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
Nigeria Advised to Treat Wildlife Crime as National Security Threat
Nigeria Advised to Treat Wildlife Crime as National Security Threat
By: Michael Mike
Nigeria has been urged to treat wildlife trafficking and illegal exploitation of biodiversity as a major organized crime threat capable of undermining national security, economic stability and sustainable development.
The Country Representative of the United Nations Office on Drugs and Crime, Cheikh Touré, gave the warning in Abuja during the commemoration of World Wildlife Day, stressing that wildlife crime now operates as a sophisticated international criminal network rather than merely an environmental issue.
Touré said the illegal trade in wildlife and plant species continues to weaken ecosystems, fuel illicit financial flows and erode the economic potential of countries rich in biodiversity such as Nigeria.
According to him, wildlife crime has evolved into a serious transnational organised crime that threatens the rule of law and deprives communities of valuable natural resources that support livelihoods and sustainable development.
He explained that Nigeria’s rich biodiversity, including valuable medicinal and aromatic plants used for traditional healthcare and economic activities, faces increasing pressure from illegal trade, habitat destruction, climate change and unsustainable harvesting.
Touré, however, acknowledged recent legislative progress made by Nigeria, particularly the passage of the Endangered Species Conservation and Protection Bill, describing it as a major step toward strengthening the country’s legal framework for biodiversity protection.
Despite this progress, he stressed that legislation alone would not stop wildlife crime unless it is backed by effective enforcement, improved institutional capacity and stronger public awareness.
He noted that combating wildlife trafficking requires coordinated partnerships among government institutions, civil society organisations, international agencies and local communities.
The UNODC official also highlighted the organisation’s efforts to mobilise young Nigerians in conservation advocacy through the #BeWildForNature campaign launched in 2024.
Through a competitive process, selected youths were incorporated into a mentorship programme where conservation experts provided training on digital advocacy, wildlife protection and community mobilisation.
According to Touré, the initiative has helped build a network of young environmental advocates now driving conservation campaigns and community outreach programmes across Nigeria.
Speaking at the event, the United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Fall, said the protection of biodiversity is directly linked to human health, economic stability and environmental sustainability.
Represented by the UNICEF Representative in Nigeria, Wafaa Saeed, Fall noted that medicinal plants remain a primary healthcare resource for millions of people and are deeply embedded in traditional knowledge systems and local economies.
However, he warned that biodiversity loss, environmental degradation and climate change are threatening these critical natural assets, making conservation an urgent development priority.
He added that protecting biodiversity contributes directly to the achievement of the United Nations Sustainable Development Goals, including goals related to health, climate action and environmental protection.
Also speaking, Onah Bisong of the Federal Ministry of Youth Development (Nigeria) said the Federal Government recognises the important role of young people in advancing environmental sustainability.
Bisong stressed that Nigerian youths must be empowered to champion biodiversity protection through innovation, advocacy and community engagement, noting that such efforts can also create green jobs and support economic growth.
He added that young Nigerians are not merely beneficiaries of the country’s natural resources but critical partners in ensuring that those resources are protected for future generations.
Nigeria Advised to Treat Wildlife Crime as National Security Threat
News
FG Evacuates 1,230 Stranded Nigerians from Niger
FG Evacuates 1,230 Stranded Nigerians from Niger
By: Michael Mike
The Federal Government has successfully evacuated 1,230 stranded Nigerians from neighbouring Niger, reinforcing its commitment to protecting citizens abroad amid emerging regional challenges.
The evacuation, coordinated by the Nigeria’s Ministry of Foreign Affairs, involved the voluntary repatriation of Nigerians who had been stranded in Niamey, the capital of Niger Republic.
According to a statement on Wednesday by the spokesperson of the ministry, Kimiebi Ebienfa, the returnees arrived in Nigeria in two separate batches. The first group of 708 Nigerians was received on March 23, 2026, while the second batch of 522 arrived on March 29, bringing the total number of evacuees to 1,230.
He said the humanitarian operation was carried out in partnership with the International Organization for Migration, whose logistical and technical support ensured the smooth movement and reception of the returnees.
On arrival in Kano, the evacuees were received by a coordinated team of government agencies and humanitarian partners tasked with ensuring an orderly reception and immediate support for the returning citizens.
Agencies involved in the reception included the National Commission for Refugees, Migrants and Internally Displaced Persons, National Emergency Management Agency, National Agency for the Prohibition of Trafficking in Persons, Nigeria Immigration Service and the Nigeria Security and Civil Defence Corps.
Other participating bodies were the International Committee of the Red Cross, the Nigeria Police Force and the Department of State Services, as well as officials from the Kano and Katsina state governments.
The returnees were subjected to profiling at the airport to document their details and enable appropriate reintegration support. They were later moved to the Immigration Training School in Kano where temporary accommodation, meals, medical attention and other basic necessities were provided.
Authorities said the evacuees were subsequently discharged after completing the necessary procedures and reunited with their families.
The Ministry noted that the evacuation underscores the Federal Government’s broader responsibility to ensure the safety and dignity of Nigerians wherever they may be, particularly in situations that pose humanitarian risks.
It also expressed appreciation to the Government of Niger for its cooperation throughout the evacuation process, noting that such collaboration reflects the enduring diplomatic and humanitarian ties between both countries.
The ministry further commended international partners, particularly the International Organization for Migration and the International Committee of the Red Cross, for their continued support in addressing migration and humanitarian challenges.
Nigerian citizens residing abroad were urged to respect the laws of their host countries and maintain regular contact with Nigerian diplomatic missions to facilitate timely assistance in emergency situations.
FG Evacuates 1,230 Stranded Nigerians from Niger
News
FG Declares April 3 and 6 Public Holidays for Easter
FG Declares April 3 and 6 Public Holidays for Easter
By: Michael Mike
The Federal Government has declared Friday, April 3, and Monday, April 6, 2026, as public holidays to enable Christians across the country celebrate Easter.
The announcement was made by the Minister of Interior, Olubunmi Tunji-Ojo, on behalf of the Federal Government, according to a statement issued by the Permanent Secretary of the Federal Ministry of Interior (Nigeria), Magdalene Ajani.
The minister congratulated Christians in Nigeria and in the diaspora on the celebration, describing Easter as a period that reflects the enduring values of sacrifice, renewal and hope.
He urged Nigerians to emulate the virtues of selflessness, forgiveness, patience and love as demonstrated in the life and teachings of Jesus Christ.
Tunji-Ojo also called on citizens to strengthen the spirit of tolerance, unity and peaceful coexistence, stressing that these values remain critical to national cohesion.
According to him, the Federal Government remains committed to policies and decisions aimed at promoting national renewal, economic growth and shared prosperity for all Nigerians.
He further wished Christians across the country a peaceful and joyful Easter celebration.
Easter is one of the most significant events in the Christian calendar, commemorating the resurrection of Jesus Christ and symbolising victory over death and the promise of new life for believers.
FG Declares April 3 and 6 Public Holidays for Easter
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News12 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
