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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
NIMC Intensifies Ward-Level NIN Enrolment, Urges Nigerians to Register
NIMC Intensifies Ward-Level NIN Enrolment, Urges Nigerians to Register
By: Michael Mike
The National Identity Management Commission (NIMC) has reaffirmed its commitment to expanding Nigeria’s digital identity database as its nationwide ward-level enrolment drive for the National Identification Number (NIN) gains momentum across the federation.
The exercise, which began on February 16, 2026, is designed to bring registration services closer to the grassroots by decentralising enrolment to ward levels in all states and the Federal Capital Territory. According to the Commission, the initiative is already recording steady progress, with officials deployed to designated centres to capture new registrants.
In a statement issued on Tuesday by the spokesman of the Commission, Dr. Kayode Adegoke, NIMC underscored the critical role of the NIN in accessing essential government and financial services, describing it as the backbone of Nigeria’s identity management system. The Commission stressed that possession of the NIN remains mandatory for participation in a growing number of public and private sector services.
“The ward-level enrolment is part of our strategy to ensure inclusive identity coverage and to eliminate barriers that may prevent citizens and legal residents from registering,” the Commission said.
NIMC called on Nigerians who are yet to enrol to seize the opportunity presented by the decentralised exercise by visiting designated centres within their wards. The agency advised prospective registrants to verify the nearest enrolment locations through its official website, cooperate with enrolment officers, and provide accurate and verifiable information during the process.
To curb misinformation, the Commission urged the public to rely strictly on its verified communication channels, including its website (www.nimc.gov.ng) and official social media platforms on X (@nimc_ng), Instagram (@nimc_ng), Facebook (National Identity Management Commission – NIMC), and LinkedIn.
The agency also highlighted additional digital services available to the public. Applicants can initiate pre-enrolment through the online portal at penrol.nimc.gov.ng, while individuals seeking data corrections or updates can use the self-service modification platform at selfservicemodification.nimc.gov.ng. For secure digital verification, Nigerians were encouraged to download the NIN Authentication (NINAuth) App from the iOS App Store or Google Play Store.
NIMC further provided its customer care helpline, 0800-061-6462, for inquiries and assistance.
Reaffirming its mandate, the Commission stated that it remains focused on delivering “assured identity” to all Nigerians and legal residents, noting that a comprehensive and reliable identity database is essential for national planning, security coordination, and efficient service delivery.
NIMC Intensifies Ward-Level NIN Enrolment, Urges Nigerians to Register
News
Nigeria–China Partnership Strengthens as Officials Champion Culture, Women’s Empowerment and Economic Cooperation
Nigeria–China Partnership Strengthens as Officials Champion Culture, Women’s Empowerment and Economic Cooperation
By: Michael Mike
Nigeria and China have reaffirmed their strategic diplomatic and cultural partnership, with top government officials, diplomats and international development partners using the 2026 Chinese New Year and Lantern Festival celebration in Abuja to call for deeper collaboration in culture, education, tourism and women’s economic empowerment.
The event, held at the China Cultural Centre brought together high-level delegates from the Federal Government of Nigeria, the diplomatic corps and cultural stakeholders from China. The celebration also marked the 55th anniversary of diplomatic relations between both countries, as well as global efforts to promote people-to-people diplomacy under cultural exchange platforms.
Speaking at the event, the Ambassador of China to Nigeria, Yu Dunhai, described the Lantern Festival as a global symbol of unity, hope and renewal. He said the festival’s growing international recognition following its inscription on the UNESCO Intangible Cultural Heritage list reflects the global relevance of Chinese culture.
The ambassador, who was represented by the Cultural Counselor of Chinese Embassy and Director, Chinese Cultural Centre in Nigeria, Yang Jianxing, emphasized that cultural diplomacy remains a strong pillar of China–Nigeria relations, noting that over five decades, both nations have deepened cooperation in trade, infrastructure development, education and technology transfer.
He stressed that cultural exchange promotes mutual understanding beyond formal diplomacy. “Civilizations are enriched by exchange and mutual learning,” he said, highlighting shared cultural values such as respect for family, community cohesion and social harmony.
