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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
Yobe: NBA condemns alleged assault on lawyer by police in Damaturu
Yobe: NBA condemns alleged assault on lawyer by police in Damaturu
By: Yahaya Wakili
The Nigerian Bar Association (NBA), Damaturu branch, under the leadership of its chairman, Ahmad Khalil, Esq., has strongly condemned the alleged assault on one of its members, Muhammad Muhammad Saminu, Esq., by officers of the Damagum Police Division.
In a formal petition made available to newsmen in Damaturu and submitted to the Commissioner of Police, Yobe State Command, Emmanuel Ado, the branch described the incident, which reportedly occurred on February 23, 2026, as a serious violation of constitutional rights and an attack on the administration of justice.
According to the association, Mr. Saminu was at the Damagum Police Division in the lawful discharge of his professional duties as counsel to a detained client when he was allegedly assaulted.
The Nigerian Bar Association claims that the Divisional Police Officer, CSP Muhammad Abdullahi Baffah, and officers under his command subjected the lawyer to hostility, physical assault, and degrading treatment within the station premises; it is further alleged that he sustained injuries and damage to his personal property during the incident.
The NBA Damaturu branch further stated that, if the allegations are confirmed, the actions would amount to violations of the constitutional rights to dignity, personal liberty, and a fair hearing.
The association emphasized that interference with a lawyer performing professional duties undermines the rule of law and public confidence in the justice system.
The branch has demanded an immediate, independent, and transparent investigation into the matter. It is also calling for the suspension of officers found to be involved, appropriate disciplinary action in line with the Nigerian Police Act, and prosecution where criminal liability is established.
The Association further requested a written response from the police command within seven days.
The NBA reiterated its commitment to defending the rule of law and ensuring the protection of legal practitioners in the discharge of their duties. Adding to that, further developments are expected as the Yobe State Police Command responds to the petition.
While contacting the Police Public Relations Officer (PPRO), Yobe state command SP Dungus Abdulkarim said the case is put to investigation as the commissioner of police meets with MBA today in his office.
Yobe: NBA condemns alleged assault on lawyer by police in Damaturu
News
Renowned Adire Artisan, Grandma Sikira Adunni Aladire, Dies at 90
Renowned Adire Artisan, Grandma Sikira Adunni Aladire, Dies at 90
By: Michael Mike
A prominent traditional tie-and-dye artist and respected community figure, Grandma Sikira Adunni Aladire, has died at the age of 90.
She passed away in the early hours of Monday, March 2, 2026, at her residence in Ile Toki, located at No. N1/506 Balogun Ibikunle Street, Ayeye, Ibadan. She was buried the same day in accordance with Islamic rites.
Widely known by her popular nickname, “Sikira Aladire,” the nonagenarian built a reputation for excellence in the traditional Yoruba art of Adire (tie and dye). She began her training in the craft in the mid-1950s, during Nigeria’s pre-independence era, and went on to become one of the most recognized artisans in her community.
Her intricate patterns and culturally inspired designs drew admirers from far and near. Historical accounts from family members indicate that colonial officials and foreign visitors frequently visited Ile Toki to purchase her fabrics, contributing to the area’s growing reputation as a hub for high-quality tie-and-dye production. Some of her products were reportedly exported abroad, showcasing the artistic heritage of Ibadan and the wider Yoruba culture.
Beyond her craftsmanship, Grandma Sikira was described as a devout Muslim and a custodian of Yoruba traditions. She was also known for her love of Apala and Dundun music, often entertaining neighbors with her graceful dance steps at social gatherings.
Family members said she remained committed to her faith, family, and community throughout her lifetime, leaving behind a legacy of creativity, resilience, and service.
She is survived by her children — Late Sarah Alimi, Abibat Alimi, Suleiman Azeez, and Latifat Balogun — as well as grandchildren, great-grandchildren, siblings, and other extended family members.
The 7-day Fidau prayer is scheduled to hold at 12 noon on Sunday, March 8, 2026, at her residence in Ile Toki, Ayeye, Ibadan.
Family members prayed for Allah’s forgiveness for her shortcomings and asked that she be granted Al-Jannah Firdaus.
Renowned Adire Artisan, Grandma Sikira Adunni Aladire, Dies at 90
News
World bank boss commends Zulum for massive investment in education
World bank boss commends Zulum for massive investment in education
By: Bodunrin Kayode
The World Bank Country Director for Nigeria, Dr Mathew Verghis, has commended Governor Babagana Zulum for his massive investment in the education sector which to him is the very foundation for development.
