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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
FRSC Credits Correctional Service for Decline in Road Crashes, Traffic Offences in FCT
FRSC Credits Correctional Service for Decline in Road Crashes, Traffic Offences in FCT
By: Michael Mike
The Federal Road Safety Corps (FRSC) has attributed the decline in road crashes and traffic violations in the Federal Capital Territory (FCT) to its growing collaboration with the Nigerian Correctional Service (NCoS), particularly through the non-custodial sentencing system.
FCT Sector Commander of the FRSC, Corps Commander Tijjani Iliyasu, made the assertion on Thursday during a courtesy visit to the Controller of Corrections, FCT Command, Christopher Peter Jen, at the Command Headquarters in Abuja.
Iliyasu said the establishment of a Non-Custodial Desk Office at the FRSC FCT Sector Command and the deployment of Correctional Officers to the Corps’ mobile courts had significantly improved compliance with traffic regulations.

According to him, the prompt prosecution of traffic offenders through the mobile courts has served as a deterrent, leading to a marked reduction in traffic offences and road crashes across the FCT.
“With the establishment of the non-custodial desk office here at the FCT Sector Command and the presence of Correctional Officers in our mobile courts that punish traffic offenders almost immediately, we have witnessed a remarkable reduction in traffic offences and road crashes in the FCT,” he said.
The Sector Commander, however, noted that recklessness, indiscipline and disregard for traffic laws remain major contributors to road accidents. He urged motorists and road users to take safety seriously and avoid allowing ignorance or poor driving habits to endanger lives.

Responding, Controller of Corrections Christopher Peter Jen thanked the FRSC leadership for the visit and reaffirmed the commitment of the Nigerian Correctional Service to strengthening collaboration with the road safety agency.
Jen outlined the Service’s mandate of reformation, rehabilitation and reintegration of offenders, adding that the NCoS would continue to support the FRSC’s efforts to improve road safety and reduce crashes in the nation’s capital.

