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UN Report: 2024 Could Errand Protracted Period of Low Growth

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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

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VP Shettima Departs Abuja For 69th ECOWAS Summit in Freetown

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VP Shettima Departs Abuja For 69th ECOWAS Summit in Freetown

By: Our Reporter

The Vice President, Senator Kashim Shettima has departed Abuja to represent President Bola Ahmed Tinubu, GCFR, at the 69th Ordinary Session of the Authority of the Heads of State and Government of the Economic Community of West African States (ECOWAS) in Freetown, Sierra Leone.

Senator Shettima will join other political and business leaders across West Africa and beyond at the Summit scheduled to take place at the Julius Maada Bio International Conference Centre, Freetown, today, July 19, 2026.

The summit is expected to focus on key policy decisions, strategic resolutions, and reaffirm the leaders’ collective commitment to peace, democracy, economic growth, and regional integration.

A part of the ECOWAS Mid-Year statutory meeting, the summit will bring together Heads of State and Government, Ministers, senior officials and regional institutions to advance the Community’s shared priorities of security, democratic governance, economic integration, trade, infrastructure and sustainable development.

The Vice President will return to Abuja at the conclusion of his engagements in the West African nation.

VP Shettima Departs Abuja For 69th ECOWAS Summit in Freetown

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Buni approves N74 billion for projects in Yobe

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Buni approves N74 billion for projects in Yobe

By: Yahaya wakili

The Yobe State Executive Council has approved the sum of ₦73,323,775,914.05 billion for various projects and services across the state.

In its meeting held today, presided over by His Excellency Governor Mai Mala Buni. The council approved the sum of ₦28.531 billion for the procurement of agricultural tools and implements for the mega agriculture empowerment program of Governor Mai Mala Buni for the year 2026.

The council has also ratified ₦4.939 billion for the construction of the Buni-Yadi modern motor park and grains market. In addition, the sum of ₦5.687 billion was approved by the council for external facilities and augmentation of the perimeter fence at the Damaturu modern motor park.

The state executive council also approved 3.945 billion for the construction of a new shopping mall and mini-market in Buni-Gari town. The council also ratified ₦ 652 million for the acquisition of Fanzar Mixed Farms Limited.

The sum of 3.424 billion has been approved by the council for the construction of an office complex/HQ for the Ministry of Housing and the purchase of 208 housing units from the Federal Ministry of Housing and Urban Development.

The council also approved the sum of 1.342 billion for upgrading, remodeling, landscaping, and installing safety barriers for four major roundabouts in the Damaturu metropolis and some upgrades in the ongoing construction of the Damaturu mega shopping mall, respectively.

The state executive council has also approved the sum of 460.828 million for the procurement of beans for distribution to female small business owners as empowerment support. In addition, a total of 1,780 bags of 50 kg of beans will also be distributed to beneficiaries, as well as the sum of 364.475 million for the procurement of 1,000 units of Yamaha GX 390 grinding machines for empowerment support to people across the state.

The sum of 23.974 billion was ratified by the council for two major road projects. These include $21.904 billion for the rehabilitation and asphalt overlay of the 45 km Kalallawa-Kaliyari road in Damaturu and Tarmuwa local government areas and $2.070 billion for the construction of the 7 km Damagum-Gubana road. The project completes 17 km of road to Gubana town from Damagum.

Buni approves N74 billion for projects in Yobe

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FCT NUJ Chair Grace Ike Charges Graduands to Be Solution Providers, Choose Character Over Certificates

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FCT NUJ Chair Grace Ike Charges Graduands to Be Solution Providers, Choose Character Over Certificates

By: Michael Mike

The Chairman of the Nigeria Union of Journalists (NUJ), FCT Council, Comrade Grace Ike, has challenged graduating students of Beautiful Beginning Academy (BBA) to become solution providers, build bridges rather than walls and choose character, integrity and service over certificates and material success.

Ike gave the charge at the weekend while delivering the keynote address as Guest Speaker at the 2026 graduation ceremony of Beautiful Beginning Academy, held at Nile University, Abuja.

Addressing the graduands, the NUJ chairman said the ceremony should not be viewed as an end, but as the beginning of a new journey filled with purpose, responsibility and possibilities.

She urged them to understand that academic achievement, though important, would not by itself determine their success in life, stressing that character would ultimately define their reputation and impact.

According to her, while examinations in the classroom may have ended, life would continue to test the values and principles of the graduands.

“The examinations that truly matter are not set by teachers but by life itself. They test honesty, courage, discipline, resilience, compassion and integrity,” she said.

Ike noted that knowledge without strong moral values was insufficient, adding that certificates and academic achievements could open doors, but character would determine how long individuals remained relevant and trusted.

“The questions life asks are not answered with pencils; they are answered with character.

“Knowledge may make you intelligent, but character will make you unforgettable. Long after people forget your grades, they will remember your integrity. Long after certificates gather dust, your reputation will continue to speak for you,” she said.

She also encouraged the graduands not to be discouraged by setbacks, describing failure as an inevitable part of the journey to success.

“There will be days when life will not go according to your plans. You may fail an examination, lose an opportunity, face disappointment or experience rejection.

“When those moments come, remember this: failure is not the opposite of success; it is often the road that leads to it,” she said.

The NUJ chairman urged the students to remain curious, cultivate the habit of reading, respect others, choose their friends wisely and maintain confidence in their abilities.

She further challenged them to become agents of positive change who would use their knowledge and opportunities to improve the lives of others.

“Success is not measured by how much money you make but by how many lives become better because you lived. Success may fill your pocket, but significance fills your purpose. Service earns respect. Character earns trust. Legacy earns remembrance,” Ike said.

She paid tribute to parents for their sacrifices and support in the education of the graduands, while commending the teachers and management of Beautiful Beginning Academy for their commitment to quality education, mentorship and the development of future leaders.

The ceremony also featured a powerful demonstration of the transformative impact of inclusive education and compassion, with Adaeze’s scholarship emerging as one of the defining moments of the event.

The scholarship, which opened a new door of opportunity for a child with special needs, underscored the importance of creating an inclusive society where every child is given the opportunity to learn, grow and fulfil his or her potential.

Earlier, the Chairman of the Board of Beautiful Beginning Academy, Sir Chinasaokwu Innocent Okolie, charged the graduands to be good ambassadors of the school, stressing that the world was waiting for their contributions and exploits as future leaders.

He urged them to uphold the values they had acquired in the institution and to approach the future with courage, discipline and a strong sense of responsibility.

FCT NUJ Chair Grace Ike Charges Graduands to Be Solution Providers, Choose Character Over Certificates

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