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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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Ramadan: Borno Distributes Palliatives to 300,000 Households

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Ramadan: Borno Distributes Palliatives to 300,000 Households

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum has launched the distribution of Ramadan relief materials to 300,000 vulnerable households across the state’s 27 local government areas, in one of the largest social support interventions this year.

The flag-off ceremony, held at Ramat Square in Maiduguri on Tuesday, marks the beginning of a statewide exercise aimed at easing the economic hardship faced by residents during the holy month of Ramadan.

Under the scheme, each beneficiary household will receive a bag of rice, a bag of millet and 10 kilogrammes of sugar.

Addressing members of the distribution committee and government officials at the event, Zulum issued a stern warning against diversion of the relief materials, insisting that the exercise must be conducted with strict accountability.

He said: “These items are not for sale. They are not meant for your friends or family members who do not need them.”

He stressed that the palliatives are intended for widows, orphans, internally displaced persons, struggling farmers and low-income earners grappling with rising living costs. Any official found compromising the process, he warned, would face legal consequences.

Zulum emphasised that fairness and transparency must guide the operation to ensure that the most vulnerable residents benefit from the intervention.

In a move reflecting religious inclusivity, the governor directed that Christian residents observing Lent — which coincides with Ramadan this year — should also benefit from the distribution.

He noted that his administration has consistently supported Christian communities, particularly during major religious celebrations. Beyond annual Christmas food distributions, the state government also provides free transportation for non-indigenous Christians travelling to celebrate the festive season with their families outside Borno.

Meanwhile, the senator representing Borno Central, Kaka Shehu Lawan, and the Secretary to the State Government, Bukar Tijani, praised the governor’s intervention, describing it as timely and critical in light of ongoing economic pressures.

Director-General of the State Emergency Management Agency (SEMA), Ali Abdullahi Isa, assured residents that the agency has put mechanisms in place to ensure a smooth and orderly distribution process across all local government areas.

The event drew a large turnout of senior government officials, including members of the House of Representatives, the Speaker and principal officers of the Borno State House of Assembly, and other key stakeholders.

With the rollout now underway, the Borno State Government says the exercise is part of broader efforts to strengthen social safety nets and support communities still recovering from years of insurgency and economic disruption.

Ramadan: Borno Distributes Palliatives to 300,000 Households

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Nigeria, Netherlands Forge Stronger Pact to Combat Human Trafficking

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Nigeria, Netherlands Forge Stronger Pact to Combat Human Trafficking

By: Michael Mike

Nigeria and the Kingdom of the Netherlands have stepped up joint efforts to dismantle human trafficking networks, as senior officials from both countries met in Abuja to review progress under the TIPVAP NG project — an initiative aimed at building a safer environment free from trafficking in persons and violence against vulnerable groups.

The Second project Steering Meeting was organized by the International Centre for Migration Policy Development (ICMPD) in partnership with NAPTIP, with support from the Ministry of Asylum and Migration of the Kingdom of the Netherlands under the Building and Environment Free of Human Trafficking and Violence Against Persons in Nigeria (TIPVAP NG) project

It was attended by a delegation from the Netherlands led by Victor Cramer, the Deputy Director General, Ministry of Asylum and Migration, Ms Isabelle Wolfsgruber, Nigeria Head of Office, Official of NAPTIP, led by the Director General, Binta Bello, Focal Persons from the relevant MDAs, and other Stakeholders.

At the heart of discussions was the Justice and Security Migration Partnership Programme, which officials described as a critical instrument for reinforcing Nigeria’s legal and institutional response to trafficking and violence.

Director-General of NAPTIP, Binta Bello, said the partnership has begun to produce measurable gains in investigations, prosecutions, and victim support services across selected states, including Benue, Delta, Edo, Enugu, Ogun and the Federal Capital Territory.

She noted that beyond enforcement, the initiative focuses on improving operational procedures, strengthening inter-agency collaboration, and deepening public awareness to prevent trafficking at its roots.

According to her, the Project Steering Committee serves as the programme’s highest oversight body, ensuring accountability, strategic direction, and alignment with both national priorities and international standards.

