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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
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Burkina Faso’s reckless violation of icao rules over emergency landing exposes AES hostility toward Nigeria
Burkina Faso’s reckless violation of icao rules over emergency landing exposes AES hostility toward Nigeria
By: Zagazola Makama
The seizure of 10 Nigerian Air Force personnel by Burkina Faso’s military regime after an emergency landing has ignited anger across diplomatic and aviation circles, with experts condemning the move as vindictive, unprofessional, and a direct breach of globally recognised ICAO safety procedures.
The Nigerian C-130 Hercules aircraft, which made an emergency landing in Bobo-Dioulasso on Monday, had already obtained clearance before entering Burkina Faso’s airspace, contrary to AES claims. Aviation sources confirmed that the crew followed all required procedures after encountering an in-flight technical distress, including declaring an emergency and requesting the nearest available runway.
Under ICAO international law, which supersedes regional disagreements, an aircraft facing distress has the unrestricted right to land anywhere, including in hostile territory or active war zones. Emergency procedures clearly state that: Pilots must transmit “MAYDAY” or “PAN-PAN” depending on the severity, all air traffic units must grant priority, maintain radio silence, and provide safe landing guidance, no country is permitted to deny landing rights to a distressed aircraft, regardless of political tension or military status and any obstruction or punishment of an emergency landing is treated as a serious violation of international aviation law.
Yet, despite these established global norms, Burkina Faso’s junta responded with hostility, detaining impounding the aircraft while issuing inflammatory statements through the Confederation of Sahel States (AES).
Multiple diplomatic sources say Burkina Faso’s behaviour was not about airspace violation, but about frustration and anger over Nigeria’s role in foiling the recent coup attempt in Benin Republic. The junta in Ouagadougou has openly aligned itself with regimes in Niger and Mali and views Nigeria-led ECOWAS as an adversary.
Burkina Faso, Mali and Niger, having withdrawn from ECOWAS to form the AES, have taken increasingly confrontational postures. The failed coup in Benin Republic would have added a fourth member to their alliance. Nigeria, working with Beninese authorities, helped abort the mutiny, an outcome that allegedly angered Ouagadougou. It was believe this political grievance drove their irrational and provocative treatment of the Nigerian Air Force crew.
Ironically, while Burkina Faso claimed “sovereignty violation,” the Nigerian Air Force and the Nigerien Air Force, both on opposing sides of the ECOWAS–AES political divide continue to operate jointly on the border. Niger and Nigeria have been conducting joint operations against ISWAP in part of North East.
This exposes the immaturity and isolationist attitude of Burkina Faso’s junta, which has adopted a policy of hostility even toward partners with whom they still maintain diplomatic ties.
Despite withdrawing from ECOWAS, Burkina Faso continues to operate its embassy in Nigeria. This makes its hostile action even more illogical and diplomatically inappropriate. If they expect safe operations and immunity for their missions on Nigerian soil, they must uphold reciprocal commitments under international law.
Contrary to AES propaganda, the Nigerian aircraft: had prior clearance, followed ICAO emergency protocols, declared distress, and was compelled to land for safety reasons. Aviation experts noted that aircraft transponders may switch off during emergencies, which is normal and never justifies detention of crew members.
If every country were to behave as Burkina Faso did, global aviation would collapse into chaos. Officials warn that: Burkinabè aircraft could one day face emergencies and require landing in Nigerian airspace. If Nigeria were to apply the same hostile logic, lives could be lost unnecessarily. Aviation safety is built on mutual trust, not political revenge.
A senior aviation specialist described Burkina Faso’s action as: A reckless display of ignorance and political bitterness. Emergency landing protocols are universal. Detaining crew members for saving their aircraft is unacceptable and unlawful.”
Although the Nigerian government has not publicly commented, highly placed sources confirm that quiet diplomatic pressure is being applied at the highest level to ensure the immediate release of the personnel and aircraft.
Burkina Faso’s reckless violation of icao rules over emergency landing exposes AES hostility toward Nigeria
News
AT PRESIDENT QUATTARA’S INAUGURATION:
AT PRESIDENT QUATTARA’S INAUGURATION:
** VP Shettima Reaffirms Nigeria’s Commitment To Regional Stability, Peace
** As World Bank hails Nigeria’s reforms, pledges more partnership in energy, job creation, gender empowerment
By: Our Reporter
Vice President Kashim Shettima on Monday witnessed the inauguration and swearing-in ceremony of President Alassane Ouattara for another term in office as President of Côte d’Ivoire in Abidjan, where he reaffirmed Nigeria’s continued commitment to regional peace and stability.
This is just as the World Bank has applauded the reform policies of the administration of President Bola Ahmed Tinubu, pledging to heighten its partnership with the nation on energy, job creation and gender empowerment initiatives.