He described Borno as a State of resilience, history and long term scholarship which is why he is not surprised that education has become a front burner investment which has come to stay.
The World Bank boss made the remark during the commissioning of the Maimusari primary and junior secondary school Mairi on Monday in the presence of the Governor and several dignitaries who witnessed the occasion.
Dr Verghis noted that the commissioning of 104 mega schools so far in the state is a continuation of the legacy and scholarship that has been associated with the renowned Kanem Borno Empire.
Verghis called on the students to ask questions to enable them make progress and “dream” very well to get to the very essence of seeking for an education which is the reason for being in school.
Earlier, the World Bank boss had commissioned some legacy projects executed by the administration of Governor Babaganda Zulum before arriving Mairi in jere council area.
The projects, comprising a flyover bridge, three state-of-the-art mega schools and three dual-carriageway road projects, represents Zulum’s giant strides in Borno’s post-insurgency urban renewal and human capital development agenda.
He stated during one of the events that, “We have seen today many of the programmes that Governor Zulum is leading and where the World Bank is supporting, and we are proud to do that and will continue to do so.
“We will continue to work with the government of Borno State, the Federal Government of Nigeria, and the communities and families who are the true architects of this country’s future.
“These schools are more than buildings; it is a testament, it says to every young person in this community, your future matters, it says to every girl who was told that school was not for her, we disagree, it says all this to every family that has endured hardship and anxiety and uncertainty.” said Verghis.
The newly commissioned educational facilities included the 30 classrooms Government Secondary School, Maimusari, Mairi; the 30 classrooms Mega Primary School, Maimusari and the Classrooms Command Secondary School, Maiduguri.
Other projects commissioned were the West End flyover bridge, the 1.53 km Sultan Mainalari Dual Carriage Road, the 2.3 km Bursari Dual Carriage Road and the 2.4 km Shehu Sanda Kura Dual Carriage Road.
Responding, Zulum highlighted some of the milestones achieved by his administration, including equitable access to quality education, infrastructure and urban renewal, economic growth and efforts on climate change.
He stressed that “Today’s commissioning of Maimusari Junior Secondary School, Mairi, alongside other mega school facilities, represents a major achievement in our education recovery and expansion efforts. These modern 30 classroom mega schools are designed to provide equitable access to quality education, particularly for orphans, vulnerable children, and those affected by conflict.
“The urgency of these investments is reflected in findings from the World Bank-supported Recovery and Peace Building Assessment, which revealed that over 5,000 classrooms were destroyed, leaving approximately 2.2 million children out of school at the peak of the crisis.
“In response, our administration has constructed 104 new schools and rehabilitated 2,931 classrooms and related facilities. These interventions have reduced the number of out-of-school children by over 70 per cent, bringing the figure to fewer than 800,000, while school enrolment has increased to over 1.4 million children as at December 2025.
“To sustain school enrolment and retention, particularly among children from vulnerable households, our administration has implemented comprehensive support measures since 2019. These include the provision of over 20 million exercise books, 2 million textbooks, 1.5 million sets of school uniforms, 700,000 school bags, and other essential learning materials.
“In addition, our school feeding programme supports approximately 50,000 pupils annually, while the distribution of 10,000 bicycles has improved access to education for students in rural communities. These interventions reflect our unwavering commitment to removing barriers to education and ensuring that no child is left behind.
“In response to the large number of out-of-school youth who have exceeded conventional school age, our administration has prioritised Technical and Vocational Education and Training (TVET) as a pathway for skills acquisition and economic empowerment. We have established five Vocational Enterprise Institutes, three Second-Chance Women and Girls Skills Entrepreneurship Schools, and reactivated nine vocational training centres across the State.
“In addition, we have undertaken reforms to modernise the Tsangaya education system while preserving its rich heritage. As part of this initiative, we are establishing Higher Islamic Colleges in each of the 27 local government areas, with 20 already completed, alongside the introduction of basic literacy, numeracy, English Language proficiency, ICT, and technical and vocational skills to equip learners with competencies relevant to today’s world.
“Beyond education, our administration continues to invest significantly in critical infrastructure to support urban renewal and economic growth. Today, you commissioned 7.44 kilometres of dual carriageway, 14.86 kilometres of drainage infrastructure, and our third flyover bridge.
” In total, we have constructed four flyovers, with another currently underway, alongside approximately 412.603 kilometres of roads and 108.97 kilometres of drainage systems across the State.” said the Governor.
World bank boss commends Zulum for massive investment in education
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