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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
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section

International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
By: Bodunrin Kayode
The international Police Academy (UNIPOL) has Appointed Deputy Commander General (DCG) Joseph Icha,
Director Training and Manpower Development, National Drug Law Enforcement Agency (NDLEA) as Director International Counter Narcotics Training Nigeria Section.
A statement from the academy’s management stated that “the academy proudly announces the appointment of
DCG Joseph Icha, Director Training and Manpower Development, NDLEA as Director International Counter Narcotics Training Nigeria Section.
“This appointment recognizes
DCG Joseph Icha, Director Training and Manpower Development, NDLEA. exceptional contributions to national security, law enforcement leadership, and international cooperation.”
Icha has served the Agency in various Senior Management capacities as Principal Staff Officer, Assistant State Commander, Assistant Director, State Commander, and Deputy Director among others, with commendations.
The new international counter narcotics boss has attended several law enforcement courses on Drug Supply Suppression and Drug Demand Reduction within and outside the country.
“He is a Master Trainer with the United Nations Office of Drug and Crime (UNODC) in Drug Law Enforcement intelligence led investigation strategies and Criminal Intelligence. ” said the statement.
Joseph Icha has facilitated training programmes on behalf of UNODC to various law enforcement agencies in the country.
DCG Joseph Icha is a Law Enforcement Operative, mentor, curriculum designer, and advisor per excellence.
He is also a member of several international professional Organizations and currently is the Director Training and Manpower Development of NDLEA.
This important appointment was pronounced under the leadership of Dr. Alexander Jan M (Hany El Zahar), Executive Director, Founder, and CEO of the International Police Academy – UNIPOL, and IPA President (Rtd.) Senior Superintendent of Police Shuaib Adam HSC OLY VJ, International Director of Law Enforcement, Police, and Military, with the support of Prof. Yuval Binstoc (IPA) and Sir Junustia Brecen.
International Police Academy – UNIPOL Appoints Joseph Icha, as Director International Counter Narcotics Training Nigeria Section
News
Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset

Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset
By: Bodunrin Kayode
Plateau State Accountant General Naanret Manset has said that it was not true that Plateau state has refused to comply with the deadline given to states for the submission of 2024 audited financial statements.
Reacting to a report published recently, the accountant general in a statement noted that “the attention of the Office of the Accountant-General of Plateau State has been drawn to a publication by the Foundation for Investigative Journalism (FIJ) titled ‘It’s Past Deadline, 5 States Fail to Publish 2024 Financial Statements’, which wrongly lists Plateau State as one of the defaulters.”
Naanret Manset maintained that “For the record, Plateau State fully complied with all statutory timelines for the preparation, audit, and publication of its 2024 audited financial statements
“Submitted same to the Auditor-General in May, 2025 which is within the stipulated period of 6 months.
“Audit completed in June, 2025 and forwarded to the House of Assembly which is also within the stipulated period of 3 months.
“Approved by the House of Assembly
Published online on 27 July 2025, below the legal timeline of 9 months.
The audited report is publicly available here:
“We urge FIJ to promptly correct their publication and remove Plateau State from the list of non-compliant states.
Plateau State remains committed to transparency, accountability, and timely financial reporting.” It noted.
The FIJ had recently published that six Nigerian states are yet to publish their audited financial statements for the 2024 fiscal year.
It revealed that five of such erring states have already past their statutorily implied deadlines which Plateau is saying is not true as it applies to them.
The publication had said that ” erring states are Akwa Ibom, Kaduna, Ogun, Oyo, Plateau and Rivers.
“In Akwa Ibom’s case, its amended 2021 audit law gives the auditor general up to nine months to publish the report online after submitting it to the House of Assembly.
“The Accountant General has six months to present the books, followed by a 90-day audit and submission period.
” In the other five states, audit laws differ in the year they were enacted or updated, but the process is similar.
“The Accountant General must submit the financial documents to the audit office within three months after the financial year ends.
” The Auditor General is then required to audit the report, send it to the House of Assembly and publish it immediately.
“The Ogun State Audit Law (2021), Rivers State Audit Law (2021, as amended), Akwa Ibom State Audit Law (2021), Oyo State Audit Commission Law (2021) and Plateau State Audit Law (2021) all set out these requirements.
” In Rivers, however, publishing the audit is left to the discretion of the Auditor General.
“In past years, these states have published their audits between June and August. Some have also been ranked among the lowest in transparency.
” The CJID Openness Index, released in July 2024, placed all six in the bottom tier along with 10 others.”
Recently, FIJ reported Akwa Ibom’s repeated disregard for budgetary transparency despite binding provisions in its Fiscal Responsibility Law.
The FIJ report maintained that two states Yobe and Ekiti, scored above average for transparency and accountability in 2024, with 73 per cent and 54 per cent, according to the Sub national Audit Efficacy Index, published by the Paradigm Leadership Initiative.
The report noted that the annual assessment, which measures financial transparency and policy adoption across Nigeria’s state governments, shows a familiar trend: “stagnation or decline.”
Plateau State Complied with the deadline for 2024 Audited financial Reports…. Manset
News
Prof. Ribah clarifies stance on dialogue, says he does not support ransom or levies to bandits

