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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 Reassures Borno Residents as Insecurity Resurges, Vows Decisive Action Against Insurgents
Zulum Reassures Borno Residents as Insecurity Resurges, Vows Decisive Action Against Insurgents
By: Michael Mike
Governor of Borno State, Babagana Umara Zulum, has reassured residents that authorities remain firmly in control despite a recent resurgence of insecurity in parts of the state, pledging a robust response to defeat insurgent elements attempting to destabilize communities.
In a statewide broadcast on Thursday, the governor acknowledged growing concerns following renewed attacks in some areas but insisted that the security situation remains manageable.
Zulum said the recent spike in attacks was largely a result of intensified military offensives that have dislodged insurgents from their hideouts, forcing them to disperse and attempt infiltration into local communities.
According to him, security agencies are already implementing coordinated strategies to counter the renewed threats and ensure that the insurgents do not regain a foothold in the state.
“The overall security environment, while tested, remains under control, and we are doing everything possible to protect lives and property,” he said.
The governor noted that although significant progress had been made over the past seven years in restoring stability and rebuilding communities affected by the insurgency, authorities have always remained aware that the threat was not entirely over.
Zulum stressed that the fight against insurgency requires collective responsibility, urging residents to strengthen cooperation with security agencies by providing timely intelligence and reporting suspicious activities.
He warned individuals who aid insurgents through information sharing, shelter, or logistics that the government would no longer tolerate such actions.
“Those who collaborate with these criminals are enemies of the state and will face the full weight of the law,” he said.
The governor commended the Nigerian Armed Forces and other security agencies for their sacrifices and dedication in defending the state, while also paying tribute to soldiers and civilian volunteers who have lost their lives in the ongoing conflict.
He also expressed appreciation to President Bola Ahmed Tinubu for approving funding to support operations of the Multinational Joint Task Force and other military campaigns against insurgents across the country.
Zulum further thanked Vice President Kashim Shettima for representing the president during a sympathy visit to the state following recent security incidents.
The governor called on political actors in the state to avoid exploiting the security situation for political advantage, particularly as the political season approaches.
He urged aspirants and their supporters to prioritise peace and stability over personal ambitions, warning that political divisions could undermine the fragile gains made in restoring security.
“As we look to the future and choose a new leader for our state, let us pray for a worthy successor,” he said.
Zulum also appealed to residents to remain vigilant during the final days of Ramadan and the upcoming Eid celebrations, advising citizens to observe their prayers within their communities and promptly report suspicious movements to security authorities.
He reaffirmed his administration’s commitment to preventing insurgents from regaining control of the state.
“Borno shall not fall into the hands of insurgents,” he declared.
Zulum Reassures Borno Residents as Insecurity Resurges, Vows Decisive Action Against Insurgents
News
ASHLEE MOMOH FOUNDATION HONOURS WIDOWS OF FALLEN HEROES
ASHLEE MOMOH FOUNDATION HONOURS WIDOWS OF FALLEN HEROES
Comrade Philip Ikodor
The Ashlee Momoh Foundation (AMF), a non-profit organization dedicated to supporting the families of fallen military officers, has called on Nigerians to rally behind the widows of our heroes who made the ultimate sacrifice for the nation’s defence and sovereignty.
In a heartfelt statement during the maiden edition of the Foundation’s formal outreach, Princess Ashlee Omonegho Momoh, Founder and CEO of AMF, expressed the organization’s commitment to supporting the widows and their children. “We recognize that the peace and security we enjoy as a nation were bought at a price paid by your households, and for that, we owe you more than just a debt of gratitude; we owe you our unwavering support,” she said.

The Foundation, which was established in 2016, has been working tirelessly to support the families of fallen military officers. Princess Ashlee noted that the organization’s efforts are driven by passion and resilience, and that they are committed to honouring the sacrifice of our fallen heroes by supporting their families.
