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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
Troops rescue 21 kidnapped victims, clear bandits’ camps in forest operation in Plateau
Troops rescue 21 kidnapped victims, clear bandits’ camps in forest operation in Plateau
By: Zagazola Makama
Troops of the Nigerian Army have rescued 21 kidnapped victims and dismantled several bandits’ camps during a coordinated clearance operation in Daji Madam Forest in Plateau State.
Security sources said the operation was conducted in the early hours of April 9 by troops of 33 Artillery Brigade, led by the Brigade Commander, Brig.-Gen. S.S. Shehu, in collaboration with a team from the Office of the National Security Adviser (ONSA).l

The operation targeted identified bandits’ enclaves in locations including Dogo Ruwa and Bogwas within the forest.
Simultaneously, troops of a Combat Support Infantry Battalion deployed at Mansur, led by Lt.-Col. J.T. Bere, in conjunction with Civilian Joint Task Force (CJTF) elements, mounted blocking positions at key crossing points to prevent the escape of fleeing bandits.
During the operation, troops made contact with the armed elements and successfully cleared multiple camps, including one linked to a notorious bandit leader identified as Auta Kachalla.
In the course of the operation, troops rescued 21 kidnapped victims and destroyed several motorcycles belonging to the bandits,” a source said.
Items recovered from the camps included one G3 rifle, four magazines, three generating sets and a solar panel.
The rescued victims are expected to undergo medical checks and debriefing, while efforts are ongoing to reunite them with their families.pp

Troops said offensive operations continue in the general area to eliminate remaining threats.
The operation is part of ongoing efforts by security forces to dismantle criminal networks and restore stability across forested enclaves in Plateau and adjoining states.
Troops rescue 21 kidnapped victims, clear bandits’ camps in forest operation in Plateau
News
FG, Ohanaeze Outlaw ‘Eze Ndigbo’ Titles Abroad Amid Rising Diplomatic Tensions
FG, Ohanaeze Outlaw ‘Eze Ndigbo’ Titles Abroad Amid Rising Diplomatic Tensions
By: Michael Mike
The Federal Government has moved to curb the controversial installation of “Eze Ndigbo” in foreign countries, backing a sweeping decision by Ohanaeze Ndigbo Worldwide and South East traditional rulers to abolish the practice outside Igboland, following a series of international incidents that have strained Nigeria’s diplomatic relations.
Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, delivered the government’s position at the high-level Imeobi meeting of Ohanaeze in Enugu on Thursday, describing the proliferation of Igbo “kings” in the diaspora as a growing embarrassment to Nigeria and a trigger for avoidable conflicts abroad.
She warned that while diaspora communities are free to promote their culture, attempts to replicate traditional rulership structures in foreign lands have repeatedly sparked tensions with host authorities and local populations.
The latest flashpoint occurred in East London, where the coronation of Solomon Ogbonna Eziko ignited violent protests. The unrest led to the destruction of property, attacks on foreign-owned businesses, and clashes with security forces, after locals interpreted the installation as a challenge to South Africa’s traditional authority system.
South African institutions, including the Eastern Cape House of Traditional and Khoi-San Leaders and the Department of Cooperative Governance and Traditional Affairs, declared the coronation illegal, underscoring the diplomatic sensitivity of such actions.
Nigeria’s foreign missions quickly distanced themselves from the development, with officials clarifying that the event was merely cultural and not a recognized monarchy. The Nigerian Embassy in Pretoria subsequently issued an apology and urged citizens to maintain a low profile.
Odumegwu-Ojukwu revealed that similar tensions had surfaced in Accra in 2025, where protests against Nigerians escalated over the same issue. She led a diplomatic delegation to calm the situation, engaging directly with John Mahama and other key stakeholders.
According to her, the intervention of the Ghanaian president was pivotal in diffusing tensions, as he reaffirmed his country’s commitment to ECOWAS protocols on free movement and rejected calls for xenophobic actions against Nigerians.
The minister stressed that such crises place Nigerian lives, businesses, and diplomatic standing at risk, insisting that urgent measures were necessary to prevent further escalation.
In response, Ohanaeze Ndigbo Worldwide has formally proscribed the conferment and use of “Eze Ndigbo” titles outside Igboland. President-General of the organization, Azuta Mbata, declared that any individual assuming such a title abroad does so without the backing of the Igbo people.
He disclosed that the group would notify state governments and Nigerian missions globally of the decision and is working with traditional rulers to establish sanctions for violators, including community-level enforcement through hometowns and town unions.
The Federal Government has pledged to reinforce the directive through its diplomatic channels, signaling a coordinated effort to prevent further international disputes linked to cultural misrepresentation.
The development marks a decisive shift by both the government and Igbo leadership to separate cultural expression from traditional authority in diaspora settings, amid growing concern over the global implications of local customs.
FG, Ohanaeze Outlaw ‘Eze Ndigbo’ Titles Abroad Amid Rising Diplomatic Tensions
News
Africa, France Move to Reset Economic Ties at Nairobi Summit
Africa, France Move to Reset Economic Ties at Nairobi Summit
By: Michael Mike
African leaders and their French counterparts are set for a critical engagement next month as Kenya and France prepare to host the Africa Forward Summit: Africa–France Partnerships for Innovation and Growth in Nairobi, amid growing calls for a new model of cooperation that delivers real economic impact for the continent.
The summit, scheduled for May 11–12, 2026, will convene top political leaders including Emmanuel Macron and William Ruto, alongside African Heads of State, investors, development partners, civil society groups, and youth representatives.
A Business Forum on May 11 is expected to drive private sector engagement and set the tone for the main summit, where discussions will centre on investment, innovation, and long-term economic collaboration.
Organisers said the summit is designed to move beyond diplomatic symbolism, focusing instead on actionable partnerships in key sectors such as healthcare, agriculture, digital technology, energy, and infrastructure—areas considered vital to Africa’s transformation.
For countries like Nigeria, the outcomes could be significant, offering pathways to attract investment, create jobs, and strengthen economic resilience at a time of global uncertainty.
The summit comes against the backdrop of evolving relations between Africa and France, marked by increasing demands from African nations for more equitable and transparent partnerships.
Historically, France has maintained strong political, economic, and military ties with several African countries, particularly in West and Central Africa. However, in recent years, these relationships have come under scrutiny, with critics calling for an end to perceived imbalances and a shift toward mutual respect and shared benefits.
At the same time, Africa’s global relevance has risen, driven by its growing population, expanding markets, and strategic importance in global supply chains. This has intensified competition among global powers seeking influence on the continent, prompting France to recalibrate its engagement strategy.
The Africa Forward Summit is seen as part of that reset—an attempt to reposition France as a partner in innovation and sustainable development rather than a traditional power broker.
The timing is also significant as it feeds into preparations for the upcoming G7 Summit, where Africa’s economic future, climate challenges, and development financing are expected to dominate discussions.
Analysts said the Nairobi meeting could serve as a testing ground for how Africa and its international partners engage moving forward—shifting from aid-driven relationships to investment-led cooperation.
With unemployment rising and infrastructure gaps widening across many African economies, expectations are high that the summit will produce concrete commitments rather than broad declarations.
Diplomatic missions in Abuja have indicated that further details will be unveiled at a press briefing, but stakeholders are already positioning the summit as a defining moment in reshaping Africa–Europe relations.
If successful, the Africa Forward Summit could mark a turning point—signaling a transition from historic ties to future-focused partnerships built on innovation, shared prosperity, and measurable outcomes.
Africa, France Move to Reset Economic Ties at Nairobi Summit
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