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UN Report: 2024 Could Errand Protracted Period of Low Growth

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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

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UN Women, Diplomats, Nollywood Stars Intensify Push for Special Seats Bill With New Advocacy Film

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UN Women, Diplomats, Nollywood Stars Intensify Push for Special Seats Bill With New Advocacy Film

By: Michael Mike

The Nigeria office of UN Women, alongside diplomats, civil society groups and Nollywood stars, has intensified pressure for the passage of the Special Seats for Women Bill with the premiere of a new advocacy film aimed at confronting the persistent exclusion of women from Nigeria’s political leadership.

The film, Ibukun and the People, was screened at the weekend in Abuja under the Side by Side Naija campaign as part of efforts to mobilise nationwide support for increased women’s representation in parliament and decision-making positions.

The production, supported by UN Women, the Foreign, Commonwealth and Development Office and the Government of Canada, brought together actors, development partners, women groups, civil society organisations, media practitioners and advocates of inclusive governance.

Featuring prominent Nollywood stars including Ivie Okujaiye, Uzee Usman and Joke Silva, the movie highlighted the structural barriers, intimidation, stereotypes and political exclusion confronting women seeking elective offices in Nigeria.

Speaking at the event, the UN Women Representative to Nigeria and ECOWAS, Beatrice Eyong described the initiative as a strategic intervention designed to deepen conversations around gender inclusion and strengthen advocacy for the Special Seats Bill.

She said women’s inclusion in governance must be seen as a national development imperative rather than an act of charity.

“Not as an act of charity, but as a necessity for national development. We need more women at the table when decisions that affect them are made. That is what the movie is advocating,” she said.

Eyong urged Nigerians to look beyond the entertainment value of the production and confront the realities women continue to face in politics, expressing optimism that the movie would inspire broader support for women seeking political offices.

She also commended the actors and production crew for volunteering their talents in support of the advocacy campaign.

The British Deputy High Commissioner to Nigeria, Gill Lever, described women’s participation in politics as an urgent democratic priority, noting that storytelling remains a powerful tool for driving policy conversations and social change.

According to her, the film aligns with ongoing advocacy for affirmative action and could help accelerate reforms that promote inclusive governance.

Also speaking, the Ambassador of Belgium to Nigeria, Pieter Leenknegt, said reserved seats remain one of the practical pathways for improving women’s representation in Nigeria’s political system.

He, however, stressed that broader political reforms and education were equally critical in addressing gender imbalance in leadership.

Similarly, the Ambassador of Finland to Nigeria, Sanna Selin, said gender equality promotes peace, social justice and sustainable development.

She noted that inclusive governance benefits society as a whole through improved stability and economic progress.

The Country Representative of United Nations Population Fund in Nigeria, Muriel Mafico, reaffirmed the commitment of United Nations agencies to supporting the passage of the Special Seats Bill to boost women’s representation in governance.

Director-General of the Maryam Babangida National Centre for Women Development, Adedayo Benjamins-Laniyi, urged women to sustain grassroots mobilisation and remain united in the campaign for increased political participation.

Women’s rights advocate, Ene Obi, said the proposed legislation would help correct Nigeria’s political imbalance and create opportunities for women to contribute more meaningfully to national development.

She called on men and key stakeholders to actively support the bill and champion the inclusion of women in leadership and governance.

President of the League of Women Voters of Nigeria, Irene Awunah-Ikyegh, described the bill as a crucial affirmative action measure needed to deepen democracy and empower women politically.

The National President of the National Council of Women Societies, Edna Azura, commended the organisers and young filmmakers for deploying cinema as a platform for social advocacy and democratic inclusion.

Director of the film, Patience Ejoke-Ogedegbe, said the movie sends a strong message that competent women should no longer be intimidated, blackmailed or discouraged from contesting political positions.

Actor Uzee Usman, who played the role of a senator in the film, stressed the need to encourage and support more women to seek elective offices.

Lead actress Ivie Okujaiye said the production would inspire women to challenge stereotypes and resist intimidation while pursuing leadership positions.

Guests at the screening praised the movie’s production quality, storyline and performances, describing it as socially impactful and politically relevant.

The event also featured the presentation of awards to some of the actors and advocates in recognition of their contributions to gender equality and inclusive governance in Nigeria.

UN Women, Diplomats, Nollywood Stars Intensify Push for Special Seats Bill With New Advocacy Film

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Korean Cultural Centre Deepens Nigeria-South Korea Ties Through K-Heritage Festival in Abuja

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Korean Cultural Centre Deepens Nigeria-South Korea Ties Through K-Heritage Festival in Abuja

By:Michael Mike

The Korean Cultural Centre Nigeria has intensified efforts to strengthen cultural diplomacy and people-to-people relations between Nigeria and South Korea through the expansion of its K-Heritage Festival, an initiative aimed at promoting traditional Korean arts, music and cultural education in Nigeria.

Organisers said the Abuja edition of the festival reflects growing cultural exchanges between both countries and a deliberate effort to expose Nigerians to Korea’s rich traditional heritage beyond the globally celebrated K-Pop culture.

Speaking during the event in Abuja at the weekend, the Event Manager at the Korean Cultural Centre, Yoonjin Lee, said the festival was created to showcase the depth of Korean traditional performances and cultural identity to Nigerian audiences increasingly fascinated by Korean entertainment.

According to her, although K-Pop has gained massive international popularity among young people, the K-Heritage Festival was designed to introduce Nigerians to the traditional roots of Korean culture through indigenous music, dance and live performances.

