News
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
“Road Home is Open”: Zulum Brings Hope to 12 000 Nigerian Refugees in Cameroon
“Road Home is Open”: Zulum Brings Hope to 12 000 Nigerian Refugees in Cameroon
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has reaffirmed his administration’s commitment to restoring the dignity of victims of insurgency, including Nigerian refugees in the neighbouring countries of Cameroon, Chad, and Niger.
Governor Zulum gave this assurance while addressing refugees at the Minawao camp in Cameroon’s Far North region, as part of government efforts to repatriate those who remain. Over 12, 000 Nigerian refugees from Kirawa, Ngoshe, Ashigashiya and surrounding communities in Gwoza Local Government Area have been living in the camp for more than a decade.

The governor’s visit provided a significant relief and renewed optimism as he interacted with the refugees. For many, his presence signalled that the long road home was finally opening, describing the moment as their “first real assurance”.
Governor Zulum informed the refugees that adequate security arrangements have been put in place in their home communities, following years of expanded military operations and civilian security initiatives across Gwoza and other parts of Borno.
“The welfare of refugees, internally displaced persons, and returnees remains a priority for us,” Zulum said, noting that rebuilding the lives of insurgency survivors is a core pillar of his administration’s humanitarian and development agenda.
The governor also announced cash support for shelter rehabilitation for those willing to return, a measure designed to help returnees begin reconstructing their homes. In addition, he pledged to drill boreholes for the refugees.
“Borno State in partnership with the federal government will provide a cash assistance of N500 000 to each refugee that is willing to return home, while women households will be given N100,000 each,” Zulum announced.
The governor of the Far North Region, Cameroon, Mijinyawa Bakari, praised Governor Zulum’s unwavering commitment, describing his continued support for displaced Nigerians in Cameroon as exemplary and deeply humanitarian.
“Borno State Governor has consistently demonstrated genuine concern and responsibility for his people, even beyond Nigeria’s borders,” Bakari stated.
He acknowledged the sustained humanitarian assistance, particularly the governor’s long-standing interventions in the Minawao Refugee Camp.
“Zulum’s physical presence and hands-on support has not only provided relief to the refugees but has also strengthened cooperation between Nigeria and Cameroon in addressing displacement and regional stability,” he added.
During his visit, Governor Zulum also toured farmlands allocated to the refugees by the Cameroonian government, which have become their primary source of livelihood.
While assessing the fields, he commended the refugees’ resilience and the host authorities’ generosity. He assured farmers that his administration would support their agricultural activities by providing irrigation kits and water sources to boost productivity.
“Empowering refugees to maintain their livelihoods is central to restoring dignity and ensuring a smooth transition back into their communities,” Zulum stressed.
The governor was accompanied by the senator representing Borno South, Senator Mohammed Ali Ndume; the member of the House of Assembly representing Gwoza, Hon. Abdullahi Buba Abatcha; commissioners, the Chairman of Gwoza Local Government, and other officials.
“Road Home is Open”: Zulum Brings Hope to 12 000 Nigerian Refugees in Cameroon
News
UN Expresses Deep Pains Over Schoolgirls Abduction in Nigeria
UN Expresses Deep Pains Over Schoolgirls Abduction in Nigeria
…Calls for Gender Equality and Empowerment
By: Michael Mike
The United Nations (UN) has expressed deep pain over school girls abductions in Nigeria.
UN Women Deputy Executive Director, Nyaradzayi Gumbonzvanda who was in Nigeria on official visit at the weekend while expressing the concern of the international body over the continued kidnappings in schools in the country, also called for gender equality, the empowerment and rights for all women and girls in Nigeria.
Gumbonzvanda said she personally feels the pains as a mother of what the abducted children are going through.
She said: “And at the outset, to also express as a mother, as a leader, my deep pain with the abductions that we still continue to see of our daughters. I needed to express that at the outset.
“I therefore join my voice to call for the release of the abducted daughters of this nation. As a mother, I even feel my stomach churning when I wonder, what did she eat today? Where did she sleep tonight? Was she inappropriately touched? What are her fears and her traumas? And I also think of her community, their communities, and their families. And therefore reaffirm that every girl must have a right and does have a right to security and to education.”
She added: “Violence against women and girls remains pervasive in this country, Nigeria, with the abductions that I have mentioned and the attacks on schoolgirls highlighting the urgent need for safety in schools, safety in our homes, in our communities, and online.”
She explained that “This is critical because globally, nearly one in three women experience physical or sexual violence in their lifetime.”
Gumbonzvanda also decried the alarming rate of Technology-Facilitated Gender Based Violence, calling for proper protections for the girl child.
She said: “A critical area of concern remains technology-facilitated gender-based violence, which is rising globally and nationally. Between 16 percent and 58 percent of women worldwide experience some form of online or technology-facilitated gender-based violence, depending on the region.
“Globally, one in three women experience physical or sexual violence. And technology-facilitated abuse affects up to 58 percent of women, according to our UN Women data of 2022.”
The UN Women official also noted that UN Women is supporting the governments and stakeholders in strengthening the policy frameworks, enhancing digital safety, and promoting accountability for online harms.
She however stressed the importance of a legal framework to address the menace.
According to her: “Effective legal frameworks and inclusive governance are essential to reversing this trend. My discussion with ambassadors accredited to Nigeria also underscored the importance of enhanced regional cooperation and particularly across the Sahel and West Africa, where women’s leadership and peace-building efforts are indispensable for stability and for sustainable development.”
Gumbonzvanda commended the Nigeria’s National Assembly’s strong commitment to strengthening legislation that protects women and girls in advancing measures that expand women’s participation in governance.
