that are taking concrete steps toward sustainable production.
He said the initiative would help showcase best practices and encourage other companies to adopt energy-efficient technologies.
Global trends, he added, show that markets increasingly favour environmentally responsible production systems, particularly as access to international markets becomes tied to sustainability and environmental compliance.
He therefore urged Nigerian businesses to proactively embrace energy efficiency and cleaner production practices to remain competitive in regional and global markets.
Also speaking, the Global Environment Facility desk officer commended the collaboration among stakeholders involved in implementing the project.
The official expressed appreciation to the United Nations Industrial Development Organization for providing technical guidance and to the Manufacturers Association of Nigeria for supporting the implementation of the initiative.
The desk officer also acknowledged the role played by various government ministries, departments and agencies, as well as the Department of Pollution Control and Environmental Health, in advancing the project’s objectives.
According to the official, the interactive session was designed to allow stakeholders to examine emerging issues related to energy use in industries, share experiences, address challenges and identify opportunities for improvement.
The official stressed that sustainable economic growth requires strong collaboration among government, industry, development partners and civil society.
Participants were therefore encouraged to actively contribute ideas and insights that could help strengthen the implementation of energy-efficient industrial practices in Nigeria.
Representatives of the organised private sector also highlighted the need to scale up financing mechanisms that support industries seeking to adopt energy-efficient technologies.
They noted that while progress had been made through innovative financing models and technical support programmes, wider adoption would require increased investment, stronger policy support and continued capacity building for industries, particularly small and medium enterprises.
Stakeholders agreed that the engagement of the organised private sector, non-governmental organisations and the media would be critical in sustaining the momentum generated by the project.
They emphasised that awareness creation, knowledge sharing and policy advocacy would play key roles in expanding the adoption of energy-efficient and cleaner production practices across Nigeria’s industrial landscape.
Participants expressed optimism that stronger collaboration among stakeholders would help accelerate the transition toward a more efficient, competitive and environmentally sustainable industrial sector in Nigeria.
Stakeholders Push for Scaled-Up Energy Efficiency in Nigeria’s Industrial Sector
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