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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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COAS charges troops to flush bandits from forested areas as he vows “No safe haven for terrorists in Nigeria”

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COAS charges troops to flush bandits from forested areas as he vows “No safe haven for terrorists in Nigeria”

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt. Gen. Waidi Shaibu, has declared that bandits and other criminal elements would no longer find refuge in Nigeria’s forests, deserts or national parks, as he charged troops to intensify operations and flush them out of all hideouts.

Shaibu gave the charge on Monday while addressing soldiers and officers of the 2 Division of the Nigerian Army, in Ibadan during an operation visit.

The COAS commended the officers and soldiers for the successes recorded within their area of responsibility, while urging them to sustain the momentum.

“We must let them know that there is no safe haven anywhere. Come rain, come sun, forested areas, desert areas or mountainous areas, we are going after them,” the Army Chief said.

According to him, criminal groups had continued to exploit difficult and forested terrains to launch attacks on innocent citizens, stressing that such advantages would no longer be tolerated.

The COAS directed troops to intensify night operations, noting that dominance of the terrain especially forested zones was critical to denying bandits freedom of movement and operational space.

Shaibu specifically pointed to security challenges around the Kwara general area, Kainji Lake National Park and the Old Oyo National Park, saying firm directives were being issued to ensure that all criminal elements were flushed out of the areas.

“Directives are coming up so that you go and clear everything in that place. We are moving with ruthless determination to eliminate all those disturbing that terrain,” he said.

He praised the General Officer Commanding (GOC) and other senior officers for their leadership, saying the operational briefing he received reflected determination and clear focus.

The Army Chief urged officers to continue to lead from the front, describing leadership as a decisive factor in sustaining operational superiority and achieving victory over adversaries.

Shaibu also expressed satisfaction with the morale and responsiveness of the troops, adding that he expected more tangible results from the 2 Division area of responsibility in the coming days.

On welfare, the COAS assured officers and soldiers that their well-being remained a top priority for Army Headquarters, pledging that entitlements would be paid promptly and logistical needs addressed.

He disclosed that approval had been granted for additional renovation and construction of accommodation within barracks under the division to ease existing accommodation pressure.

“You will be given all you require, and all your entitlements will be paid as and when due,” Shaiwo assured the troops.

He added that sustained discipline, motivation and improved welfare were indispensable to maintaining operational superiority against bandits and other criminal elements threatening communities across the region.

COAS charges troops to flush bandits from forested areas as he vows “No safe haven for terrorists in Nigeria”

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Jubilation as Borno Emerges Winner of the male category of the 2025 National Qur’anic Competition

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Jubilation as Borno Emerges Winner of the male category of the 2025 National Qur’anic Competition

By: Bodunrin Kayode

There was massive jubilation at the convocation square of university of Maiduguri as Borno State emerged as the winner in the male category of the National Qur’anic Recitation Competition tagged, ‘Borno 2025’.

Announcing the results over the weekend, the Director of the Centre for Islamic Studies at Usman Dan Fodio University, Sokoto, Professor Abubakar Yelwa, declared Musa Ahmed Musa of Borno as the winner of the male category of the competition.

Also after a ten day stiff competition, in the unimaid campus, the winner of the female category was also Hafsat Muhammad Sada of Kano State

The ten day competition, which is the 40th in the series since inception, saw 296 contestants from 30 states competing across six categories to win grand prizes.

In his remark, Borno State Governor, Professor Babagana Zulum, stated that the successful hosting of the 2025 Qur’anic competition signalled the return of peace to the state.

He noted that the event symbolised the people’s commitment to peace, education, and the pursuit of knowledge which were key factors of development.

“To host this milestone 40th edition is not just an honour for Borno State, it is a profound affirmation of our enduring commitment to peace, education and the noble pursuit of knowledge, particularly the divine wisdom contained within the Holy Qur’an.

“Borno State remains resolute in its mission to rebuild, restore peace and prioritise education, both secular and religious.

“The successful hosting of this national event is a clear signal to the world. Borno is back, Borno is safe and Borno is a centre for learning and spiritual growth,

“To those who have emerged as the ultimate champions in their respective categories, I offer my most profound congratulations.