She also commented on women’s representation at the National Assembly which stood at 3.8 percent, far way below the global average of 27.2 percent according to the Inter-Parliamentary Union data of 2025.
She urged the country to adopt the “Legislative reforms such as affirmative action, such as quotas, and the proposed special seats which are globally recognised to accelerate women’s participation.
She said: “These measures are not just there to strengthen democracy, but also to ensure rule of law in that budget reflects the needs of half of the population.”
She therefore sees the ongoing debate on the special bill as positive, stating that: “Therefore, I am really excited to be here in this country, as the country engages deeply and boldly and confidently on the special seats bill. And I’m looking forward to the day when it will be passed. I do, in every country, because also as the UN, special measures are part of standards, are part of international standards.
“And equally, we have SDG 5 on women in decision making, which aims for gender parity by 2030. So the efforts in Nigeria are a good progressive approach towards that goal. Economic empowerment is vital for sustainable development.”
On the need to empower women, Gumbonzvanda stressed that women make up over 70 percent of Nigeria’s agricultural labour force, yet face barriers to land, to credit, to markets.
She noted that: “Gender responsive budgeting and investments in women farmers and entrepreneurs can unlock growth and resilience. Closing gender gaps in labour participation could add up to 12 million to global GDP by 2025, according to the data from McKinsey, proving that empowering women is smart economics.
“Empowering women economically is not charity. It is innovation, it is development, it is a benefit that extends the entire community. Some of us are sitting here because our mothers in the rural areas were empowered to be able to send their goats to market and be able to pay school fees, that we’re able to give soap and sugar, because our mothers were able to get a little bit of income in the family.
“So economic empowerment is not just about the national economic data. It’s about life, everyday life in our communities. To sustain and scale progress, predictable and innovative financing is essential.”
Speaking on her visit, which is the first to Nigeria, the UN official said it was to deepen partnership, reinforce national leadership, and accelerate collective action to advance gender equality, the empowerment and rights for all women and girls in Nigeria.
She noted that the visit has allowed her to witness the tangible impact of UN Women’s Working Communities.
Gumbonzvanda said: “ Over the past days, I have engaged with various stakeholders and partners. I’ve engaged with the members of the National Assembly, the diplomatic partners, the United Nations country team, civil society organisations, and community women who are driving progress at the very, very grassroots level.”
She also narrated her experience in Kwali, a community in the Federal Capital Territory, where she joined the women to peel cassava and also to partake in processing it into flour (food), saying “ and how we enjoy it with Ogusi soup. It was a very important experience for us to see how we can actually do agro-processing in communities, but to understand what it takes and what is needed to provide that transformation that is needed.”
She also revealed that the targeted investments to improve women’s lives in agro-processing is very important.
“It was also very clear that the investments to improve economic empowerment at community level would reduce the time burdens, would expand income-generating opportunities, and would also unleash the potential of women,” she said.
She explained that: “Globally, access to safe water and sanitation reduces the time women spend on unpaid care work. This is so important for us that we invest in water and sanitation.
“And that when women have greater access to water and sanitation, it enables them greater participation in economic activities.
“These are practical examples of how empowering women strengthens communities and enhances resilience as we turn policy into lived experiences in our communities.
“At the UN system, I have interacted with our colleagues in the UN system and have reiterated UN Women’s commitment to coordinated multi-sectoral action, particularly on gender-based violence prevention, on women’s economic empowerment, and on advancing the women’s peace and security agenda in Nigeria.”
She assured Nigeria women that the “UN Women will continue to mobilise partnership across governments, development partners in the private sector, to ensure that front-line organisations and national institutions have the resources required to deliver lasting change. Nigeria has demonstrated strong leadership and a clear commitment to advancing the rights of women and girls. UN Women stands ready to continue to support these national efforts, working with all partners in translating commitments to measurable transformation results.”
UN Expresses Deep Pains Over Schoolgirls Abduction in Nigeria
News
VP Shettima Departs Abuja For Abidjan To Represent President Tinubu At Alassane Ouattara’s Inauguration
VP Shettima Departs Abuja For Abidjan To Represent President Tinubu At Alassane Ouattara’s Inauguration
By: Our Reporter
Vice President Kashim Shettima has departed Abuja for Abidjan, Cote D’Ivoire, to represent President Bola Ahmed Tinubu at the inauguration of Mr. Alassane Ouattara for a fourth term in office as President of that country.
Senator Shettima is expected to join other leaders across Africa and beyond to witness activities lined up for the swearing-in ceremony scheduled to hold on Monday December 8, 2025 at the Presidential Palace in Abidjan.
Quatara was re-elected for a fourth term in office on October 25, 2025 as President of Côte d’Ivoire, a West African country that shares cordial diplomatic ties with Nigeria.
Both nations collaborate significantly within ECOWAS and the African Union on security, trade, and development, formalized by a Bi-National Commission and numerous agreements covering areas like anti-trafficking, agriculture, and digital economy, with strong informal trade and significant Nigerian diaspora in Côte d’Ivoire, fostering deep bilateral economic and social connections.
The Vice President is accompanied by HE Omar Aliyu Touray, President of ECOWAS Commission; Senator Abubakar Sani Bello, Chairman, Senate Committee on Foreign Affairs and Hon. Usman Zannah, member representing Kaga/Gubio/Magumeri Federal Constituency in the House of Representatives.
The Vice President is expected back in Abuja at the end of the inauguration ceremony.
VP Shettima Departs Abuja For Abidjan To Represent President Tinubu At Alassane Ouattara’s Inauguration
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
News8 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
