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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
Nigeria Unveils World-Class Centralised Passport Personalisation Centre
By: Michael Mike
The Minister of Interior, Hon. Olubunmi Tunji-Ojo has announced that Nigeria’s first Centralised Passport Personalisation and Production Centre is now completed and fully ready to be deployed to end the challenges facing the nation’s passport issuance process.
Speaking at the tour of facility at the Nigeria immigration Service (NIS) headquarter in Abuja on Thursday, the Minister described the acquisition of the facility as a landmark moment in the ongoing reform aimed at transforming the country’s passport issuance system and eliminate backlogs permanently.
He said the project represents one of the boldest steps by the administration of President Bola Tinubu to modernise the Nigeria Immigration Service (NIS) and align it with global best practices.
According to him, unlike in the past when passports were personalised across 96 locations in Nigeria and the diaspora, the new centralised model consolidates production into a single hub for efficiency, quality assurance, and uniformity.
He noted that: “Nigeria is now in the league of countries such as the United States, United Kingdom, France, Russia, India, and Bangladesh that run centralised passport personalisation centres,” stressing that: “This is a big win for the government and a major shift towards efficiency and reliability.”
The new facility, built in partnership with IRISMAT Technologies Limited, deploys advanced machines capable of producing up to 1,000 passports per hour—a massive leap from the previous Iskra machines which only produced 250–300 passports per day.
With this capacity, the NIS can now produce between 4,500 and 5,000 passports daily, enabling Nigerians to receive approved passports within 24 hours to one week.
Tunji-Ojo said: “This centre puts an end to the era of backlogs and delays. When this administration came on board, we inherited over 204,000 pending applications. That chapter is now closed. Everything is automated and efficient, ensuring Nigerians get value for their money.”
He highlighted other key reforms achieved under the current administration to include: Migration to a single passport series – eliminating the old dual “A and B” series system to strengthen document integrity; Diaspora coverage – ensuring all missions abroad now issue the enhanced B-series passport; Global authentication compliance, which means Nigeria has been fully integrated into the International Civil Aviation Organisation (ICAO)‘s Public Key Directory (PKD), boosting international acceptance of its travel documents.
He stated that: “These reforms ensure that no two Nigerians carry different passport types, enhance global trust in our documents, and position Nigeria as a serious player in global travel systems.”
The Minister credited the project’s success to strong collaboration between government, the NIS, and IRISMAT Technologies Limited.
He emphasised that the facility was not funded directly from government coffers but through a strategic partnership designed to deliver value.
He also expressed gratitude to President Tinubu, the Ministry’s Permanent Secretary, the Comptroller-General of Immigration, and all NIS officers who worked tirelessly to deliver what he called “a career and time-defining project.”
Responding to concerns about how the project will impact citizens, the Minister assured Nigerians that the centralisation will drastically reduce waiting time for new passports and changes of data.
He said: “We promised two weeks, but we are working towards one week. With this centre, Nigerians no longer have to wait endlessly. What matters most is service efficiency, and this project guarantees that.”
He described the project as historic, noting that since the establishment of the Immigration Service in 1963, Nigeria had never built such a facility.
“With this centre, Nigeria now stands shoulder-to-shoulder with advanced nations in the management of travel documents. It is a legacy project that will define the future of our passport system,” he said.
Nigeria Unveils World-Class Centralised Passport Personalisation Centre
Police arrest 18 ESN suspects, recover arms and ammunition in Imo
By: Zagazola Makama
The Police Command in Imo has arrested 18 suspected members of the Eastern Security Network (ESN), including male and female accomplices, and recovered arms, ammunition and other exhibits in Oguta Local Government Area of the state.
Zagazola learnt that the arrests followed the routine dislodgement of terrorist camps in Umuaka, Njaba LGA, and Ezioha, Mbaitoli LGA, on Sept. 17, which forced fleeing kingpins into hiding in Agwa, Oguta LGA.
Sources said operatives of the Anti-Kidnapping Unit trailed the suspects to Obudi and Ubah communities in Agwa, where 18 suspects were arrested.
They were identified as Okeabia Onyiyechi, 38; Ndukwe Ebube, 19; Mmadubueze Promise, 20; Raphael Echefu, 19; Ibaku Chigemezu, 19; Chika Augustine, 22; Ibuku Pascal, 22; Mbojisochukwu Odueze, 18; Obioma Emenyionu, 21; Christopher Ugonna, 28; Ozioma Onwatugws, 17; Mathew Chibuenyi, 16; Orusakwe Favour, 19; Uzochi Nkiruka, 45; Uzochi Adaeze, 20; Akubuome Chialuka, 20; Ibuaku Caroline, 50; and Godwin Okechukwu Uzochi, 22, all from Oguta LGA and its environs.
Items recovered from the suspects included one AK-47 rifle, three AK-47 magazines, one pump action gun, 90 rounds of live cartridges, two Biafra flags, and various criminal charms.
The sources added that two suspects sustained gunshot injuries during the raid and are undergoing treatment at the Police Clinic.
The sources noted that some of the arrested suspects confessed to several killings within the state, while others were identified in viral videos with terrorist commanders.
“The command is intensifying efforts to track down other fleeing terrorist kingpins, many of whom escaped with bullet wounds during the encounter,”the sources said.
Police arrest 18 ESN suspects, recover arms and ammunition in Imo
Borno: Suspected robbers injure hunter in Gubio attack
By: Zagazola Makama
A Grasshopper’s hunter sustained serious injuries after he was attacked by suspected armed robbers at Jatori village in Gubio Local Government Area of Borno State.
Sources said the attack occurred on Sept. 16, 2025, at about 10:30 p.m., when Dauda Modu Tela, 35, and his colleague, Bulama Adam, 20, were returning from a hunting expedition. They were accosted by three unknown men armed with machetes, bow and arrow.
“During the encounter, Dauda Modu Tela attempted to flee but was shot with an arrow on the neck, sustaining serious injuries,” the sources said.
Security sources immediately visited the scene, documented the incident, and ensured the victim received medical attention at PHCC Gubio before he was referred to University of Maiduguri Teaching Hospital for further treatment.
The sources said that efforts are being intensified to apprehend the culprits in collaboration with members of the community,” the statement added.
Borno: Suspected robbers injure hunter in Gubio attack
Nigeria Unveils World-Class Centralised Passport Personalisation Centre
Police arrest 18 ESN suspects, recover arms and ammunition in Imo
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