“We are not just a foundation and its beneficiaries; we are a family,” Princess Ashlee emphasized. “Today, I am incredibly proud that AMF is officially registered and powered by an extraordinary team that shares our vision and passion.”
The event featured a keynote address by Dr. Iwowarri Berian James, CEO of GoldenRays Energy Health Services Ltd, who spoke on the topic “Resolving Loss Trauma for Personal Freedom”. Dr. Iwowarri emphasized the importance of incorporating post-traumatic stress disorder (PTSD) management as a basis for stabilizing the widows and their children.

The Ashlee Momoh Foundation’s outreach was marked by the presentation of food items, clothing, and cash gifts to the widows. The event was a celebration of the resilience and strength of the widows and their families, and a testament to the Foundation’s commitment to supporting them.
The Foundation has urged Nigerians to join them in supporting the widows of our fallen heroes, and to engage with AMF to share their needs and receive support.
ASHLEE MOMOH FOUNDATION HONOURS WIDOWS OF FALLEN HEROES
News
Environmental Activist Warns Against ‘Junk Food Culture’, Calls for Decolonisation of Africa’s Food Systems
Environmental Activist Warns Against ‘Junk Food Culture’, Calls for Decolonisation of Africa’s Food Systems
By: Michael Mike
Environmental activist Nnimmo Bassey has warned that the growing dominance of junk food, genetically modified crops and global market forces is undermining Africa’s food culture and deepening the politics of hunger.
Bassey made the remarks on Thursday during the Sustain-Ability Academy session on Food, Power and the Politics of Hunger, hosted by the Health of Mother Earth Foundation in collaboration with the University of Port Harcourt.
He stressed that food occupies a central place in cultural identity and social life, noting that across Nigeria and other societies, food traditions reflect the diversity and history of different communities.
According to him, food goes beyond satisfying hunger and serves as a powerful symbol of acceptance, celebration and communal belonging.
“Food unites people and families and marks one’s acceptance in a home, family or community,” he said.
Bassey traced the evolution of food systems in Nigeria, noting that cross-cultural exchanges, commerce and colonial influence had spread many local and foreign cuisines across the country and the world.
However, he warned that the increasing global spread of fast foods and processed diets was fostering what he described as a “junk culture,” driven largely by the modern obsession with instant gratification.
He criticised the growing popularity of fast-food outlets, saying their flashy environments, loud music and entertainment distractions encourage people to consume highly processed meals containing harmful additives without reflection.
The activist also expressed concern about political leaders publicly promoting junk food and sugary drinks, arguing that such behaviour sends the wrong signal and normalises unhealthy food habits.
Beyond fast food, Bassey raised alarm over the growing presence of genetically modified crops in Nigeria’s agricultural system, describing them as “Frankenstein foods” introduced through global market pressure.
He argued that many genetically engineered crops are designed to tolerate chemical pesticides or produce insecticides, raising questions about long-term health and environmental implications.
According to him, food systems have increasingly become a geopolitical arena where powerful economic interests shape what people grow and eat.
“Poverty, wars, debt and cultural manipulation create pathways for food colonialism to take root,” he said, warning that global control of food systems could weaken local agriculture and threaten indigenous food heritage.
Bassey called for the “decolonisation” of Africa’s food systems through the preservation of indigenous crops, protection of seed-sharing traditions and renewed support for smallholder farmers.
He also urged policymakers to confront the deeper causes of hunger on the continent, noting that food insecurity is not simply the result of low production.
In Nigeria, he observed, a significant portion of food produced is lost to waste, while structural issues such as weak markets, global trade pressures and poverty continue to undermine local farmers.
Bassey emphasised that governments must critically examine who benefits from hunger and ensure that food policies prioritise fairness, justice and environmental sustainability rather than corporate profit.
The environmentalist urged stakeholders to rebuild resilient food systems that protect cultural heritage, strengthen local farming communities and guarantee food security for future generations.
Environmental Activist Warns Against ‘Junk Food Culture’, Calls for Decolonisation of Africa’s Food Systems
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