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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
Akpeme: Young Says Suspension Of Delta State NAPPS Exco, Illegal, Null And Void
Akpeme: Young Says Suspension Of Delta State NAPPS Exco, Illegal, Null And Void
The Chairman, National Association of Proprietors of Private Schools (NAPPS), Delta State Wing, Deaconess (Mrs.) Young P.N, has said that Dr. Ochuko Akpeme lacks powers to suspend the state executive.
She said this during a phone conversation with Oasis Magazine on Monday night.
Recall that online media reports on Monday quoted Dr. Akpeme declaring the Young-led executive suspended in Asaba during a press conference.
Reacting, Deacon Young, added that he simply wants to remain a life president.
Her words: “He claims to be the South South Vice President and we do not recognize him as so and we have no dealings with him. He just wants to cause confusion. He and other NAPPS members he picked from Asaba who he said her regional executive members are impersonators and we will deal with him and his accomplices legally if he continues in this direction,” saying that the suspension pronounced on them by Akpeme and his cohorts is illegal, null and void.
According to her, just last week, a letter of caution was sent to him warning him to desist from parading himself round the chapters in the state as the Vice President, South South, adding that they also reminded him in the said letter that they were sworn-in with the 2017 constitution and not that of 2023.
She continued: “What he did today is unacceptable. He should look for his loyalists and work with them and not my excos.”
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Furthermore, she called on NAPPS members in the state to be calm and resolute, saying that they are on the matter and that there was no cause for alarm.
She said further: “We are not under Akpeme, our NVP is Hon Ekhosuehi Rueben Ikponwwmen Dr. Hajia Samari as our National President. He wants to force Delta NAPPS to join him in his group. He is recruiting young people who are new in the association and have little knowledge about the issues. We did not vote for him as he claims.”
Continuing, she hinted that the state exco has held an online emergency meeting and they have agreed that will remain where they are and that they will not change their minds on not supporting Akpeme.
Meanwhile, she said the state general meeting for Wednesday scheduled to hold in Sapele will still hold, just as she disclosed that he has not been attending their meetings and they are not expecting him, while threatening to arrest him if he shows up at the venue.
Akpeme: Young Says Suspension Of Delta State NAPPS Exco, Illegal, Null And Void
News
Singer Market Inferno: FG, APC Govs Donate N8bn To Kano Traders
Singer Market Inferno: FG, APC Govs Donate N8bn To Kano Traders
As VP Shettima receives Yusuf into APC, says governor’s place in party is second to none
By: Our Reporter
The Federal Government has approved the sum of N5 billion as intervention fund for traders affected by the fire outbreak that razed large sections of the popular Singer Market in Kano.
This is just as state governors on the platform of the All Progressives Congress (APC), under the aegis of the Progressive Governors’ Forum (PGF), also donated N3 billion to victims of the inferno, totalling N8 billion to provide relief to hundreds of affected traders.

The Vice President, Senator Kashim Shettima, who announced the donations on Monday when he led a Federal Government delegation to condole with traders at the market on behalf of President Bola Ahmed Tinubu, sympathized with the traders, praying Almighty God to prevent future occurrence of fire disaster in the market.
Senator Shettima also formally received Governor Abba Kabir Yusuf of Kano State and his teeming supporters into the APC fold on behalf of the President.

Speaking during the grand reception to welcome Governor Yusuf to the APC at the Sani Abacha Stadium, Kano, the Vice President reiterated President Tinubu’s assurance that the governor’s place in the governing party was second to none.
He noted that the governor’s decision to join the governing party has strengthened the collective resolve of the Tinubu administration and the party to build a more inclusive and prosperous nation.ll

“Your Excellency, we have watched the transformation that Kano has undergone under your leadership. We have seen a commitment to people-centred governance and a respect for the mandate of history. Today, we are proud to welcome you aboard the All Progressives Congress train.
“We welcome you with open hands and open hearts. His Excellency, Bola Ahmed Tinubu has made it abundantly clear that your place in this party is second to none and that your presence strengthens our collective resolve to build a more inclusive and prosperous Nigeria,” the VP stated.
Describing Kano as “an eloquent expression of Nigeria’s cosmopolitan soul” and a state that “welcomes every Nigerian, absorbs every accent, accommodates every ambition, and turns diversity into destiny,” VP Shettima acknowledged the state’s contributions to Nigeria, which he said “stretch far beyond the arithmetic of elections.