“K-Pop is more like the modern type, more attracted by young people. But the K-Heritage Festival is trying to also bring Korean traditional performances to Nigeria,” she said.

The festival, which debuted in Lagos in 2025, was extended to Abuja this year as part of efforts to widen participation and deepen cultural engagement across Nigeria.

This year’s edition featured performances by Korean traditional performance duo Sorichum, comprising Melissa Minseong Seo and Hyunjung Park, who entertained audiences with displays of traditional Korean music and dance.

Beyond the stage performances, the artistes also organised intensive two-day cultural workshops where Nigerian participants were introduced to Korean fan dance and the traditional Korean percussion instrument known as the Janggu.

Participants who took part in the workshops later performed during the festival alongside students of the Korean Cultural Centre and winners of previous K-Pop competitions.

Lee described the level of enthusiasm and commitment shown by Nigerian participants as remarkable.

“The students only learned for two days, but they performed perfectly. People are really enjoying it,” she said.

According to her, the response from participants and audiences demonstrates that Nigerian interest in Korean culture is evolving beyond contemporary pop entertainment into deeper appreciation for traditional Korean heritage.

She stressed that the K-Heritage Festival forms part of the centre’s broader cultural mission to present multiple dimensions of Korean identity, history and artistic traditions to Nigerians.

“We really want to show different stages of Korean culture. K-Pop is very big, but as a Korean Cultural Centre, we also want to bring traditions and opportunities for people to experience them,” she added.

The growing popularity of Korean cultural programmes in Nigeria mirrors a wider global expansion of the “Korean Wave,” popularly known as Hallyu — a phenomenon driven by the international success of Korean music, films, television dramas, fashion and cuisine.

Over the past decade, South Korea has increasingly deployed cultural diplomacy as a soft-power strategy to strengthen global influence and international partnerships, particularly among younger populations.

Nigeria has emerged as one of the leading African countries embracing Korean cultural exports, with rising participation in K-Pop contests, Korean language classes, film screenings and cultural festivals organised by the Korean Cultural Centre in Abuja and Lagos.

The Korean Cultural Centre Nigeria, established to promote mutual cultural understanding, has continued to organise language education programmes, cultural exhibitions, culinary events and entertainment festivals aimed at fostering closer bilateral ties.

Lee disclosed that organisers are considering expanding traditional Korean cultural activities in Nigeria through additional workshops and festivals, especially in Lagos.

She revealed that plans are underway for another Janggu drum festival while traditional cultural classes are also expected to be strengthened ahead of the possible introduction of K-Heritage competitions in the future.

However, she noted that competitive events currently remain largely focused on K-Pop activities due to their strong youth appeal.

She further announced that another K-Pop Festival would hold later this year in Lagos as organisers continue rotating major cultural events between Lagos and Abuja to ensure broader national participation.

Observers say the growing acceptance of Korean cultural festivals in Nigeria reflects the increasing role of cultural exchanges in international relations, where arts, music and shared experiences are becoming powerful tools for strengthening diplomatic and economic cooperation between nations.

Korean Cultural Centre Deepens Nigeria-South Korea Ties Through K-Heritage Festival in Abuja

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Nigeria, China Seek Expanded Cooperation in Tourism, Heritage, Creative Industries

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Nigeria, China Seek Expanded Cooperation in Tourism, Heritage, Creative Industries

By: Michael Mike

Nigeria and China have intensified efforts to strengthen bilateral cooperation in tourism, culture, and the creative economy, with both countries identifying the sectors as major drivers of economic growth, cultural diplomacy, and people-to-people relations.

This commitment was reaffirmed at the weekend during the 2026 China Tourism Day celebration hosted by the China Cultural Centre in Nigeria (CCIN) in Abuja, where government officials, diplomats, tourism stakeholders, artists, and cultural enthusiasts gathered to celebrate the growing partnership between the two nations.

Speaking at the event, Yang Jianxing said tourism remains one of the most effective instruments for fostering mutual understanding and strengthening ties among nations.

He explained that the theme of this year’s celebration, “Enjoying Quality Tourism, Exploring Beautiful Landscapes,” reflects the increasing global importance of tourism as a platform for intercultural dialogue and peaceful coexistence.

According to him, both China and Nigeria possess rich historical civilizations, diverse cultural identities, and globally recognised tourism assets capable of deepening cooperation between their peoples.

Yang cited iconic destinations including the Great Wall of China and Mount Tai, alongside Nigeria’s Osun-Osogbo Sacred Grove and Zuma Rock, describing them as enduring cultural symbols that continue to connect civilizations across continents.

He noted that several joint cultural initiatives organised over the years by both countries, including the Happy Chinese New Year programmes and China-Nigeria Cultural and Tourism Festivals, had expanded cultural exchanges through artistic performances, traditional exhibitions, and culinary experiences.

“These activities have not only strengthened friendship between our peoples but have also promoted the spirit of harmony, mutual respect, and cultural inclusiveness,” he said.

Yang further disclosed that China was prepared to deepen collaboration with Nigeria under the framework of the China-Africa Year of People-to-People Exchanges, with fresh opportunities expected in heritage preservation, tourism promotion, cultural innovation, and the creative industries.

He encouraged more Nigerians to explore educational and tourism opportunities in China while expressing optimism that more Chinese visitors would also discover Nigeria’s rich cultural heritage, artistic diversity, and tourism potential.

Also addressing participants, Abdulkarim Ibrahim described the event as another milestone in the long-standing diplomatic and cultural relationship between Nigeria and China, which he said has continued to flourish for more than five decades.

Nigeria, China Seek Expanded Cooperation in Tourism, Heritage, Creative Industries

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