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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
I don’t know my successor, Zulum declares at APC meeting
I don’t know my successor, Zulum declares at APC meeting
By: Our Reporter
Borno State Governor Babagana Umara Zulum has stated that he does not know who will succeed him after the expiration of his tenure in May 2027.
The governor reiterated that his administration was focused on strengthening security and providing needed development to the people.

He spoke on Sunday evening during a critical All Progressives Congress (APC) stakeholders’ meeting convened at the Multi-purpose Hall of the Government House in Maiduguri.
Addressing party leaders, elected officials and members, Zulum reiterated his stand for a fair, transparent and just process in the election of party officials during the forthcoming congresses.
He emphasised that the integrity of the process was paramount for the party’s unity and future success.
The governor strongly advocated a fresh set of individuals to occupy the various party positions.
He urged stakeholders to allow new faces to emerge through a democratic process, thereby strengthening the party’s grassroots structure and inclusivity.
Governor Zulum also dismissed speculation about his influence on the party’s future ticket.
He firmly and publicly reaffirmed that he had not anointed any candidate for the upcoming party positions or for any elective position.
“I have no candidate for any position, and I do not know who will succeed me. I have entrusted the choice of leaders to Almighty Allah, in accordance with the democratic will of the party members and the people of Borno State.
The governor set up two committees to scale up the APC e-registration and reconciliation among party members.
The 10-man committee will be headed by Nigeria’s former Ambassador to China, Baba Ahmed Jidda and will include members drawn from the state’s 3 senatorial districts.
The meeting was attended by the acting governor, Umar Usman Kadafur; the former governor of Borno State, Maina Ma’aji Lawan; APC Deputy National Chairman, Ali Bukar Dalori, State APC Chairman, Bello Ayuba and three former deputy governors, including Ali Abubakar Jatau, Adamu Shettim Dibal and Usman Mamman Durkwa.
The Chief Whip of the Senate, Mohammed Tahir Monguno, Senator Kaka Shehu Lawan and 10 members of the House of Representatives, including Dr Midala Balami, who announced his resignation from the People’s Democratic Party (PDP), were in attendance.
The speaker of the Borno State House of Assembly, Abdulkarim Lawan; the deputy speaker, Engr Abdullahi Askira and 25 other members also graced the occasion.
Others in attendance included former Senator Baba Kaka Bashir Garbai, Dr Bulama Mali Gubio and senior government and party officials.
I don’t know my successor, Zulum declares at APC meeting
News
Tuggar Holds Strategic Talks with Turkish Counterpart in Ankara
Tuggar Holds Strategic Talks with Turkish Counterpart in Ankara
By: Michael Mike
Ahead of President Bola Ahmed Tinubu’s State visit to Türkiye, the Minister of Foreign Affairs Amb Yusuf Maitama Tuggar, on Monday paid an official visit to Ankara where he held high-level talks with his Turkish counterpart, Hakan Fidan aimed at deepening bilateral cooperation between the two countries.
The meeting, Tuggar’s first official visit to Türkiye, focused on strengthening political, economic, security, and multilateral cooperation. Minister Fidan commended Nigeria’s constructive role in promoting regional stability, peace, and prosperity in West Africa, noting Nigeria’s leadership within regional and continental frameworks.
Tuggar placed strong emphasis on expanding bilateral trade and increasing mutual investment, particularly in sectors of interest to Turkish companies, including construction, manufacturing, energy, and infrastructure. Both ministers acknowledged the steady growth in economic relations and underlined the need to unlock further potential through structured public–private engagement.
On security cooperation, the two sides highlighted opportunities to deepen collaboration in military affairs and the defence industry.
The visit reflects the growing strategic character of Nigeria–Türkiye relations, anchored in shared positions on sovereignty, institutional cooperation, and pragmatic partnership, with both sides expressing confidence in the prospects for deeper engagement in the period ahead.
Alkasim Abdulkadir
SA Media and Communications to the Honorable Minister of Foreign Affairs.
Tuggar Meets Turkish Foreign Minister in Ankara Ahead of Tinubu’s State Visit
Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has held strategic discussions with Türkiye’s Minister of Foreign Affairs, Hakan Fidan, in Ankara as part of preparations for President Bola Ahmed Tinubu’s forthcoming state visit to the country.
