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
Cuba, Colombia React as US Confirms Military Strikes on Venezuela
Cuba, Colombia React as US Confirms Military Strikes on Venezuela
By: Michael Mike
Cuba and Colombia have issued statements following reports of US military strikes on Venezuela, after multiple explosions were recorded in the capital, Caracas, early Saturday.
Residents reported loud blasts across several parts of the city, alongside sightings of warplanes, helicopters and what appeared to be unmanned aerial vehicles operating overhead. Venezuela’s government described the incident as a “serious military aggression,” alleging that US forces targeted both civilian and military sites in Caracas and in the surrounding states of Miranda, Aragua and La Guaira.
US President Donald Trump later confirmed that American forces carried out the operation, announcing that Venezuelan President Nicolás Maduro and his wife had been captured and flown out of the country.
In a strongly worded response, Cuban President Miguel Díaz-Canel condemned the action, calling on the international community to respond urgently. He described the strike as a criminal act that violated regional peace, accusing Washington of state terrorism against Venezuela and Latin America as a whole.
“Our zone of peace is under brutal assault,” Díaz-Canel said, expressing solidarity with the Venezuelan people.
Colombian President Gustavo Petro took a more measured approach, stating that his government was closely monitoring developments. He expressed concern over the reported explosions and increased aerial activity, warning against further escalation.
“The Colombian government rejects any unilateral military action that could worsen the crisis or endanger civilians,” Petro said.
Former Bolivian President Evo Morales also condemned the strikes, describing them as an imperialist attack that violated Venezuela’s sovereignty. He pledged solidarity with the Venezuelan people, insisting the country was not facing the situation alone.
The developments unfold against the backdrop of longstanding tensions between Washington and Caracas. The Trump administration has repeatedly accused Venezuela’s leadership of involvement in large-scale drug trafficking, claims the Maduro government has dismissed as justification for foreign intervention and regime change.
Cuba, Colombia React as US Confirms Military Strikes on Venezuela
News
Seven killed in Qua’an-Pan as attackers target fellow Christian villagers in Plateau
Seven killed in Qua’an-Pan as attackers target fellow Christian villagers in Plateau
By: Zagazola Makama
At least seven persons were killed late Friday night in Bong village, Doemak District, Qua’an-Pan Local Government Area of Plateau State, in an attack reportedly carried out against fellow Christians residents by criminals operating within the community.
Eyewitnesses said the attackers stormed the community late at night while residents were asleep in an attempt to rustled their livestock.
A native of the area, Mr Lawrence Dogari, said that many villagers were injured in the attack, while some persons were still missing.

“For now, I can confirm that over seven persons have been killed, while several others were injured. Some people are still unaccounted for,” Dogari said.
Confirming the incident, Mr Danaan Cletus Sylvanus, Director of Press and Publicity to the Executive Chairman of Qua’an-Pan Local Government Council, Mr Christopher Audu Manship, said the exact number of casualties was still being verified.
He said the council chairman had condemned the attack and was working closely with security agencies to ensure that the perpetrators were arrested and brought to justice.
“The chairman is deeply saddened by the attack on innocent persons and is collaborating with security operatives to ensure the culprits are brought to book,” Sylvanus said.
Meanwhile, sources at the Plateau State Police Command said the incident was linked to a cattle-rustling attempt carried out by criminal elements operating within the area.
According to a police sources, at about 4:20 a.m. on Jan. 2, unknown armed men invaded Bong/Kook village in Qua’an-Pan LGA and rustled some cows. It said that operatives of the police, military, NSCDC and vigilante groups were mobilised to the area following a distress call.

