News
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
New civil service association wants Ogun governor to halt hurried implementation of contributory pension scheme until……
New civil service association wants Ogun governor to halt hurried implementation of contributory pension scheme until……
By: Bodunrin Kayode
The entire members of the Association of New Ogun Civil and Public Service Retirees have called on Governor Dapo Abiodun to halt any further accelerated action on the proposed contributory pension scheme (CPS) for civil servants.
The association which comprises more than 600 members and still counting as people are retiring wants Prince Dapo Abiodun, to consider their plights by shifting the proposed hurried implementation of the CPS forward to a later year when all vexatious aspects of the law that established the CPS would have been properly fixed.
In a release signed by about five of the worried retirees, led by Shadrach Omopariola, the members maintain we that “inline with this, we plead with His Excellency Prince Dapo Abiodun CON to order the payment of our monthly pension as from January 1st 2026 to bring back the hope of living in us and put smile on our faces.
“Your Excellency Sir, we heard that your Government is planning to introduce a new idea that is known as ‘Additional Pension Benefits’ This in itself is nothing to be compared with the gains and benefits of the Old Pension Scheme.
” Sir, the payment of our monthly pension would in no small measure improve not only the economic growth of our immediate families but would be a moral booster for the good people of Ogun State inline with Your Excellency’s Mantra of ‘Igbega ipinle Ogun Ajose Gbogbo wa Ni’.
“We will patiently wait for the payment of our gratuity with faith in the government of Ogun State to pay us as soon as possible.
“We remain law-abiding senior citizens of Ogun State even in this difficult situation where we have no money to take care of ourselves, our children, our aged parents, and other dependent relatives.
“We believe in your kind heartedness and goodwill that you will not close your eyes to our pleading but you will come to our rescue within the shortest time possible to bring happiness and joy to all of us.”
The release was jointly signed by Omopariola Shadrach, Adeyanju Joseph, Falola Kayode, Obasan Olufolake and Kayode Mulikat.
The contributory pension scheme is a new scheme first introduced by the fed government in June 2004 following the enactment of the pension reform act by President Olusegun Obasanjo.
The act was later repealed and replaced by the pension reform Act of 2014 which updated the terms of the scheme by exempting employees who had three years or less to retire, those who retired before the enactment, judicial officers, members of the armed forces and the secret service.
Teachers who should have led the list of these exemptions because of their thankless services to humanity like that of the military were completely ignored.
Sub nationals now trying to domesticate the scheme have equally refused to give teachers that special exemption they are entitled to for their thankless services.
New civil service association wants Ogun governor to halt hurried implementation of contributory pension scheme until……
News
Nigeria Validates 7th Biodiversity Report, Signals Renewed Push Toward 2030 Global Targets
Nigeria Validates 7th Biodiversity Report, Signals Renewed Push Toward 2030 Global Targets
By: Michael Mike
Nigeria has taken a decisive step to reinforce its environmental commitments with the validation of its Seventh National Report to the Convention on Biological Diversity at a high-level workshop in Abuja on Monday.
The validation workshop, brought together government officials, environmental experts, civil society actors, researchers, development partners and community representatives to review and endorse the country’s latest biodiversity performance assessment.
Describing the exercise as a defining moment for Nigeria’s environmental governance, the Director of Forestry, Hajiya Halima Bawa-Bwari, said the national report goes far beyond a routine international obligation.
According to her, the document serves as a critical reflection of Nigeria’s achievements, gaps and future priorities in conserving its vast biological wealth.
“The National Report is not just a statutory submission. It is a mirror of our collective journey — our progress, our challenges and our aspirations in protecting the natural heritage entrusted to us,” she stated.
Bawa-Bwari emphasized that biodiversity underpins food security, climate resilience, economic livelihoods and cultural identity across the country. She warned that accelerating ecosystem degradation, habitat loss and climate pressures demand coordinated and urgent action.