At the presidential inauguration that brought together West African leaders and international dignitaries in Abidjan, VP Shettima who represented President Bola Ahmed Tinubu also conveyed the warm congratulations of the Nigerian leader to President Ouattara on his swearing-in.
The inauguration took place at the Presidential Palace, where President Ouattara took the oath of office, pledging to prioritise national reconciliation and economic stability as he begins another term leading the West African nation.

Speaking on behalf of President Tinubu, the Vice President expressed confidence in President Ouattara’s continued leadership and wished him success in his new mandate.
Senator Shettima reaffirmed Nigeria’s commitment to deepening the strong partnership between both nations and working together to advance peace, stability, security, and prosperity across the West African region.
The Nigerian Vice President noted that both countries will further strengthen their economic ties through agriculture and trade relations.
In his inaugural address, President Ouattara thanked all visiting leaders who came to show solidarity and friendship with the I’voirans, promising to continue to work for the well-being of his citizens and engage more robustly in diplomatic relations for mutual benefits.
Other leaders who attended the event include the Presidents of South Africa, Liberia, Senegal, Gambia, Angola, Ghana amongst others, and former Nigerian President, Dr. Goodluck Jonathan.

The United States was represented by a Presidential Delegation led by Under Secretary of State for Economic Affairs, Jacob Helberg. High-level personalities and delegates from ECOWAS and other nations also graced the occasion.
Meanwhile, the World Bank has applauded the reform policies of the administration of President Bola Ahmed Tinubu, pledging to heighten its partnership with the nation on energy, job creation and gender empowerment initiatives.
The global financial institution stated this on Monday in Abidjan, Cote d’Ivoire, when Vice President Shettima received in audience the Managing Director, Operations, of the World Bank Group, Ms. Anna Bjerde, on the sidelines of the presidential inauguration.
He told Ms Bjerde that the administration of President Bola Ahmed Tinubu, from inception, had to contend with negative impact of the oil subsidy regime on the economic growth of the country, just as he outlined the positive results of the administration’s bold reforms.
The VP further told the World Bank Director that the ongoing tax reforms of the Tinubu administration has yielded positive result, saying “we have crossed the Rubicon.”
He pointed out that though the impact of the reforms may have been painful at the initial stage, it has started showing the dividends, even as he said in order to turn the demographic bulge into demographic dividends, the administration is focusing on gender empowerment initiative, investments in the digital economy and agriculture for enhanced productivity.
The Vice President commended the World Bank team for being supportive to Nigeria.
Earlier, the Managing Director, Operations, of the World Bank Group, Ms. Bjerde, commended Nigeria for taking pragmatic initiatives to position the country on the right path.
Noting that the World Bank is willing to partner more on energy, she said, “First, on energy, we’re stepping up on a number of possibilities to ensure that about four million people are connected.”
Ms. Bjerde also revealed that her group will encourage and enhance upliftment and education of the girl-child in Nigeria.
AT PRESIDENT QUATTARA’S INAUGURATION:
News
Workshop for SAs reflects administration’s commitment to effective leadership—Governor Buni
Workshop for SAs reflects administration’s commitment to effective leadership—Governor Buni
By: Yahaya Wakili
Yobe State Governor Hon. (Dr.) Mai Mala Buni CON has revealed that the training workshop for Special Advisers reflects the administration’s commitment to effective leadership and quality service delivery.
Governor Buni started this while launching a four-day training workshop for special advisers in Kano. Adding that the training workshop aimed at boosting efficiency and promoting good governance.
The governor, ably represented by his deputy, Hon. Idi Barde Gubana (Wazirin Fune), said that the event was crucial for deepening governance effectiveness and improving policy coherence.
According to him, the workshop will also enhance service delivery across the executive team, particularly for those serving as key policy and strategic aides, and he noted that the special advisers play a vital role in policy formulation and implementation.
“The training will address practical areas, especially conflict management, collaborative engagement, communication strategy, ethical leadership, and teamwork among advisers.” Gov. Buni said.
The Secretary to the Yobe State Government, Alhaji Baba Mallam Wali mni, ably represented by the Permanent Secretary, Administration and General Services, Alhaji Madu Gashu’a, revealed that the program aims to enhance collaboration between political and administrative officers.
The training workshop is expected to enhance the participants’ effectiveness and contribute to the overall success of the administration.
Workshop for SAs reflects administration’s commitment to effective leadership—Governor Buni
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