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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
NESREA Shuts Sunseed Oil Facility in Zaria Over Air Pollution Violations
NESREA Shuts Sunseed Oil Facility in Zaria Over Air Pollution Violations
By: Michael Mike
The National Environmental Standards and Regulations Enforcement Agency (NESREA) has ordered the closure of the Sunseed Oil processing plant in Zaria, Kaduna State, following findings of severe air pollution linked to the facility’s operations.


NESREA said the action was taken after investigations confirmed that the plant was emitting harmful pollutants into the atmosphere in breach of the National Environmental (Air Quality Control) Regulations.
The regulations require industries to install effective pollution control systems and adopt cleaner production methods to minimize environmental and health risks.
A statement by the agency’s spokesperson, Nwamaka Ejiofor on Tuesday, said the level of emissions from the Sunseed Oil facility posed a direct threat to the surrounding environment and residents in nearby communities, prompting immediate intervention to halt further damage.
She noted that the enforcement exercise reflects the agency’s resolve to ensure that industrial operators comply with environmental standards and to protect the public from the dangers associated with uncontrolled industrial emissions and effluents.
Commenting on the development, the Director-General of NESREA, Prof. Innocent Barikor, warned companies operating across the country to adhere strictly to national environmental laws.
He stressed that the agency would continue to take decisive action against facilities whose operations endanger public health or degrade the environment.
NESREA reiterated its commitment to regular monitoring and enforcement, noting that environmental protection remains a critical component of sustainable development in Nigeria.
NESREA Shuts Sunseed Oil Facility in Zaria Over Air Pollution Violations
News
Atiyaye unveils a book on the history of Kukar-Gadu
Atiyaye unveils a book on the history of Kukar-Gadu
By: Yahaya Wakili
Millions of naira were realized at the Unveiling Potentials of Kukar-Gadu, Launching of History of Kukar-Gadu Book, Presentation of Kukar-Gadu Physical Development Plan, and Commissioning of Kukar-Gadu Empowerment Development Initiative at Kukar-Gadu town of Yobe state.
In his keynote address, the Chairman of the Kukar-Gadu Empowerment Development Initiative (KEDI), TPI, Barnabas Atiyaye, said the Kukar-Gadu Empowerment Development Initiative was triggered by Victim Support Funds’ (VSF) proactive intervention activities chaired by Gen. T. Y. Danjuma from inception to its closure in 2024.
He said through KEDI, we aim to create opportunities where there was once struggle to restore hope, where there was once despair, and to build bridges where there was once division. We are resolved to work for a Kukar-Gadu that is empowered, self-reliant, forward-looking, and united. We desire to be a springboard for the development of not only the Kukar-Gadu or Fika local government area, but the entire Yobe state and, by extension, the nation.
Mr. Barnabas revealed that the master plan of Kukar-Gadu is more than a technical document; it is a covenant with the future, a clear roadmap that defines how we as a community shall shape the physical, social, and economic destiny of our community, and it will also provide guidance for infrastructure, housing, agriculture, education, commerce, and environmental sustainability.
“The history of Kukar-Gadu” is more than a collection of dates and events. It is the story of our fathers, their struggles, their courage, their triumphs, and their faith. It tells of the foundations upon which we now stand, and in commissioning this book, we are not only honoring our past, we are preserving it for generations yet unborn.
Atiyaye appeals to individuals, schools, libraries, and government institutions to obtain copies of this book; it serves as a source of knowledge and inspiration for our youth so that they may know their roots and carry our values forward with pride. We pray that this book will keep alive the spirit of unity, courage, and progress that defines Kukar-Gadu. Ameen.
Speaking, the Chairman of the occasion, Dr. Ali Adamu Tikau (Talban Tikau), ably represented by Professor Dauda Abubakar, said that to have the Emir of Fika, along with the Emir of Pataskum, along with representatives of His Excellency, Governor Mai Mala Buni, CON, COMN, the representative of the Senator of the National Assembly, and many other personalities to come to this village in the Fika local government area, I will say that we are so excited and very proud of what is happening today.
He said the launching of the history of Kukar-Gadu is also a milestone at the program, and it is one of the highlights. It was a book written by Malam Ibrahim Sara Bangalu, who is also a son of Kukar-Gadu, and I had the opportunity of editing the book and making the necessary corrections before it was taken to press. It is a history that will help us reflect on who we are as a people. When a people do not know their history, when a people do not know where they come from, they will easily get lost. That is the purpose of launching.
