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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
NHRC Honours Ford Foundation for Sustained Support to Human Rights in Nigeria
NHRC Honours Ford Foundation for Sustained Support to Human Rights in Nigeria
By: Michael Mike
The National Human Rights Commission (NHRC) has honoured the Ford Foundation for its sustained contributions to advancing human rights in Nigeria, reinforcing a partnership that has played a critical role in strengthening access to justice and institutional capacity.
At a ceremony held Friday at the Commission’s headquarters in Abuja, the NHRC presented an Award of Appreciation to the Foundation in recognition of its longstanding support.
The award was received by the Foundation’s Regional Director for West Africa, ChiChi Aniagolu-Okoye, during a high-level engagement with directors and senior officials of the Commission.
Speaking at the event, the Executive Secretary of the NHRC, Dr. Tony Ojukwu commended the Ford Foundation’s consistent backing, particularly in initiatives aimed at expanding access to justice and strengthening the Commission’s operational capacity.
He stressed that given the breadth and complexity of human rights challenges in Nigeria, the Commission cannot function in isolation.
According to him, sustained collaboration with development partners remains essential to transforming human rights protection from policy intentions into tangible outcomes for citizens.
In her remarks, Aniagolu-Okoye described the recognition as both significant and encouraging, reaffirming the Foundation’s commitment to promoting human rights. She noted that a key focus of the Foundation’s work is ensuring that citizens are not only aware of their rights but are also supported in seeking justice when those rights are violated.
She, however, emphasized that awareness alone is insufficient without strong and effective enforcement systems. Gaps between knowledge of rights and actual access to justice, she said, can weaken public trust and diminish the impact of human rights initiatives.
“Trust in institutions grows when people experience fairness and accessibility in justice delivery,” she noted, adding that strengthening such systems is critical for sustainable human rights protection.
The engagement also underscored the importance of continued cooperation between the Commission and its partners in addressing evolving human rights challenges across the country.
In a vote of thanks, Senior Human Rights Adviser to the Commission, Hilary Ogbonna, expressed appreciation for the Ford Foundation’s enduring partnership. He highlighted key institutional advancements, including initiatives such as the MOVE project and the Commission’s dashboard system, noting that many of these efforts benefitted from the Foundation’s early support.
Ogbonna also commended the leadership of the Executive Secretary and the dedication of the Commission’s directors, whose commitment, he said, has sustained progress despite operational constraints.
He further acknowledged the role of the media as a vital partner in the human rights ecosystem, describing the press as the “fourth estate” that amplifies, documents, and brings critical human rights issues to public attention.
The event reaffirmed the shared commitment of the NHRC and its partners to strengthening justice delivery systems and enhancing the protection of human rights in Nigeria.
NHRC Honours Ford Foundation for Sustained Support to Human Rights in Nigeria
News
Borno APC Stakeholders Endorse Tinubu, Shettima for 2027, Signal Early Political Realignment
Borno APC Stakeholders Endorse Tinubu, Shettima for 2027, Signal Early Political Realignment
By: Michael Mike
In a move that underscores early political positioning ahead of Nigeria’s next general elections, key stakeholders of the All Progressives Congress (APC) in Borno State have formally endorsed President Bola Ahmed Tinubu and Vice President Kashim Shettima for a second term in 2027.
The endorsement, announced during a high-level gathering at the Government House Multipurpose Hall in Maiduguri on Saturday, signals a consolidation of political support in one of the APC’s strongest northern bases. Party leaders, government officials, and influential grassroots mobilizers unanimously pledged to rally voters across the state to ensure the continuity of the Tinubu administration.
Addressing the stakeholders, Borno State Governor Babagana Umara Zulum described the endorsement as both a vote of confidence in the current administration and a strategic commitment to sustaining ongoing reforms. He emphasized that the Tinubu-Shettima leadership had demonstrated resolve in tackling Nigeria’s complex security and economic challenges.
According to Zulum, Borno State—long at the epicenter of insurgency—has witnessed renewed federal attention in security coordination, humanitarian interventions, and reconstruction efforts. He noted that continuity in leadership would be critical to consolidating these gains, particularly in the North-East where recovery from years of conflict remains fragile.
“The support for President Tinubu and Vice President Shettima is rooted in performance and trust,” Zulum said. “Borno has seen firsthand the impact of leadership that understands our realities and is committed to long-term stability.”
Borno’s Strategic Role in APC Politics
Borno State holds significant political weight within the APC, not only as a consistent electoral stronghold but also as the political base of Vice President Shettima, a former governor of the state. Since the party’s formation in 2013 and its landmark victory in the 2015 elections, Borno has remained central to APC’s dominance in the North-East.
The state’s political influence is further amplified by its frontline status in Nigeria’s fight against insurgency. Years of conflict involving Boko Haram and ISWAP insurgents have shaped national security policies and elevated Borno’s importance in federal decision-making. As a result, endorsements from the state often carry symbolic and strategic significance for national campaigns.