“In commerce, Kano has been the heartbeat of enterprise and trade. In scholarship, it has produced minds that interrogate power and redefine ideas. In politics, in culture, in faith, in industry, Kano has consistently offered Nigeria more than it has ever demanded in return. This is a state whose influence transcends geography and whose legacy outgrows any single political moment,” he maintained.
The Vice President recalled that Kano had gifted Nigeria “towering figures who reshaped” the nation’s “political philosophy and moral imagination,” citing prominent politicians like the late Alhaji Maitama Sule and Alhaji Aminu Kano as examples.
Welcoming Governor Yusuf to the APC, Senator Shettima described the governor as “another visionary son of Kano,” observing that the governor and his supporters are on “a political journey that speaks to the future of” Nigeria.
“His Excellency, Governor Abba Kabir Yusuf, may be a man of few words, but his principles speak loudly. They speak in the language of conviction. They speak in the language of discipline. They speak in the language of service. They speak in a tone that cannot be doubted because they are anchored in consistency and guided by purpose,” he stated.
On behalf of the Federal Government, the VP sympathised with Governor Yusuf over the fire outbreak at Singer Market, assuring that the government at the centre will work collaboratively with the state “to ensure that support is extended to all those affected and that recovery efforts are swift and effective.”
Also, Deputy President of the Senate, Barau Jibrin, noted that with the governor’s defection to the APC, Kano was now in the main stream of Nigerian politics and will benefit more from the government at the centre.
“What this means is that Kano will begin to benefit more from the national government. We will have more infrastructure and healthcare delivery as well as all other facets of development. When you (Governor Yusuf) complete your eight years, Kano will become an eldorado,” he said.
On his part, Speaker of the House of Representatives, Hon Tajudeen Abbas, said the coming of Governor Yusuf into the APC was very important and strategic for the party.
“Kano is the powerhouse of our democracy, and today, Allah has made it possible for the governor to move and this will be the beginning of the coming of so many good things to Kano. The future of Kano will be brighter under him,” the Speaker assured.
For his part, APC National Chairman, Prof. Nentawe Yilwatda, said the Governor has made the right move by joining the APC, and the state is set to reap the benefits of the decision.
He praised the infrastructural development witnessed by the state under the governor, assuring that the party will support him to do more for the State.
Prof Yilwatda handed over the symbolic APC flag to the Governor and some federal legislators who also decamped to the APC
Also, Chairman of the Progressive Governors’ Forum, Governor Hope Uzodimma of Imo State, described Governor Yusuf as an original breed of the APC who “only went on sabbatical and has returned home.”
Uzodinma urged supporters and local government chairmen in the state to work hard to ensure victory for APC, saying President Tinubu is happy with the political development in Kano.
Thanking Vice President and the APC entourage for the grand reception, Governor Yusuf said his official entry into the APC was a very important occasion and a defining moment for the state, noting that “the reason for politics should always be to serve the people.”
The governor said he decided to join the APC family in order to deliver results for the people of Kano, adding that all the decisions he has taken as a governor were guided by the need to better the lot of the people.
Explaining why he dump the NNPP, Governor Yusuf said his former party was not providing the cohesion and stability required for the development of the state.
“Kano is too large and too important to be disconnected from the government at the centre,” he added, even as he pledged his support and loyalty to President Bola Tinubu.
Also, former National Chairman of APC, Dr Abdullahi Ganduje, noted that Governor Yusuf’s defection has not only increased the numerical strength of the APC in Kano State but also consolidated the position of the party in the state.
“This move of the governor is a compound of party followers that will continue to think, act, plan and move together to ensure an all round development of Kano State,” he said.
Singer Market Inferno: FG, APC Govs Donate N8bn To Kano Traders
News
NCSP DG Salutes China on Spring Festival, Unveils Push for Export-Driven Economic Reset
NCSP DG Salutes China on Spring Festival, Unveils Push for Export-Driven Economic Reset
By: Michael Mike
The Director-General of the Nigeria–China Strategic Partnership (NCSP), Joseph Tegbe, has congratulated the government and people of China on the Spring Festival, describing the celebration as symbolic of a renewed and more ambitious phase in Nigeria–China economic relations.
In a statement marking the Lunar New Year, Tegbe noted that this year’s festivities coincide with the 55th anniversary of diplomatic ties between Nigeria and China, established in 1971. He said the milestone reflects a resilient partnership that has grown from formal diplomatic engagement into one of Africa’s most consequential economic relationships.
According to him, the relationship—now elevated to a Comprehensive Strategic Partnership—has expanded beyond trade to encompass infrastructure financing, industrial investment, technology cooperation and people-to-people exchanges.
He said China remains Nigeria’s largest trading partner and a major contributor to strategic infrastructure projects spanning rail, ports, power and industrial parks.
Tegbe, however, stressed that the next chapter of engagement must go beyond infrastructure development to focus on value addition, manufacturing and export competitiveness.
He described the Zero-Tariff initiative introduced by the Chinese government for qualifying African exports as a potential game-changer for Nigeria’s non-oil sector. The policy, he said, opens a pathway for Nigerian producers to access one of the world’s largest consumer markets under preferential trade terms.
“The Zero-Tariff arrangement provides Nigerian businesses with an unprecedented opportunity to scale exports, deepen industrial processing and create jobs at home,” Tegbe stated. “But access alone is not enough—success will depend on quality standards, efficient logistics and strong collaboration between government and the private sector.”
He disclosed that the NCSP is engaging stakeholders across manufacturing, agriculture and export promotion agencies to ensure Nigeria maximises the preferential trade window and translates diplomatic goodwill into measurable economic gains.
Tegbe added that as both countries commemorate 55 years of diplomatic engagement, the symbolism of the Spring Festival—renewal, growth and prosperity—mirrors what he described as a strategic recalibration of bilateral ties toward sustainable development and shared prosperity.
“With deliberate execution and policy discipline, this next phase of Nigeria–China relations can redefine our export landscape and strengthen industrial capacity,” he said.
Observers say the renewed emphasis on export diversification signals a broader shift in Nigeria’s foreign economic strategy, positioning China not just as an infrastructure partner but as a gateway for industrial expansion and global market access.
NCSP DG Salutes China on Spring Festival, Unveils Push for Export-Driven Economic Reset
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