The meeting also explored additional areas of cooperation between the two agencies aimed at enhancing public safety and promoting greater compliance with traffic laws.
FRSC Credits Correctional Service for Decline in Road Crashes, Traffic Offences in FCT
News
Fubara Pushes for Sweeping Public Service Reforms, Digital Transformation
Fubara Pushes for Sweeping Public Service Reforms, Digital Transformation
By: Michael Mike
Rivers State Governor, Sir Siminalayi Fubara, has called for sustained investment in public service reforms, capacity development and digital transformation, warning that Nigeria must reposition its public institutions to meet the demands of a rapidly changing world.
Speaking on Thursday at the opening of the 48th Meeting of the National Council on Establishments (NCE) in Port Harcourt, Fubara said the country’s public service must become more agile, technology-driven, accountable and performance-oriented to effectively deliver on government policies and national development goals.
The meeting brought together the Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, alongside Heads of Service from the 36 states and the Federal Capital Territory.
The governor stressed that advances in technology, changing workforce dynamics and rising public expectations require governments to rethink the structure and operations of the civil service.
According to him, public institutions should not merely respond to change but anticipate and lead it through policies that reward competence, innovation, integrity and outstanding performance.
Describing the public service as the “engine room of government,” Fubara said it remains the institution through which government policies are translated into programmes and essential services delivered to citizens.
He noted that no administration can achieve sustainable development without a competent, motivated and efficient workforce.
“The strength of any government is ultimately reflected in the quality of its public service,” he said, adding that a disciplined, innovative and performance-driven civil service is fundamental to economic growth, institutional stability and public confidence.
Fubara challenged members of the National Council on Establishments to ensure that their deliberations produce practical and implementable recommendations capable of strengthening institutional capacity, promoting transparency, deepening professionalism and improving productivity across the Nigerian public service.
Highlighting reforms undertaken by his administration, the governor said Rivers State has continued to prioritise the welfare and professional development of civil servants through improved remuneration and better working conditions.
He disclosed that the state pays a minimum wage above the nationally approved benchmark while maintaining prompt payment of salaries, pensions, gratuities and Christmas bonuses.
The governor also said regular staff promotions have been restored to reward competence and years of service, while work is nearing completion on the comprehensive renovation and modernisation of the State Secretariat Complex to provide civil servants with a technology-driven and conducive work environment.
According to him, these measures reflect his administration’s belief that a motivated and well-equipped workforce is critical to efficient governance and improved service delivery.
Fubara also commended the Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, for what he described as her bold leadership in driving reforms aimed at improving professionalism, innovation, performance management and institutional excellence within the Federal Civil Service.
He expressed optimism that the resolutions of the 48th National Council on Establishments meeting would shape the future of public administration in Nigeria by strengthening institutions, improving career management systems and enhancing governance nationwide.
Fubara Pushes for Sweeping Public Service Reforms, Digital Transformation
News
NSCDC Arrests Six Over Abuja Pipeline Vandalism, Fuel Theft
NSCDC Arrests Six Over Abuja Pipeline Vandalism, Fuel Theft
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has arrested six suspected petroleum pipeline vandals allegedly caught siphoning Premium Motor Spirit (PMS) from vandalised Nigerian National Petroleum Company (NNPC) pipelines in the Federal Capital Territory (FCT), Abuja.
The suspects, all males aged between 20 and 32, were paraded on Thursday at the crime scene in Pagada I, Dobi Ward, Gwagwalada Area Council, where the illegal operation was uncovered.
Addressing journalists, the FCT Commandant of the NSCDC, Dr. Olusola Odumosu, said operatives of the Command’s Anti-Vandal Squad acted on credible intelligence and a tip-off about suspicious activities around the pipeline corridor.
According to him, the suspects were apprehended while allegedly scooping petrol from pipelines they had punctured using drilling equipment and loading the product into jerrycans and plastic bags.
Recovered exhibits included two motorcycles, two locally fabricated firearms, four 25-litre jerrycans containing suspected stolen PMS, two empty jerrycans, a shovel and hand drilling machines used to puncture the pipelines.
Odumosu disclosed that preliminary investigations revealed the suspects had carefully studied the terrain and identified points where underground pipelines contained fuel residue. He added that one of the suspects, an indigene of Pagada I, allegedly recruited two accomplices from the Lambata area to participate in the operation.
He further alleged that three members of a local vigilante group were involved in the crime by providing protection and support for the vandals during the illegal operation.
The commandant said investigations were ongoing to track down other members of the criminal network, while the Nigeria Petroleum Storage Company had been notified to repair and secure the damaged pipelines.
Describing pipeline vandalism as economic sabotage, Odumosu warned that the Corps would not tolerate the destruction of critical national infrastructure.
“We condemn in strong terms any form of vandalism in the FCT, whether it involves petroleum pipelines, manhole covers, crash barriers, bridge aluminium, streetlights, armoured cables, transformers or railway sleepers. These are deliberate acts intended to undermine and cripple the nation’s economy,” he said.
He noted that pipeline vandalism not only contributes to fuel scarcity and environmental degradation but also exposes nearby communities to the risk of devastating fire outbreaks and threatens agricultural activities in affected areas.
The NSCDC boss vowed that anyone found vandalising public assets for personal gain would face the full weight of the law.
Odumosu also appealed to residents and traditional institutions to support security agencies with timely and credible information, assuring that informants’ identities would be protected.
“When you see something, say something, and we will do something,” he said.
Speaking at the event, the Councillor representing Dobi Ward, Gado Shuaibu, commended the NSCDC for its swift response and urged residents to desist from acts of vandalism, warning that he would not intervene on behalf of anyone arrested for such offences.
Similarly, the Village Chief of Pagada I, Abubakar Ibrahim, pledged the community’s continued cooperation with security agencies to protect critical infrastructure and prevent future incidents.
The latest arrests come amid renewed efforts by security agencies to curb pipeline vandalism and the theft of petroleum products, crimes that have continued to undermine Nigeria’s oil sector, threaten public safety and inflict significant economic losses on the country.
NSCDC Arrests Six Over Abuja Pipeline Vandalism, Fuel Theft
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