Bello emphasised that sustained international cooperation remains essential, particularly as trafficking networks continue to evolve and operate across borders. She called for renewed commitment to a victim-centred and rights-based approach that prioritises the protection and dignity of survivors.

Leader of the Dutch delegation, Victor Cramer, described Nigeria as a key partner in addressing irregular migration and trafficking flows between West Africa and Europe.

He pointed to data showing that Nigerian nationals remain significantly represented among trafficking victims identified in the Netherlands, especially in cases involving sexual exploitation and forced criminality. This reality, he said, underscores the need for coordinated prevention, protection and prosecution strategies.

Cramer commended Nigerian authorities for their commitment and stressed that stronger capacity building and intelligence-sharing would help reduce dangerous migration pathways exploited by criminal syndicates.

ICMPD’s Nigeria Head of Office, Isabelle Wolfsgruber, said the TIPVAP NG project is central to strengthening coordination between federal and state institutions under NAPTIP’s leadership. She highlighted the importance of awareness campaigns that equip communities with knowledge about trafficking risks and deceptive recruitment tactics.

Wolfsgruber added that the programme is designed not merely around activities, but around measurable outcomes — ensuring that institutional reforms translate into real protection for vulnerable persons.

The meeting ended with a renewed pledge by Nigeria, the Netherlands and ICMPD to deepen collaboration, strengthen institutional capacity, and sustain a coordinated national response against human trafficking and violence.

For both countries, officials agreed, the fight against trafficking is not only a security priority but also a shared humanitarian responsibility — one that demands persistence, partnership and people-focused solutions.

Nigeria, Netherlands Forge Stronger Pact to Combat Human Trafficking

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Zulum flags off Ramadan palliative for 300,000 households in Borno’s 27 LGAs

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Zulum flags off Ramadan palliative for 300,000 households in Borno’s 27 LGAs

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has launched the distribution of Ramadan palliatives to 300,000 households across all 27 local government areas of the state.

 The intervention is designed to cushion the economic burden on vulnerable residents during the holy month of Ramadan.

Each beneficiary will receive one bag of rice, one bag of millet and 10 kg of sugar.

Speaking at Ramat Square, the venue for the distribution exercise on Tuesday, Zulum urged the committee tasked with the exercise to adhere to the highest standards of transparency and fairness.

He said, “To the committee in charge of this distribution, let transparency be your watchword. Let fairness be your guide. These items are not for sale. They are not for your friends or family members who do not need them. 

“They are for the widow, the orphan, the internally displaced, the farmer whose fields have not fully recovered, and the daily wage earner struggling to make ends meet. Any officer found diverting these items will face the full wrath of the law.”

The governor also noted that the distribution would be extended to Christian residents who are coincidentally observing the Lent period, which overlaps with the Muslim fasting season this year.

This gesture will also touch the non-Muslims who are also fasting the lent which falls within the month of Ramadan,” Zulum ordered.

Zulum’s administration had consistently supported Christian communities in the state, particularly during festive seasons.

 Each year, the governor approves the distribution of food items to Christian faithful celebrating Christmas and free transport for non-indigenous Christians who wish to travel to other parts of the country to celebrate their holidays with family and loved ones.

In their remarks, the senator representing Borno Central, Barrister Kaka Shehu Lawan and the Secretary to the Borno State Government, Bukar Tijani, commended Governor Zulum for supporting the vulnerable in their most critical moment.

In his welcome address, the Director-General of the State Emergency Management Agency (SEMA), Ali Abdullahi Isa, reiterated the agency’s readiness to ensure hitch-free distribution.

The ceremony was attended by members of the House of Representatives, Engr Bukar Talba and Abdulkadir Rahis, the speaker of the Borno State House of Assembly, Abdkarim Lawan and principal officers of the House, the Acting Chief of Staff, Dr Babagana Mustapha Mallumbe, among many other senior government officials.

Zulum flags off Ramadan palliative for 300,000 households in Borno’s 27 LGAs

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