On his part, the Nigeria’s Permanent Secretary, Federal Ministry of Art, Culture, Tourism and Creative Economy, Dr. Mukhtar Muhammad, described the celebration as a symbolic fusion of two great civilizations and a platform for advancing gender-inclusive development.
Muhammad emphasized that combining the Women’s Carnival with the Lantern Festival was intentional, reflecting the strategic role of women in shaping cultural identity and economic progress.
He noted that women in both Nigeria and China continue to drive innovation, preserve cultural heritage and contribute significantly to national development.
“As lanterns light up the night sky, our women light the path to social and economic progress,” he said, pledging that the Federal Government would continue implementing policies aimed at expanding opportunities for women in the creative and digital economy.
He added that Nigeria would work toward improving women’s visibility in global cultural and economic spaces through stronger tourism promotion, creative industry investment and international cultural collaborations.
Representatives of the UNESCO Office in Nigeria, Dr. Jean-Paul Ngome Abiaga,
also spoke at the event, describing culture and education as powerful tools for sustainable development and international cooperation.
He emphasized that the celebration’s timing — coming just days before International Women’s Day — reinforced global commitments to gender equality.
He commended progress made in women’s empowerment in both countries, highlighting China’s achievements in expanding women’s access to higher education, entrepreneurship and technology-driven industries, noting that women now represent a significant share of university enrolment and workforce participation in China.
In Nigeria, UNESCO praised ongoing initiatives such as national women empowerment programmes and advocacy campaigns promoting girls’ education and economic inclusion. The organization reiterated that investing in women’s education and skills development remains essential to achieving long-term economic stability and social progress.
Speakers at the celebration urged both nations to translate cultural goodwill into stronger economic partnerships. They highlighted opportunities in tourism development, creative economy expansion, digital skills training and youth entrepreneurship.
Officials said cultural exchange programmes have already contributed to growing mutual appreciation of music, film, fashion and culinary traditions between both societies.
Participants noted that Nigerian and Chinese women are increasingly participating in cross-border cooperation projects, with many contributing to business, technology and community development initiatives in both countries.
Nigeria–China Partnership Strengthens as Officials Champion Culture, Women’s Empowerment and Economic Cooperation
News
Gombe, UNICEF move to combat nutrition commodity theft
Gombe, UNICEF move to combat nutrition commodity theft
The Gombe State government in collaboration with UNICEF, has inaugurated a taskforce to tackle misuse, abuse, and theft of nutrition commodities aimed at addressing malnutrition in the state.
Speaking at the inauguration on Tuesday, Deputy Governor Mr Manassah Jatau, urged taskforce members to adhere strictly to their terms of reference, stressing the importance of safeguarding the health of the population.
He explained that the taskforce’s mandate included identifying, monitoring, and sanctioning anyone diverting, hoarding, destroying, or misusing nutrition commodities intended for malnourished children and other vulnerable groups.
Jatau noted that malnutrition remained a major challenge in northern Nigeria, particularly the North West and North East zones, emphasising that protecting nutrition supplies ensured better returns on government and partner investments.
He outlined the taskforce’s responsibilities, including monthly monitoring of health facilities and storage sites, investigating diversion cases, recommending sanctions, and developing guidelines for transparency and accountability in handling nutrition commodities.
Dr Nuzhat Rafique, Chief of UNICEF Bauchi Field Office, expressed concern over the diversion of life-saving nutrition commodities to the market, depriving malnourished children of critical protection and care.
She highlighted that nutrition supplies were essential for children suffering from Severe Acute Malnutrition (SAM) and warned that the number of chronically malnourished children was increasing in the state.
Rafique urged the taskforce to diligently prevent diversion or abuse of all nutrition and medical supplies, ensuring aid reached the children who needed it most.
Chairman of the taskforce, Mr Salisu Baba-Alkali, Commissioner of Budget and Economic Planning, assured that the committee would deliver on its mandate, reflecting the government’s strong political will and commitment.
The News Agency of Nigeria (NAN) reports that the taskforce underscores Gombe State’s institutional effort to protect life-saving nutrition commodities from misuse, diversion, and theft across health facilities and storage centres.
The initiative is aimed at ensuring that the supplies reach malnourished children and other vulnerable populations as intended by the government and its development partners.
Gombe, UNICEF move to combat nutrition commodity theft
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