The meeting, which marked Tuggar’s first official visit to Türkiye, focused on strengthening bilateral ties between both nations across political, economic, security and multilateral fronts. The talks underscored the growing importance of Nigeria–Türkiye relations and the shared commitment of both governments to expanding cooperation.
During the engagement, Fidan commended Nigeria’s leadership role in West Africa, particularly its efforts in promoting peace, stability and regional prosperity. He acknowledged Nigeria’s influence within regional and continental institutions and its constructive contributions to addressing common security and development challenges.
Tuggar, in his part, emphasized Nigeria’s interest in deepening economic collaboration with Türkiye, calling for increased trade volumes and stronger investment flows. He identified construction, manufacturing, energy and infrastructure as key sectors offering significant opportunities for Turkish investors. Both ministers noted the steady improvement in economic relations and stressed the need for enhanced public–private sector engagement to unlock further growth.
Security cooperation also featured prominently in the discussions, with both sides expressing readiness to strengthen collaboration in military relations and defence industry partnerships.
The high-level talks highlight the increasingly strategic nature of Nigeria–Türkiye relations, built on mutual respect for sovereignty, institutional cooperation and practical partnership. Both countries expressed optimism about expanding engagement and delivering tangible outcomes in the period ahead.
Tuggar Holds Strategic Talks with Turkish Counterpart in Ankara
News
Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue
Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue
By: Michael Mike
Leaders and people of Ogoniland have petitioned President Bola Tinubu over alleged attempts by the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to undermine the ongoing Federal Government–Ogoni dialogue process aimed at resolving the decades-long Ogoni crisis.
The petition was submitted under the auspices of the Conscience of Ogoni People (COOP), formerly known as the Ken Saro-Wiwa Associates, a group of concerned Ogoni stakeholders advocating peace, justice, and sustainable development in Ogoniland.
In a statement issued on Monday and signed by COOP’s Leader and Spokesman, Chief Gani Topba, the group expressed strong support for the dialogue and peace process being facilitated by the National Security Adviser (NSA), Mallam Nuhu Ribadu, describing it as the most credible effort so far to address the long-standing Ogoni question.
COOP alleged that Wike has been engaging in actions intended to frustrate the dialogue, tracing the dispute to unresolved issues from his tenure as Governor of Rivers State.
According to the group, the controversy is linked to a long-standing compensation dispute between the Ejama Ebubu community in Ogoni and the Shell Petroleum Development Company of Nigeria Limited (SPDC) over environmental damage claims that were decided in favour of the community.
The group stated that the Rivers State Government became deeply involved in the matter during Wike’s administration, a development that has remained contentious and unresolved in public discourse.
COOP further alleged that during the recent visit of the NSA to Ogoniland, political associates of the FCT Minister were instructed to boycott and undermine the engagement. The group claimed that efforts were deliberately made to sabotage the dialogue at the community level.
Raising security concerns, COOP alleged that armed youths recruited from different parts of Rivers State are currently being mobilised and camped around the Rivers State House of Assembly quarters, allegedly to destabilise the peace process.
The group also claimed that Wike is displeased with Rivers State Governor, Sir Siminalaiyi Fubara, for cooperating with the NSA to ensure the success of the Ogoni dialogue. According to COOP, local government chairmen in Eleme, Tai, Gokana and Khana LGAs were allegedly directed to recruit armed youths to disrupt the dialogue and frustrate the proposed resumption of oil operations in Ogoniland.
COOP warned that if these alleged actions are not checked, they could pose serious threats to public peace and security in Rivers State and derail the fragile but promising dialogue process.
The group noted that the ongoing engagement has been widely welcomed by Ogoni people as a sincere and inclusive initiative aimed at achieving lasting peace, environmental remediation, economic reintegration of Ogoni communities, and the safe resumption of oil production in Oil Mining Lease (OML) II. They added that a successful outcome would significantly boost national revenue, foreign exchange earnings, energy security and employment.
COOP appealed to President Tinubu to intervene by calling on the FCT Minister to desist from actions capable of reigniting tension in Ogoniland. The group urged the President to protect the dialogue process and mandate relevant security and intelligence agencies to investigate the allegations.
They call on the President to ensure that no individual, regardless of position, undermines national interest for personal or sectional gain, expressing confidence that decisive intervention would help secure peace in Ogoniland and reaffirm the Federal Government’s commitment to justice, national unity and economic recovery.
Ogoni Leaders Petition Tinubu, Accuse Wike of Undermining Peace Dialogue
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