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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
Army holds Senior Command and Leadership Seminar in Port Harcourt
By: Zagazola Makama
The Nigerian Army has held its First Senior Command and Leadership Seminar for 2026 in Port Harcourt, Rivers State, aimed at strengthening operational leadership in complex security environments.
Sources said the seminar took place on April 14 at the Port Harcourt Barracks and had in attendance senior officers from various formations.
The Chief of Army Staff, Lt.-Gen. W. Shaibu, was represented by the Commander, Training and Doctrine Command (TRADOC), Maj.-Gen. P.P. Malla, who was received by the General Officer Commanding 6 Division, Maj.-Gen. E.E. Emekah.
According to the source, the seminar featured a lecture titled “Enhancing Operational Level Command and Leadership in a Complex Operational Environment,” delivered by retired Maj.-Gen. I.S. Ali.
The lecture session also had contributions from retired Air Vice Marshal I.G. Lubo and retired Maj.-Gen. S.O. Olabanji as discussants.
The event, which brought together serving and retired senior military officers, was described as hitch-free.
Military authorities said the seminar is part of ongoing efforts to improve command efficiency, decision-making, and inter-agency coordination in contemporary security operations.
Army holds Senior Command and Leadership Seminar in Port Harcourt
LATE BRIGADIER GENERAL BRAIMO, OTHER FALLEN HEROES LAID TO REST WITH MILITARY HONOURS
By: Our Reporter
In a solemn and emotionally charged ceremony, the nation on Wednesday, 15 April 2026, laid to rest Late Brigadier General Omo Braimo, Captain Ismail, and other gallant soldiers who paid the supreme price in the line of duty.
The burial, held at the Maimalari Cantonment Cemetery in Maiduguri, Borno State, was marked by deep sorrow, honour and reflection.
Amidst grieving families and fellow comrades, the fallen heroes were accorded full military honours in recognition of their selfless service and unwavering commitment to the defence of the nation.
Their sacrifice serves as a poignant reminder of the heavy price paid daily by members of the Armed Forces to safeguard the peace, unity and security of Nigeria.
In attendance were the Executive Governor of Borno State, Professor Babagana Umara Zulum, the Honourable Minister of Defence, General Christopher Musa (Rtd), the Chief of Defence Staff, the Chief of Army Staff and other senior military officers, all gathered to honour the courage and dedication of the departed.In their tributes, the Governor, the Minister of Defence, the CDS, and the COAS described the fallen soldiers as true patriots who stood firm in the face of danger and made the ultimate sacrifice so that others might live in safety.
They noted that their bravery and sense of duty will continue to inspire generations and remain etched in the nation’s history.With heavy hearts, prayers were offered for the peaceful repose of their souls, while citations detailing their service and sacrifice were read before their next of kin.
The grief of their families underscored the human cost of the nation’s security efforts, even as their courage remains a source of pride and honour.
As the nation mourns these heroes, it is reminded that the freedom and stability enjoyed today come at a profound cost, paid by brave men who placed duty above self and gave everything in service to their fatherland.
LATE BRIGADIER GENERAL BRAIMO, OTHER FALLEN HEROES LAID TO REST WITH MILITARY HONOURS
FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems
By: Michael Mike
The Federal Government has reaffirmed its commitment to comprehensive reforms in Nigeria’s correctional system, the deployment of technology to strengthen border security, and the entrenchment of financial integrity across public institutions.
The Minister of Interior, Olubunmi Tunji-Ojo, made this known on Wednesday in Abuja while receiving the President and Chairman of Council of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Yahaya, who led a delegation on a courtesy visit.
Tunji-Ojo emphasized that reforming the nation’s correctional system remains a top priority, stressing that the focus must extend beyond incarceration to rehabilitation and reintegration of inmates into society.
“Government has a duty of care to its citizens. Even where freedom is restricted by law, those in custody must be treated with dignity and given opportunities to return to society better than they came,” he said.
He noted that the shift from the Prisons Act to the Nigerian Correctional Service Act marked a deliberate transition toward a system that prioritizes reformation over mere detention.
On border management and internal security, the Minister disclosed that the Correctional Information Management System (CIMS) now contains over 50 million records compiled from operations at seaports and airports, with ongoing integration of land border data.
According to him, the system enhances the government’s ability to detect irregularities and prevent unauthorized entry, aligning with modern security strategies that prioritize proactive measures over reactive responses.
“We are building systems that can stop problems before they happen, not just respond after the damage is done,” he added.
Addressing financial governance, Tunji-Ojo stressed the importance of strengthening internal controls across government institutions, noting that preventive mechanisms are more effective than post-incident audits.
“It is not enough to detect issues after they occur. The goal is to build systems that make such issues difficult to happen in the first place,” he said.
He called on professional bodies such as ICAN to deepen their collaboration with government, particularly in areas of revenue assurance, transparency, and institutional accountability, while also encouraging stronger public-private partnerships to enhance efficiency and boost investor confidence.
On infrastructure, the Minister highlighted the need to expand fire and rescue services nationwide, pointing out that innovative funding models, including private sector participation, would be crucial to achieving this goal.
Tunji-Ojo also congratulated ICAN on its leadership and its upcoming West Africa Accountants Conference 2026 scheduled for December 2026, assuring the institute of government support. He further commended the increasing representation of women in professional leadership, describing it as a positive sign for the future.
Earlier, ICAN President Haruna Yahaya applauded the Ministry’s ongoing reforms and proposed the creation of a Joint ICAN–Ministry Financial Integrity and Revenue Assurance Task Force.
He explained that the initiative would target key areas including revenue assessment within the Nigeria Immigration Service, payroll analysis across uniformed services, and procurement risk review, with the aim of reducing leakages and strengthening accountability across government operations.
FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems
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