The sources said that two of the assailants were killed in a bid escape, but later abandoned the rustled cows and fled.
“The rustled cows have been recovered, while the corpses of the deceased were deposited at the Cottage Hospital morgue in Kwalla for autopsy,” the police sources said, adding that additional security deployment had been made to the area.
Notably, preliminary accounts from the community and security sources indicate that the attack was not carried out by Fulani bandits, nor did the rustled livestock belong to Fulani pastoralists, pointing to the indications that the attackers were members of the local community.
Seven killed in Qua’an-Pan as attackers target fellow Christian villagers in Plateau
News
AT KASHIM IBRAHIM UNIVERSITY CONVOCATION CEREMONY IN MAIDUGURI
AT KASHIM IBRAHIM UNIVERSITY CONVOCATION CEREMONY IN MAIDUGURI
No Investment In Education Is A Gamble, Says VP Shettima
…As varsity installs Ooni of Ife as Chancellor
By: Our Reporter
Vice President Kashim Shettima has observed that there is no investment in education that is a gamble, saying the the education sector remains a deliberate commitment to securing a better future for Nigeria.
He described education as the most powerful tool for development, economic empowerment, and societal liberation.
Speaking on Saturday during the combined convocation ceremonies of Kashim Ibrahim University in Borno State, where a total of 2,294 students graduated across three academic sessions (2022/2023, 2023/2024 and 2024/2025), the Vice President said, “No investment in education is ever a gamble. It is a conscious plan for a better, more secure future.”
He urged the graduating students to see themselves as ambassadors of integrity, service, and excellence, noting that their conduct would define the reputation of the institution.

“Wherever life takes you, you carry the name and values of Kashim Ibrahim University. You must shun ethical shortcuts and moral compromise,” he stated.
The Vice President pointed out that Borno State and its government understand the consequences of neglecting education, having endured years of disruption caused by insurgency.
“Borno has paid a heavy price for the years education was disrupted. Yet, the people chose resilience over despair and learning over loss,” he said.
Describing the graduands as pioneers of the university, VP Shettima reminded them that history has placed a special responsibility on their shoulders.
“You are the first torchbearers of this institution. History will judge this university by what you become and how you conduct yourselves,” he added.
He commended the academic and administrative leadership of the institution, including its pioneer Vice-Chancellor, current management, lecturers, and staff, for laying what he termed “a solid foundation for learning in the heart of the North-East.”
The VP praised Borno State Governor, Prof. Babagana Umara Zulum, describing him as “a leader whose vision turned an idea into an enduring institution.”
“This convocation is proof that true leadership measures power by the number of lives it enlightens,” he maintained, just as he applauded the university’s Pro-Chancellor and Chairman of the Governing Council, Alhaji Muhammadu Indimi, for his commitment to the state, even at the height of the Boko Haram insurgency.

“Alhaji Indimi’s wealth has consistently been deployed for the good of society, especially when Borno needed it most,” he added.
Senator Shettima further acknowledged the role of traditional institutions, particularly the Shehu of Borno, even as acknowledged the solidarity shown by North-East governors during the darkest days of insurgency in the region.
In a symbolic gesture, the Vice President announced the donation of two electric vehicles to support the university’s shuttle services, saying “these vehicles are a modest contribution to ease mobility within the campus and support the learning environment”.
Earlier, Governor Zulum of Borno State announced automatic employment for 81 best graduating students of the university, and immediate postgraduate sponsorships within and outside Nigeria.
“Excellence must be rewarded. These young men and women have earned the confidence of the Borno State Government,” Zulum said.
He urged the graduates to step into the world as worthy ambassadors of the institution and agents of development.
The Chancellor of the university, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi II, pledged to work towards the accelerated growth of the institution.
“I accept this responsibility with humility and commitment. I will work tirelessly to advance the development of Kashim Ibrahim University,” the monarch said.
He thanked the Vice President for initiating the establishment of the university and Governor Zulum for finding him worthy of the appointment.
The Vice-Chancellor, Prof. Babagana Gutti, disclosed that the university’s ultra-modern teaching hospital, nearing completion, would be the largest and most equipped in the country.
“When completed, our teaching hospital will stand as a national reference point for medical training and service delivery,” he said.
Prof. Gutti added that the institution, established during Shettima’s tenure as Governor of Borno State, has been ranked the fastest-growing university in Nigeria, noting that over 50 physical projects were completed by the state government.
Highlights of the convocation included the installation of the Ooni of Ife as Chancellor of the university and the conferment of honorary Doctor of Letters degrees on him and international businessman, Alhaji Muhammadu Indimi.
Best graduating students were also awarded MSc and PhD scholarships by Vice President Shettima.
AT KASHIM IBRAHIM UNIVERSITY CONVOCATION CEREMONY IN MAIDUGURI
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