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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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AT PRESIDENT QUATTARA’S INAUGURATION:

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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:

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Workshop for SAs reflects administration’s commitment to effective leadership—Governor Buni

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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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Benue Takes Decisive Step to Strengthen Climate Governance Framework

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Benue Takes Decisive Step to Strengthen Climate Governance Framework

Benue State has taken a decisive step to strengthen its climate governance framework, signalling a renewed commitment to addressing the growing environmental challenges facing the state.

The state government has identified prioritizing stronger institutional capacity and legislative leadership as key drivers for building long-term climate resilience.

At the one-day training on climate change, themed “Strengthening Legislative Leadership for Developing Climate Change Resilience and Carbon Budgeting in Benue State,” top government officials, members of the 10th State House of Assembly, and international development partners gathered in Abuja to deepen climate awareness and equip lawmakers with the tools to drive effective policies.

The training emphasized the critical role of informed legislation in institutionalizing carbon budgeting, promoting sustainable development, and safeguarding Benue’s future against escalating climate threats.

In his keynote address, the Executive Governor of Benue State, His Excellency Rev. Fr. Dr. Hyacinth Iormem Alia, represented by his Secretary, Dr. Emmanuel Chenge, raised concern over the increasing exposure of the state to climate-related disasters, noting that frequent flooding, erratic rainfall, rising temperatures and biodiversity loss now threaten agriculture, infrastructure and rural livelihoods.

He said: “Benue State, known as the Food Basket of the Nation, bears a disproportionate vulnerability to climate change.

“We have witnessed increasing frequency of floods in Makurdi, Agatu, Guma, Logo, Katsina-Ala and other riverine LGAs; erratic rainfall affecting crop yield; rising temperatures impacting water security and the health of our people; as well as degradation of forest landscapes and biodiversity.”

Chenge added that the effects of climate change are already eroding the state’s economic foundations, insisting that: “When climate disasters strike, it is our farmers, our women, our youth and our rural communities who suffer the most.

“Our food production systems are exposed, our infrastructure is weakened and our social stability is endangered. We cannot afford to treat this as a distant problem—its impacts are already at our doorstep.”

He called for urgent legislative action, emphasizing that the House of Assembly holds the power to set the pace for the state’s climate transition stating that “Climate governance begins with strong laws, effective oversight and a clear budgeting framework, you as lawmakers, have the power to strengthen the Benue State Climate Change Law so it evolves with global best practices, you can institutionalize carbon budgeting systems, legislate climate-smart land use and demand accountability from MDAs. With your leadership, we can turn challenges into opportunities for green development.”

He further stressed that climate resilience must be mainstreamed into all sectors. “Every ministry must begin to think climate. Every local government must plan with climate in mind, and every future development blueprint must place environmental sustainability at its core, out survival as a people depends on the decisions we make today.” He noted .

The country Director of International Alert Nigeria, Kingsley Udo, highlighted the need for unified climate leadership, describing the gathering as a strong demonstration of the state’s readiness to confront climate-related risks.

He said: “I am delighted to see such a rich gathering of stakeholders committed to strengthening climate governance in Benue State, your presence reflects a shared commitment to ensuring that our institutions, communities and governance structures work together in confronting the realities of climate change.”

He emphasized that climate change is fast becoming a major driver of conflict if left unaddressed.

He noted that “In Benue, Nigeria’s food basket, erratic rainfall, flooding, prolonged dry seasons and land degradation are contributing not only to environmental stress but also to heightened competition over land, water and livelihoods.”

He explained that: “Climate pressure, if unmanaged, becomes a conflict trigger, that is why proactive climate governance is no longer optional; it is essential for long-term peace.”

Udo also highlighted International Alert’s decades-long work in peacebuilding and governance reform.

“International Alert has worked for over 30 years globally and nearly two decades in Nigeria helping communities find peaceful solutions to conflict, we have partnered with governments, civil society and security agencies to develop responsive policies and strengthen institutional capacity. Our commitment to Benue is rooted in our belief that peace and climate security must go hand in hand.” He said .

He called on lawmakers to take a central role in implementing the Climate Change Act noting that: “As lawmakers, your leadership is indispensable,The Act will remain a document unless you translate it into real, actionable and well-resourced policies. Your oversight, your budgeting decisions and your engagement with your constituencies determine how far Benue will go in building resilience.”

Udo added further that the state cannot wait for disasters before taking action.

“We must move from reaction to prevention, the time for hesitation is over , the climate is changing faster than our systems are adapting,this meeting marks an important step toward bridging that gap.”he said .

The Director General, Benue State Council On Climate Change (BSCCC), Aondofa Mailumo identified the climate situation in Benue as severe and escalating. Shifting rainfall patterns, flooding, rising temperatures, erosion, declining soil fertility and the struggle of farmers signal that the state is approaching a dangerous threshold. The food system—not just the environment—is under threat. This urgency forms the foundation for why legislative action, financing and coordinated climate governance are essential.

He said: “Benue State, the food basket of the nation, is increasingly confronted with environmental realities that threaten the economic lifeline of its people. Farmers are struggling, food production is declining, and our communities are facing heightened vulnerability. These growing impacts highlight the urgent need for climate action.”

The DG emphasized that no climate initiative policy, plan, or strategy,can succeed without the backing of the State Assembly. Laws must create structure, continuity, accountability and enforcement without legislation, climate plans remain intentions; with legislation, they become enforceable frameworks capable of driving real change.

He further noted that the key legislative responsibilities include providing legal backing for the Climate Change Law and its Action Plan, institutionalizing carbon budgeting across government operations, mandating climate risk assessments for public projects, ensuring consistent climate reporting by MDAs, and approving sustainable budgetary provisions for adaptation and mitigation initiatives.

He said: “Without supportive legislation, climate policies remain aspirations. With strong laws, they become instruments for real transformation. The Legislature has the power to institutionalize carbon budgeting, mandate climate risk assessments, and safeguard the climate agenda of Benue State.”

He revealed that the major barrier to climate action is inadequate financing , current budget allocations are intermittent and insufficient, while the scale of climate threats demands sustained, predictable funding.

The DG stressed that Benue must diversify its financing sources to include domestic, international, private sector and community-level channels. This blended finance model is essential for moving from planning to implementation.

“Climate action requires huge financial resources that government alone cannot shoulder, to move from planning to implementation, we must expand our financing landscape tapping into domestic, international, private-sector and community-level climate finance,” he said.

Beyond challenges, the DG said climate change must be used as an opportunity for transformation, noting that with effective mitigation and adaptation strategies, Benue can strengthen agriculture, promote green innovation, create jobs and build long-term resilience Climate action, therefore, is not only defensive but also developmental.

“Mitigation and adaptation represent an opportunity to reduce climate risks, drive sustainable development, protect livelihoods, and promote green innovation in Benue State. This is our chance to build a resilient future,” he said.

Participants agreed that the state legislature must anchor climate governance by enacting responsive laws, mandating climate risk assessments and ensuring transparent use of climate funds.

The meeting concluded with a collective commitment from government leaders, lawmakers and development partners to prioritize climate action as a central pillar of Benue’s long-term development strategy. Stakeholders emphasized that while technical solutions are essential, they must be complemented by strong political will, effective legislation and continuous capacity building with strengthened legislative leadership and continued collaboration with partners such as International Alert, Benue State appears poised to chart a more resilient, climate-responsive and sustainable path for its citizens.

Benue Takes Decisive Step to Strengthen Climate Governance Framework

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