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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
Arraignment, Bail Of Ogwashi-Uku Defendants, Patrick Osamor, Augustine Ashi Marks New Phase In Criminal Probe
Arraignment, Bail Of Ogwashi-Uku Defendants, Patrick Osamor, Augustine Ashi Marks New Phase In Criminal Probe
The security situation in Ogwashi-Uku Kingdom took another major step today, 11 December 2025, as Patrick Izu Osammor and Augustine Nwafor Ashi were formally arraigned before the Federal High Court, Abuja in Charge No. FHC/ABJ/CR/594/2025.
The duo, previously held at Keffi Prison, face allegations connected to a coordinated plot to destabilise the kingdom.
Dramatic Bail Hearing
The court granted the defendants bail after a forceful plea by their lawyer, Barrister Steve Emelieze, who made the unusual offer to deposit his Call-to-Bar certificate to assure the court that the defendants would not abscond. Other sureties—including the ODA Abuja President, Diokpa Patrick Obi—also undertook to guarantee their attendance throughout the trial.
Despite the court’s approval, the defendants failed to perfect the bail terms and were consequently remanded to Kuje Correctional Centre. Our reporter witnessed correctional officers escorting them back into custody. Their trial is scheduled to begin on 11 March 2025.
The judge warned the defendants to maintain strict good behaviour and avoid any acts that may breach the peace or interfere with ongoing investigations, noting that any misconduct could lead to an immediate revocation of bail.
Background to the Case
Osammor and Ashi were arrested in October 2025 following months of intelligence-gathering directed by the Inspector General of Police.
Investigators allege that they played central roles in a campaign of misinformation, incitement, and mobilisation of factions aimed at destabilising Ogwashi-Uku Kingdom.
Both men, along with others still at large, are longstanding supporters of the Umu Obi Dieyi faction, which lost its challenge to the Ogwashi-Uku throne at the High Court, Court of Appeal, and finally the Supreme Court.
In court today were Barr. Victor Nobei and Barr. Francis Okolie, lawyers known to represent the faction. Barr. Okolie is himself facing terrorism charges at the Federal High Court in Asaba for allegedly participating in the violent attack on the Obi in October 2023.
Investigation Expands
Police sources confirm that the investigation has now broadened to include fresh threats against His Royal Majesty, Obi (Dr.) Ifechukwude Aninshi Okonjo II, and possible links between the defendants and individuals already on trial for the 2023 palace attack. Investigators believe the current activities may be a continuation of that earlier plot.
Attempts by some suspects to block their arrest through Fundamental Rights applications have been dismissed by senior police lawyers as legally baseless, noting that courts cannot restrain the police from investigating crime.
Police Vow to Pursue All Leads
A senior officer told our reporter: “The police will follow every lead. Anyone found liable in the attempt to plunge Ogwashi-Uku into crisis will be brought to justice. No one is above the law.”
As the kingdom awaits the commencement of trial in March 2025, many residents hope that this case will finally expose the full network behind the unrest and help restore lasting peace.
Arraignment, Bail Of Ogwashi-Uku Defendants, Patrick Osamor, Augustine Ashi Marks New Phase In Criminal Probe
News
Yobe: MBICA to commence full operation
Yobe: MBICA to commence full operation
By: Yahaya Wakili
The Muhammadu Buhari International Cargo Airport (MBICA), Damaturu, Yobe State, will soon commence full commercial operations.
This was contained in a signed service level agreement with the Nigerian Airspace Management Agency (NAMA), Managing Director Mr. Farouq Ahmed Umar, and the Yobe State Government.
At the signing of the agreement, the Yobe State government was represented by the Honourable Commissioner for Transport and Energy, Hon. Muhammad Muhammad Bara, and the Permanent Secretary, Dr. Mustapha Abba Geidam FCVSN.
Under the agreement, NAMA will provide critical services to ensure safe, efficient, and compliant aerodrome operations at the Cargo Airport, including Air Traffic Control (ATC) Services and managing aircraft movements within the airport airspace.
In the agreement, others include communication services provision and maintenance of aeronautical communication systems, navigation and surveillance systems, instrument landing systems radar coverage, and flight path monitoring.
