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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
Troops repel ISWAP attack near Kareto, recover rifles
Troops repel ISWAP attack near Kareto, recover rifles
By: Zagazola Makama
Troops of the Nigerian Army, Operation HADIN KAI have repelled an attempted ambush by ISWAP fighters near Wakilti village, close to Kareto in Borno State, recovering two motorcycles and an AK-47 rifle from the fleeing terrorists.
Zagazola Makama learnt from reliable sources that the encounter occurred on Monday at about 1:30 p.m., when troops of 145 Battalion (Main) on Main Supply Route (MSR) patrol and piquetting duties, operating in conjunction with Keystone operatives and members of the Civilian Joint Task Force (CJTF), made contact with the insurgents around Wakilti.

The sources said that the troops engaged the terrorists in a heavy firefight, forcing them to retreat in disarray after coming under superior firepower.
According to the source, the soldiers pursued the fleeing fighters but made no further contact.
“During exploitation of the scene, troops recovered two motorcycles, one AK-47 rifle fitted with a magazine. The enemy casualty figure is still unconfirmed,” the source said.
A reinforcement team from Operation HADIN KAI later linked up with the patrol team and dominated the route to prevent further infiltration.
The source said that there was no casualty recorded on the side of the troops.

The sources further added that the Army has intensified Operation Desert Sanity IV under Operation Hadin Kai, with increased surveillance and patrols aimed at denying terrorists freedom of movement around critical routes and communities.
Troops repel ISWAP attack near Kareto, recover rifles
News
NAPTIP Vows Tougher Measures Against Gender-Based Violence
NAPTIP Vows Tougher Measures Against Gender-Based Violence
By: Michael Mike
The Director-General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Hajiya Binta Bello has reaffirmed the Federal Government’s commitment to eliminating all forms of gender-based violence in the country.
She made the commitment on Monday at a press conference on activities lined up by the agency for the commemoration of the 2025 Sixteen Days of Activism Against Gender-Based Violence.
Bello, while describing the annual event as a “powerful reminder of the world’s collective duty to safeguard the rights, dignity, and safety of women and girls,” explained that the 16-day campaign—running from November 25 (International Day for the Elimination of Violence Against Women) to December 10 (Human Rights Day)—has evolved into a worldwide movement since its launch in 1991 in memory of the Mirabal sisters of the Dominican Republic.
This year’s UN-led theme focuses on combatting digital violence against women and girls, a rapidly growing threat in the digital age. Bello noted that the campaign seeks to expand awareness, advocate for stronger policies, promote equality and respect, and amplify the voices of survivors.
She said while NAPTIP is best known for its anti-trafficking mandate, the agency also addresses a wider spectrum of abuses, noting that through awareness campaigns, survivor rehabilitation, and law enforcement activities, NAPTIP works to prevent violence and bring offenders to justice.
She highlighted ongoing community outreach programmes as well as partnerships with stakeholders to provide legal, psychological, and social support for victims.
Bello said a major part of the agency’s work revolves around the Violence Against Persons Prohibition (VAPP) Act 2015, which criminalizes domestic violence, sexual assault, emotional abuse, female genital mutilation, harmful widowhood practices, stalking, and other forms of violence.
She noted that NAPTIP has consistently championed the enforcement of the Act across states by building capacity among police officers, judicial officers, health workers, and community leaders. Multi-sectoral committees, including the High-Level Multi-Agency Task Team and the Service Providers Accountability Resource Committee (SPARC), continue to support coordinated implementation nationwide.
She however acknowledged ongoing challenges, particularly cultural and societal barriers that discourage victims from speaking out.
The Director-General revealed that NAPTIP has secured over 40 convictions related to sexual and gender-based violence, including two life sentences, adding that the agency’s Rapid Response Team continues to respond swiftly to emergency reports.
One of the most recent convictions involved a 19-year-old teacher from Kwali who received a life sentence for raping his nine-year-old pupil.
Bello stressed that ending gender-based violence requires collective action, lamenting that growing insecurity, mass displacement, and economic hardship have contributed to increased cases of sexual and gender-based violence across Nigeria.
She however called on religious and traditional leaders, parents, guardians, civil society, and the media to intensify efforts in educating communities, reporting offenders, and supporting survivors.
Bello promised that NAPTIP will strengthen its strategies in the coming months by scaling up awareness to underserved communities, enhancing digital advocacy targeting Gen-Z populations, and deepening stakeholder engagement.
She said: “It will not be rosy for any perpetrator in the coming season,” warning that: “The VAPP Act is not a promise—it is a law, and it must be enforced without fear or favor.”
She expressed appreciation to development partners, especially the ICMPD, whose “TIPVAP Nigeria” project has significantly improved responses across eight implementing states.
Bello urged Nigerians to actively participate in ending violence: “Through sustained advocacy, enforcement of laws, societal transformation, and personal responsibility, we can build a Nigeria where every woman and girl lives free from fear.”
She revealed that part of activities lined up for the 2025 Sixteen Days of Activism include Awareness Walk, High-Level Policy Dialogue, and Mental Health Training.
She appealed for stronger prevention strategies, saying: “The 16 Days is an opportunity to turn laws into justice and rhetoric into genuine care.
NAPTIP Vows Tougher Measures Against Gender-Based Violence
News
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
By: Zagazola Makama
Fighters of the Boko Haram faction loyal to Ali Ngulde have beheaded two women in the Mandara Mountain area of Gwoza Local Government Area of Borno State after accusing them of engaging in shirk (idolatry).
Sources told Zagazola Makama that the victims were apprehended by the terrorists who alleged they were found with charms (layu) during a search around its settlements.
In the video the insurgents claimed the charms found on the women were evidence of forbidden practices and immediately subjected them to the faction’s makeshift trial system.
They accused the two women of practising shirk after they found some charms on them. The terrorists took them to a secluded part of the mountains and executed them after the so-called trial,” the source said.
He added that the execution was carried out publicly in the presence of other fighters and people to instill fear and enforce obedience to the faction’s doctrines.
Zagazola reports that the Ali Ngulde faction has intensified punitive measures in recent months, targeting individuals accused of sorcery and spying while some were killed for attempting to defect..
Boko Haram beheads women found with charms, accuses them of shirk in Gwoza
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