“Your success is not merely a victory in a competition, it is a crowning achievement born of countless hours of discipline, commitment, and reverence for the Word of Allah.

“And to every young man and woman who participated, who stood before the judges and recited from the Holy Book, I want you to know that you are all winners.

“The true spirit of this competition lies not just in the prizes won, but in the noble pursuit of knowledge and the courage to participate.” Said Zulum.

Governor Zulum also expressed appreciation for the support of the Vice President, Senator Kashim Shettima; his wife, Hajiya Nana Shettima; Governors and their deputies; royal fathers; Usman Dan Fodio University; and other prominent personalities who contributed to the success of the occasion.

Also speaking, Prof Attahiru Jega Pro Chancellor, Usman Dan Fodio university Sokoto said he believes that the whole exercise is about knowledge passed from generation to generation adding that the 40th celebration of the activity is a celebration of excellence that is worthwhile.

Chair of the local organizing committee (LOC) and secretary to the Borno State government, Tijani Bukar said he was excited that the program ended in peace and those who participated were happy with the officiating and entire conduct of the occasion.

The event was attended by Wife of the Vice President, Hajiya Nana Kashim Shettima; the Governor of Katsina State, Alhaji Dikko Umoru Radda; the Sokoto State Deputy Governor; the Shehu of Borno, Alhaji Abubakar Ibn Umar Garbai El-Kanemi; other traditional rulers; members of the National and State Assemblies; the APC Deputy National Chairman; commissioners; Islamic scholars; and other dignitaries.

High points of the event was the presentation of gifts to the winners by wife of the Vice President, Hajiya Nana Kashim Shettima.
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Sunday Olatuyi: NUJ Demands Prosecution of Killer Driver

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Sunday Olatuyi: NUJ Demands Prosecution of Killer Driver

By: Michael Mike

The Nigeria Union of Journalists (NUJ), FCT Council has called for the prosecution of the reckless driver who killed one of its members, Sunday Olatuyi of Advocate Broadcasting Network (ADBN Television).

The Council in a statement by its Secretary, Comrade Jide Oyekunle, said it received with shock and deep sorrow the untimely death of one of its committed members, Mr. Sunday Olatuyi, who lost his life after being hit by a Toyota Corolla with the registration number ABUJA RBC 128 AM at Lugbe Bus Stop, Abuja.

According to the Secretary, the unfortunate incident occurred on Saturday night, December 20, 2025, at the Lugbe Bus Stop, where he was reportedly knocked down by a reckless driver while heading home after closing from work.

He was said to have been accompanied by a friend at the time of the incident.

Olatuyi, aged 40, hailed from Odo-Oro Ekiti, Ikole Local Government Area of Ekiti State. He is survived by his wife, a seven-month-old daughter, Eniola, and his aged mother.

Until his death, Olatuyi worked with Advocate Broadcasting Network (ADBN Television) as a Senior Cameraman. He was formerly with Ben TV.

The statement read: “It is a painful loss to the NUJ FCT family and to all who knew him as a dedicated professional and union man. His commitment to the ideals of journalism and his active participation in union activities will be greatly missed. His passing leaves a vacuum that will be difficult to fill.

“Mr. Olatuyi’s untimely death is tragic and unfortunate, especially given the circumstances surrounding the incident, and it calls on the relevant authorities to ensure that justice is served.

“The NUJ FCT Council condemns in strong terms the circumstances that led to this tragic incident and expresses grave concern over the growing cases of reckless driving and disregard for human lives on our roads, particularly within the Federal Capital Territory.

“In view of this unfortunate development, the Council demands an immediate, thorough, and transparent investigation into the incident and calls on the Nigeria Police Force to promptly prosecute the driver involved in accordance with the law. Justice must not only be done but must also be seen to be done, to serve as a deterrent to others.

“The NUJ FCT Council extends its heartfelt condolences to the immediate family he left behind, the management and entire staff of ADBN Television, the Correspondents’ Chapel, the Society of Practicing Cameramen, as well as friends and colleagues of the deceased.

“The Council assures the bereaved family of its solidarity and support during this difficult time and pledges to continue following up on the case until justice is served. May his gentle soul rest in perfect peace. Amen.”

Sunday Olatuyi: NUJ Demands Prosecution of Killer Driver

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