Political analysts view the early endorsement as part of a broader effort by APC stakeholders to stabilize internal party structures and project unity well ahead of the 2027 elections. It also reflects a growing trend of pre-election alignments aimed at discouraging intra-party rivalries and consolidating incumbency advantages.
Momentum Builds Toward 2027
Saturday’s declaration comes amid ongoing national debates over economic reforms, security challenges, and governance priorities under the Tinubu administration. While opposition parties are expected to intensify criticism in the coming years, the APC appears to be laying the groundwork for a coordinated re-election campaign.
Stakeholders at the Maiduguri meeting pledged to embark on extensive grassroots mobilization, voter engagement, and party strengthening initiatives across all local government areas in Borno. They also called on other APC-controlled states to replicate similar endorsements to build a nationwide consensus.
As Nigeria moves deeper into its current electoral cycle, the Borno endorsement highlights how regional political blocs are already shaping the contours of the 2027 race—long before official campaigns begin.
Borno APC Stakeholders Endorse Tinubu, Shettima for 2027, Signal Early Political Realignment
News
Southern Borno Youths Rally Behind Ndume with N38.5m War Chest for 2027 Senate Bid
Southern Borno Youths Rally Behind Ndume with N38.5m War Chest for 2027 Senate Bid
By: Michael Mike
In a powerful demonstration of political loyalty and grassroots mobilisation, thousands of youths from Southern Borno Senatorial District on Saturday pooled N38.5 million to back the fifth-term ambition of Muhammadu Ali Ndume ahead of the 2027 general elections.
The fundraising event, held at Forshams Hall in Maiduguri, attracted more than 2,000 participants drawn from all nine local government areas of the district. The contributors, largely youth groups and community associations, said their financial commitment was a deliberate move to retain what they described as a “fearless and people-driven legislator” in the Senate.
Leading the initiative, youth coordinator Alhaji Babandi Shehu said the intervention was not merely symbolic but a calculated political statement at a time when, according to him, Nigeria needs courageous voices in governance.
“Senator Ndume has distinguished himself as one of the few leaders who consistently speaks truth to power,” Shehu declared. “This is not just about funding forms; it is about safeguarding representation that prioritises the people and holds the executive accountable.”
The atmosphere at the venue reflected a rare level of political consensus, with chants of solidarity and pledges of continued support echoing throughout the gathering. Participants insisted that Ndume’s track record in both legislation and constituency development justifies their early and collective endorsement.
Reinforcing this position, Ndume’s Senior Legislative Aide, Junaid Jibril Maiva, outlined what he described as a legacy of impactful service spanning over a decade. He noted that the senator has sponsored more than 70 bills focused on national development while also facilitating landmark federal institutions in Southern Borno and the wider North-East.
Among these, he listed the Nigerian Army University, Biu, the North East Development Commission, and the Federal College of Education, Gwoza, as well as ongoing efforts to establish a Federal Medical Centre in Kwaya-Kusar and a Federal College of Agriculture in Shani.
Maiva further highlighted Ndume’s role in humanitarian interventions, particularly in communities devastated by insurgency. “Beyond legislation, he has directly supported resettlement efforts, including the construction of 200 housing units in Gwoza and 80 in Damboa for displaced families,” he said.
A breakdown of the funds raised showed a broad-based contribution pattern across the district. Biu, Kwaya-Kusar, Hawul, Bayo, and Shani collectively donated N8 million, Askira-Uba contributed N5 million, while Damboa added N2 million. Additional support came from trade and transport groups, including the Nigeria Union of Road Transport Workers and the Baga Road Timber Sellers Association, each donating N1 million.
Political observers say the scale and timing of the mobilisation point to a well-entrenched support base and a strategic effort to secure early momentum ahead of the 2027 race. The move also reflects a broader trend of pre-election alignment within the All Progressives Congress, as key actors position themselves for what is expected to be a highly competitive electoral cycle.
A Career Shaped by Advocacy and Controversy
Since his election to the Senate in 2011, Ndume has remained one of the most outspoken members of the National Assembly of Nigeria. Representing a region at the heart of Nigeria’s insurgency crisis, he has consistently pushed for stronger federal intervention in security, reconstruction, and humanitarian response.
His tenure has been marked by a willingness to challenge authority—even within his own party—earning him both admiration and criticism. Supporters view him as a principled advocate for accountability, while critics argue that his confrontational style sometimes stirs political tension.
Nonetheless, Saturday’s event suggests that within Southern Borno, his influence remains firmly intact.
Early Signals for 2027
With the 2027 elections still over a year away, the fundraising initiative underscores how political structures are already taking shape across Nigeria. For Ndume’s supporters, the message is clear: continuity, experience, and assertive representation are non-negotiable.
As the crowd dispersed in Maiduguri, one sentiment stood out—this was more than a fundraiser. It was an early declaration of intent, a grassroots-powered endorsement that could set the tone for the political battles ahead.
Southern Borno Youths Rally Behind Ndume with N38.5m War Chest for 2027 Senate Bid
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