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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
Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
By: Zagazola Makama
The Police in Benue have exhumed seven in connection with the 2025 Yelwata killings as part of ongoing investigations by the Presidential Medical Delegation as part of efforts to ensure justice for victims of what he described as a brutal assault.
Zagazola learnt that the exhumation was carried out on Feb. 24 by federal investigators led by the Intelligence Response Team (IRT) following an earlier situation report on the exercise.
According to the sources, the bodies were exhumed for inquest, adding that the exercise would continue at a later date.
“Seven corpses have been exhumed by the IRT-led federal investigators for inquest. The exercise will continue, and further development will be communicated,” police sources said.
Forensic pathologists from the Federal Ministry of Justice have arrived in Benue State to investigate the June 13, 2025, attack on Yelwata, a community in the Guma Local Government Area of the state.
The Presidential Medical Delegation on Monday visited Yelwata in Guma Local Government Area to inspect graves of victims of the June 2025 attack on the community.
Security sources said the delegation visited the burial site where victims of the attack were interred, and the graves were identified as part of ongoing investigative and medical review processes.
The deployment follows proceedings at the Federal High Court in Abuja, where nine suspects were arraigned on 2 February 2026 before Justice Joyce Abdulmalik in connection with the Yelwata attack.
The court stressed the importance of forensic evidence to ensure a fair trial and proper determination of culpability.
The sources added that adequate security measures were put in place to ensure a peaceful and hitch-free exercise.
The Guma Local government Yelwata attack of June 13, 2025, resulted in the deaths of several residents and forced many others to flee their homes.
Police exhume seven bodies over Yelwata killings, as part of the Presidential Medical Delegation Investigation in Benue
News
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
By: Zagazola Makama
A farmer, Moh’d Abdullahi, 50, of Garin Mallam Village, Karasuwa LGA, has been killed after being shot with arrows during an altercation with pastoralists on his farmland on Monday.
Sources said the suspects, identified as Usmanu Alh. Musa, Buba Alh. Manu, and Ahmadu Inusa, all from Tarja Fulani Settlement in Jakusko LGA, allegedly trespassed onto Abdullahi’s farmland. When the farmer cautioned them, the suspects attacked him, leaving him with fatal injuries.
In the ensuing retaliation, some villagers assaulted Ahmadu Inusa, who sustained injuries to various parts of his body. Both victims were rushed to Specialist Hospital Gashua in Bade LGA, where Abdullahi was certified dead, while Inusa received medical attention and remains hospitalized.
The body of Abdullahi was released to his family for burial according to Islamic rites. Investigations into the incident and the circumstances surrounding the dispute are ongoing.
Farmer Killed in Yobe Over Land Dispute, Pastoralists Injured
News
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
By: Michael Mike
The Cuban Ambassador to Nigeria, Miriam Morales Palmero, has commended Nigeria and the African Union for their consistent opposition to the decades-long United States economic blockade against Cuba, describing the sanctions regime as an “unjust system of coercion” that has inflicted prolonged hardship on the Cuban people.
Speaking at the Conference of the Solidarity Movement with Cuba in Nigeria, Palmero expressed gratitude for Nigeria’s repeated votes at the United Nations General Assembly in favour of resolutions calling for an end to the US embargo.

“Nigeria is one of the countries which has voted at the United Nations General Assembly in favour of the resolution against the economic, commercial and financial blockade,” she said. “We highly value Nigeria’s support.”
She also acknowledged what she described as the historic stance of the African Union, particularly its recent resolution condemning the US blockade policy and Cuba’s inclusion on the list of state sponsors of terrorism.
The ambassador characterised the US embargo as more than a bilateral dispute, calling it “a deliberate policy of asphyxiation” designed to force political surrender through economic deprivation.

“For more than six decades, Cuba has faced one of the most prolonged and unjust systems of economic, commercial and financial coercion in contemporary history,” she said.
Palmero criticised a recent executive order signed by US President Donald Trump which, she said, threatens sanctions against countries that supply fuel to Cuba. She described the move as extraterritorial and a violation of international law.
According to her, the measures are intended to worsen shortages in energy, nutrition, healthcare, education and transportation, while exerting pressure on other nations to limit cooperation with Cuba.
“We do not accept threats. We do not accept blackmail. We do not accept interference,” she declared.
Despite economic difficulties, the ambassador maintained that Cuba has consistently extended assistance to other nations, particularly in healthcare and education.
She highlighted Cuba’s long-standing medical diplomacy, noting that Cuban doctors, teachers and technical experts have served in dozens of countries, including Nigeria.
“Cuba represents no threat whatsoever to any country,” Palmero said. “Our foreign policy is one of solidarity, peace, friendship and cooperation, fully committed to international law and the United Nations Charter.”
She described it as “inconceivable” that the world’s largest economic and military power would consider Cuba a threat.
Beyond condemning the blockade, the ambassador used the conference to call for a stronger and more structured Solidarity Movement with Cuba in Nigeria.
She urged trade unions, academic institutions, youth groups, community organisations and media platforms to amplify advocacy efforts in support of Cuba, especially as sanctions intensify.
“This meeting is not only an expression of political and moral support,” she said. “It is a strategic moment to strengthen the structure of the Solidarity Movement with Cuba in Nigeria.”
Palmero encouraged participants to develop a coordinated action plan that would increase mobilisation, communication and public engagement throughout the year.
The ambassador reaffirmed Cuba’s commitment to sovereignty and its chosen social model, insisting that the country would not bow to external pressure.
“We know that the Cuban people are not alone,” she said. “Cuba will never renounce its independence.”

She declared that: “Because justice cannot be blockaded. Because dignity cannot be sentenced. Because solidarity is stronger than any coercive measure.”
The conference brought together members of Nigeria’s solidarity movement, trade union representatives, Cuban-trained graduates and supporters of Cuba–Nigeria relations, underscoring the longstanding diplomatic ties between both nations.
Nigeria’s Support Against US Blockade Vital, Says Cuban Ambassador
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