Therefore, this brings Muhammadu Buhari International Cargo Airport (MBICA) to the verge of full compliance with International Civil Aviation Organization (ICAO) operational and safety standards.
Aeronautical Information Services (AIS) ensures pilots and airlines receive up-to-date flight and operational information, and search and rescue coordination support within national airspace regulations would also be provided under the agreement.
Yobe: MBICA to commence full operation
News
Guterres Calls for Recommitment to Protection of Fundamental Freedoms
Guterres Calls for Recommitment to Protection of Fundamental Freedoms
By: Michael Mike
United Nations Secretary-General António Guterres has urged the international community to recommit to the protection of fundamental freedoms, warning that human rights are increasingly under threat worldwide.
Guterres made the call in his annual message to mark Human Rights Day, commemorated globally.
Guterres, whose message was read by the United Nations Resident and Humanitarian Coordinator in Nigeria, Mr. Mohamed Fall, at the celebration of 30th Anniversary celebration of National Human Rights Commission (NHRC), reflected on the legacy of the Universal Declaration of Human Rights, adopted nearly 80 years ago, describing it as a “philosophical and political breakthrough” that remains the foundation of modern international cooperation.
The declaration, he noted, laid out the basic civil, political, economic, social and cultural rights required for every person to “survive and thrive.”
He however cautioned that the world is experiencing a disturbing erosion of these rights. “Recent years have brought a shrinking of civic space,” he said. “We have grave violations that signal a flagrant disregard for rights, and a callous indifference to human suffering.”
He noted that despite these setbacks, change is possible when governments, institutions and citizens work together.
He highlighted the role of the United Nations in supporting vulnerable populations through activities such as food assistance, shelter provision, education support, election monitoring, environmental protection, women’s empowerment and peacebuilding.
“This work depends on all people, everywhere, taking a stand,” he emphasised. “When we protect the most vulnerable, when we refuse to look away, when we speak up for the institutions that speak up for us, we keep human rights alive.”
He underscored that human rights must never be sacrificed for political gain or economic interests. “Our rights should never take second place to profit or power,” Guterres said. “Let us unite to protect them, for the dignity and freedom of all.”
He noted that Human Rights Day 2025 continues the global call for renewed commitment to justice, equality and universal freedoms at a time of rising conflict, displacement and social inequality.
On his part, the Executive Secretary of the National Human Rights Commission (NHRC), Dr. Tony Ojukwu restated the Commission’s commitment to advancing freedom, equality and justice in Nigeria.
Ojukwu who led the commission on symbolic “Walk for Human Rights” in Abuja, said a lot needs to be done to safeguard human rights.
NHRC, which also used the day to commemorate the 2025 International Human Rights Day, welcomed stakeholders, partners and human rights defenders to the celebration,
Ojukwu described the event as a moment of gratitude and reflection, noting that the Commission has, since its establishment in 1995, remained a beacon for the protection and enforcement of human rights across the country.
He said: “This year’s Human Rights Day is special,” he said. “It marks three decades of dedicated service to humanity by Nigeria’s National Human Rights Institution. It is also an opportunity to honour exceptional partners whose support has strengthened our work over the years.”
Ojukwu emphasised that the anniversary represents both a journey and a reaffirmation: a journey that began with the vision of entrenching freedom, equality and justice, and a reaffirmation of the Commission’s resolve despite persistent challenges including insecurity and socio-economic pressures.
He noted that the annual walk was not a protest but a demonstration of unity and determination. “We walk not in anger, but with purpose—to defend human rights. Not as spectators, but as active participants in building a Nigeria where every voice counts and no one is left behind,” he said.
The Executive Secretary stressed that human rights can only thrive in societies that embrace harmony, mutual respect and peaceful coexistence. He added that the awards presented during the ceremony were a tribute to organisations and individuals whose courage and consistency have helped strengthen the Commission’s mandate.
Reaffirming the NHRC’s statutory duty, Ojukwu noted that protecting and promoting human rights cannot be the responsibility of the Commission alone. He called for collaboration across ministries, government agencies, the private sector and communities.
He appealed that: “Together, let us build a nation where human rights are not distant ambitions but everyday realities,” he urged. “Our collective effort remains the driver of progress.”
Guterres Calls for Recommitment to Protection of Fundamental Freedoms
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