Bawa- Bwari represented by Ahmed Labaran, Assistant Director, Forestry commended the contributions of ministries, research institutions, civil society organisations, local communities and development partners in shaping the draft report, noting that biodiversity conservation requires sustained collaboration, innovation and inclusivity.
Participants were urged to ensure that the final document aligns with the Kunming-Montreal Global Biodiversity Framework, which sets ambitious targets for halting and reversing biodiversity loss by 2030.
“Our deliberations must strengthen national resolve, integrate biodiversity into development planning, and mobilize the financial and technical resources required for implementation,” she said, calling for integrity and professionalism in validating the report.
The Minister of Environment, Malam Balarabe Lawal, in his remarks, described the Seventh National Report as coming at a pivotal time for global and domestic biodiversity action. He stressed that Nigeria’s revised National Biodiversity Strategy and Action Plan (NBSAP) remains the country’s principal roadmap for translating global environmental commitments into measurable national outcomes.
The Minister, who was represented by Tijani Ahmed, Deputy Director Forestry, said the validation process must guarantee that the report is evidence-based, comprehensive and reflective of realities on the ground.
“The report must not end as an international filing exercise,” the Minister stated. “Its findings should inform policy coordination ent decisions, guide resource mobilization and strengthen accountability in implementing the NBSAP.”
He reaffirmed the Federal Government’s commitment to a whole-of-government and whole-of-society approach, calling for stronger inter-agency coordination, sustainable financing mechanisms, improved environmental data systems and the meaningful participation of sub-national governments, indigenous communities, women, youth and the private sector.
Stakeholders at the workshop expressed optimism that the finalized report will not only highlight Nigeria’s progress but also chart a renewed and ambitious path toward achieving the 2030 biodiversity targets.
With the validation concluded, Nigeria signals its intent to remain actively engaged in global biodiversity governance while strengthening domestic efforts to safeguard ecosystems critical to national development and future generations.
Nigeria Validates 7th Biodiversity Report, Signals Renewed Push Toward 2030 Global Targets
News
Tension in Plateau as youths block road, kill four after attack by suspected Fulani gunmen
Tension in Plateau as youths block road, kill four after attack by suspected Fulani gunmen
By: Zagazola Makama
Four persons have been reportedly killed after youths suspected to be local indigenes blocked a road and attacked travellers along Nding axis of Barkin Ladi Local Government Area of Plateau State, shortly after an earlier reprisal assault in which gunmen suspected to be Fulani militias killed seven residents in Dorowa Babuje village.
Security sources told Zagazola Makama that the incident occurred when a passenger Opel Vectra vehicle conveying civilians was intercepted by a group of youths who mounted a road blockade along Nding road.
The assailants reportedly selected and attacked occupants of the vehicle, killing four persons on the spot.
Security forces later confirmed that five corpses were transported to Jos North, indicating that one additional victim may have died from injuries sustained during the attack.
Two of the victims were identified as indigenes of Jos North, a development that has heightened tension in parts of the metropolis, particularly around the Terminus and Gangare areas where residents expressed concern over possible reprisals.
The sources believe the Nding road incident may have been a retaliatory action triggered by news of the earlier killings, which spread rapidly across nearby communities before security agencies could fully stabilise the situation.
One security official said the road attack occurred hours after gunmen suspected to be Fulani bandits on revenge mission opened fire on residents at a local gathering spot in Dorowa Babuje, killing seven persons and injuring two others.
The attacks followed closely on the heels of other deadly attacks recorded within days on fulani communities by attackers suspected to be Berom militia across Barikin Ladi and Riyom General areas in Plateau state.
Sources said additional personnel had been deployed to flashpoints across Barkin Ladi and adjoining districts to forestall further violence.
“Joint patrols and stop-and-search operations have also been intensified along major roads and entry routes to prevent escalation and track suspects involved in both incidents,”said the sources.
Security agencies also warned residents against reprisals or mob actions, stressing that such acts could worsen the fragile security situation.
Community leaders in affected areas have appealed for calm, urging youths to allow security forces to handle investigations.
Tension in Plateau as youths block road, kill four after attack by suspected Fulani gunmen
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