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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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NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja

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NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja

By: Michael Mike

Operatives of the Nigeria Security and Civil Defence Corps (NSCDC) in the Federal Capital Territory have arrested three young men suspected of vandalising public infrastructure in Abuja.

The suspects were intercepted near the National Stadium area close to the National Hospital along Constitution Avenue during intensified patrols carried out as part of yuletide security operations.

According to the NSCDC, the men were allegedly caught in possession of damaged road safety installations, which they were believed to be preparing to transport from the area. Recovered items included several road crash barriers and a heavy-duty hammer.

The suspects were identified as Abdulsalam Aminu, 25, Mustapha Sale, 26, and Suleiman Sani, 19, and they are currently in custody while investigations is said to continue.

Speaking on the development, the FCT Commandant of the NSCDC, Dr. Olusola Odumosu, said the arrests were part of deliberate efforts by the command to protect critical public assets, particularly during festive periods when vandalism and theft often spike.

He lamented that public infrastructure provided to enhance safety and improve living conditions is frequently targeted by criminals for personal gain, describing such acts as a major threat to public welfare.

Odumosu stressed that the corps would remain relentless in safeguarding government facilities including roads, bridges, crash barriers, power installations and other vital infrastructure across the territory.

The commandant warned individuals involved in vandalism to desist or risk prosecution, noting that the agency would enforce the law without compromise. He also urged residents to support security agencies by reporting suspicious activities to help curb the destruction of public assets in the FCT.

NSCDC Nabs Three Suspected Infrastructure Vandals in Abuja

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Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly

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Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum has presented an N890.33 billion budget proposal for the 2026 fiscal year to the State House of Assembly, with the education sector receiving the largest allocation.

The budget, titled “Budget of Sustained Recovery and Growth,” places strong emphasis on capital development, with over 61 per cent of the total expenditure devoted to capital projects, while recurrent spending accounts for about 39 per cent.p

Addressing members of the House of Assembly, Zulum disclosed that the proposal comprises N353.77 billion for recurrent expenditure and N536.56 billion for capital expenditure, stressing that the spending plan is designed to deepen recovery efforts and accelerate development in the state.

According to the governor, the budget reflects the administration’s commitment to rebuilding infrastructure, revitalising the economy and improving the quality of life for residents following years of insurgency.

The sectoral breakdown of allocations showed that education tops the list with N135.43 billion. The funds are expected to support the construction and rehabilitation of schools, teacher recruitment, and scholarship programmes across the state.

The works and housing sector received N94.27 billion to fund road construction, bridge projects and housing development, while the health sector was allocated N66.41 billion for the completion of hospitals, procurement of medical equipment and supply of essential drugs.

Other key allocations include N58.71 billion for the Ministry of Reconstruction, Rehabilitation and Resettlement to facilitate the return and resettlement of displaced persons, N44.95 billion for agriculture to boost food production, and N21.35 billion for water resources projects. Funds were also set aside for information and internal security to strengthen peace and stability.

On the revenue side, the state expects N317.69 billion from the Federation Account, N44.30 billion from internally generated revenue, and N417.23 billion from capital receipts, including grants and development funds.

In his response, Speaker of the House of Assembly, Abdulkarim Lawan, assured the governor that the legislature would give the budget proposal prompt and thorough consideration to ensure it aligns with the state’s development priorities before passage.

Education Gets Highest Share as Zulum Presents N890.33bn 2026 Budget to Borno Assembly

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VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri

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VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri

By: Bodunrin Kayode

VP, Kashim Shettima is expected to flag off the second Bi-annual Kanem–Borno Cultural Summit 2026 taking place in Maiduguri from 1st–2nd January, 2026.

Announcing this recently, chairman of the Borno Emirate concerned citizens forum Zanna Boguma said that about 1000 other visitors from all over the world will join the VP in gracing the occasion.

He said the 1000 delegates are also expected from across the country and the world especially from several countries where kanuri people reside are coming for the summit.

“Ministers, top political figures and National Assembly members of Borno in other states will be coming including our kiths and kins in lafia and Kanam on the plateau.

” Lots of traditional stuffs will be showcased to announce that kanem Borno never fell in the hands of its enemies as is being portrayed in some quarters.

“There will be displays of cultural artifacts to entertain the visitors. Prayers will be held on Friday of that week for the success of the occasion. However, consistent prayers must continue to ensure that there is stability during the period.

In a recent world new conference, the chairman of the committee Zanna Hassan Buguma maintained that the theme for this year’s summit is ” Echoes of Resilience: Harnessing Culture for Peace and Regional Stability”

“We are pleased to formally announce the 2nd edition of the Bi-annual Kanem–Bornu Cultural Summit 2026, scheduled to hold on 1st and 2nd January, in Maiduguri, Borno State, under the theme “Echoes of Resilience: Harnessing Culture for Peace and Regional Stability.

“This Summit will serve as a global homecoming, bringing together sons and daughters of Kanem–Bornu from across Nigeria and around the world, including members of the diaspora, scholars, professionals, traditional leaders, cultural custodians, youth and women. It is a deliberate effort to reconnect our people to their shared heritage and mobilize collective wisdom, resources, and networks for the peace and stability of our region.

“Building on the success of the maiden edition, the 2nd Bi-annual Kanem–Bornu Cultural Summit seeks to deepen conversations around identity, resilience, and responsibility. At a time when the Lake Chad Basin continues to face security, humanitarian, and socio-economic challenges, this Summit positions culture as a unifying force and a strategic tool for peacebuilding, reconciliation, and regional cooperation and integration.

“The Kanem–Bornu civilization remains one of Africa’s most enduring legacies, renowned for governance, scholarship, trade, diplomacy, and coexistence across ethnic and cultural lines. For centuries, it nurtured systems that emphasized justice, tolerance, consultation, and social harmony. The Summit draws inspiration from this legacy to address contemporary challenges, reminding us that solutions to today’s crises can be found in the wisdom of our past.

” The Summit will explore how traditional institutions, indigenous conflict resolution mechanisms, cultural education, arts, language, and heritage preservation can be harnessed to counter violence, promote healing, and strengthen regional stability.

“Over the two days, the Summit will feature keynote addresses, high-level panel discussions, diaspora dialogues, youth and women forums, cultural and religious exhibitions, traditional performances, and policy-oriented sessions. Special attention will be given to diaspora engagement, knowledge exchange, investment in cultural industries, and pathways for youth participation in peace and development initiatives.

“Maiduguri, our host city, is both symbolic and strategic. It stands as a historic centre of Kanem–Bornu civilization and a contemporary symbol of courage and resilience. Hosting this Summit in Maiduguri underscores a powerful message: that the people of Kanem–Bornu, wherever they reside, remain united in purpose and committed to rebuilding, healing, and progress.” Said Dr Hassan.

VP Kashim Shettima Expected at Second Kanem Borno cultural summit in Maiduguri

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