“I would say that Kukar-Gadu, Goya district, Fika local government, and Gudi are places that are very special because of the type of educated people they have produced. I am a product of this community, and I am a living testament to the opportunities this community gave me, and I believe many are benefiting from it.
Also speaking, the district head of Goya, Alhaji Musa Garba Daya, said what the people of Kukar-Gadu did has become a big challenge to all the people of Goya district; they broke the record and urged the people to wake up to create something for the betterment of the people.
“If you observe, they print a master plan of Kukar-Gadu and focus on many years ahead. So this initiative—I am so impressed with it because it will help for the fiscal planning of the area for over ten years, as Alhaji Musa Garba Daya said.
According to him, the people of Kukar-Gadu are also commissioning the Empowerment Development Initiative, which was triggered by Victim Support Funds (VSF), chaired by Gen. T. Y. Danjuma, and I appreciate it so much because these will greatly assist both our youth and women of the area.
Atiyaye unveils a book on the history of Kukar-Gadu
News
ActionAid Nigeria Warns of Rising Debt, Weak Social Spending in 2026 Budget Proposal
ActionAid Nigeria Warns of Rising Debt, Weak Social Spending in 2026 Budget Proposal
By: Michael Mike
ActionAid Nigeria has raised serious concerns over the Federal Government’s proposed 2026 Appropriation Bill, warning that the budget could worsen Nigeria’s debt burden and further sideline key social sectors critical to poverty reduction and inclusive growth.
In its review of the ₦58.18 trillion budget proposal, the organisation said the 5.8 per cent increase over the 2025 approved budget does not sufficiently address long-standing fiscal and structural challenges. Instead, it noted that the financing plan, size of the deficit, and sectoral priorities pose risks to fiscal sustainability and accountability.
ActionAid Nigeria expressed particular concern over the continued extension of budget implementation timelines, which has resulted in the 2026 budget running alongside extended 2024 and 2025 budgets. According to the organisation, operating multiple budgets simultaneously weakens transparency, limits effective legislative oversight, and increases the risk of mismanagement of public funds, especially for capital and social sector projects.
The group, in a statement on Tuesday by its Country Director, Dr. Andrew Mamedu, also pointed to repeated post-submission changes by the National Assembly, including upward adjustments to allocations without secured funding sources, as a key factor contributing to funding gaps, delayed releases, and the rollover of projects across fiscal years.
On the fiscal outlook, ActionAid Nigeria highlighted that the proposed 2026 budget projects revenue of ₦34.33 trillion against total spending of ₦58.18 trillion, leaving a deficit of ₦23.85 trillion. It described the figure as the largest deficit in Nigeria’s history, representing sharp increases over the 2024 and 2025 deficits.
It warned that heavy reliance on borrowing, without strong investment in productive and social sectors, could deepen inequality and constrain long-term development.
ActionAid Nigeria said that despite government claims that education, health, agriculture, infrastructure, and security are priority areas, lamented that allocations to social sectors remain inadequate.
Mamedu, in the statement, noted that education allocated ₦3.52 trillion, about six per cent of the total budget, and health receiving ₦2.48 trillion, just over four per cent—are both far below international benchmarks, and in contrast with defence allotted spending standing at ₦5.41 trillion.
The organisation also faulted the budget for failing to address underemployment and poor-quality jobs, particularly among women and rural populations, noting insufficient investment in agriculture, rural infrastructure, and women-led enterprises. It further warned that weak funding for social protection programmes could worsen hardship for millions of Nigerians facing rising living costs.
ActionAid Nigeria also criticised the late submission of the Medium-Term Expenditure Framework, Fiscal Strategy Paper, and the 2026 Appropriation Bill, describing it as a breach of the Fiscal Responsibility Act.
The organisation urged the Federal Government and the National Assembly to end the practice of running multiple budgets, strengthen fiscal discipline, reduce dependence on borrowing, and significantly increase funding for education, health, agriculture, and social protection.
It stressed that Nigeria cannot overcome poverty through debt-driven spending, but through a people-centred and accountable budget that prioritises human development.
ActionAid Nigeria Warns of Rising Debt, Weak Social Spending in 2026 Budget Proposal
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