Prof. Ribah clarifies stance on dialogue, says he does not support ransom or levies to bandits
…cautions against misrepresentation of position on dialogue with bandits…
By: Zagazola Makama
Prof. Abubakar Usman Ribah, a peace advocate and member of the Peace Committee, has cautioned social media users against misrepresenting his views on dialogue with bandits as a strategy for sustaining peace in the troubled North West Zone.
Ribah, in a video made available to newsmen on Wednesday, said his comments on dialogue had been twisted and circulated on Facebook, TikTok and X (formerly Twitter), in ways that fuel misunderstanding and hostility.
He urged users to “fear God and stop changing the narrative to suit their own views,” stressing that selective quoting of his remarks was misleading and unfair.
“Social media users should fear God and stop changing the narrative that goes contrary to our own views. You are quoting a segment that suits your narratives, leaving out the rest, and continue to circulate it. That is misrepresentation,” Ribah said.
He explained that his position on dialogue was not in support of paying levies or ransoms to bandits but in favour of a government-led engagement that addresses the root causes of the conflict.
“We believe that fighting with guns only prolongs crises. For 10 years, it has not yielded results, and that is why we wanted to end it through dialogue.
“And the dialogue we are seeking is not the one where villagers go on their own to negotiate with bandits, pay levies in order to farm, or pay ransom to release family members. That type of dialogue is not sustainable. It is betrayal.
“The dialogue we support is the one led by government, where authorities can solve the pressing issues between farmers and herders, and address the needs and demands of all conflicting parties,” he said.
Ribah clarified that his advocacy for dialogue predated the current administration and had been consistent for more than seven years.
“This did not start with this government. I have been engaging in dialogue for over seven years. You can go through my pages. War cannot end war, but dialogue will, if both conflicting parties agree. This is what we are talking about,” he said.
The peace advocate dismissed allegations that he and other members of the Peace Committee were shielding or supporting bandits.
“Some are accusing us of supporting bandits, some are accusing us of giving them protection. But how can we protect bandits that are killing people? No way. What we want is to stop the bloodshed, where everyone will be allowed to go about his normal life,” he stressed.
Ribah further accused some social media commentators of being “conflict entrepreneurs,” whom he said benefitted from circulating negative reports of attacks.
“Some people benefit from telling negative stories of attacks. They are conflict entrepreneurs. We want them to focus on telling positive stories instead of dwelling on negativity,” he added.
The North West Zone, particularly Zamfara, Sokoto, and Katsina States, has for years been plagued by banditry, mass killings, abductions, and forced displacement, with government and stakeholders divided over the most effective approach to peacebuilding.
Prof. Ribah clarifies stance on dialogue, says he does not support ransom or levies to bandits
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