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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
Violent clash in Sabon-Titi area of Tunga Minna leaves one dead, several arrested
Violent clash in Sabon-Titi area of Tunga Minna leaves one dead, several arrested
By: Zagazola Makama
A violent confrontation among rival youths in Sabon-Titi area of Tunga, Minna, Niger State, resulted in the death of one person and the arrest of several others, security sources confirmed on Saturday.
According to sources, on Friday at about 8:00 p.m., a group of youths armed with dangerous weapons were sighted causing havoc along David Mark Road. Security operatives quickly intervened and dispersed the group.
However, at about 1:00 a.m. on Saturday, the same group engaged in a violent clash among themselves using matchets and daggers. Twelve suspects, including Ibrahim Musa, Abbah Hussaini, Babangida Gambo, and Abubakar Bala, were arrested, by the police and their weapons recovered.
Later at about 8:30 a.m., Bello Mohammed of Farm Centre, Tunga Minna, was found lying in a pool of blood. He was rushed to General Hospital Minna but was confirmed dead on arrival.
Sources said that preliminary investigations indicate that the deceased was among the suspected thugs terrorizing residents in the area.
Violent clash in Sabon-Titi area of Tunga Minna leaves one dead, several arrested
News
Young fulani man killed, six cows poisoned in separate farmland incidents in Plateau state
Young fulani man killed, six cows poisoned in separate farmland incidents in Plateau state
By: Zagazola Makama
A 25-year-old Fulani man, Yakubu Salisu of Tenti village, Bokkos Local Government Area, was killed in a violent attack, while six cows were poisoned in a separate incident in Riyom Local Government Area of Plateau State on Saturday, authorities confirmed.
According to sources , Salisu was stabbed at the back by yet-to-be-identified assailants suspected to be locals of Bokkos. He died instantly at the scene.
Before the attack, a farmer, Josiah Joshua, 28, said he reportedly confronted six herders rearing cows on his farm. According to him, herders allegedly refused to remove the animals and attacked Joshua, resulting in injuries.
In retaliation, Joshua mobilized his friends to attack Yakubu Salisu, stabbing him multiple times on his before and killing him instantly.
Local leaders told Zagazola that the claims by some parties suggesting the Fulani victims “invaded farmlands” are false and appear to be an attempt to justify the attacks. Investigations indicate both incidents were unprovoked and targeted.
The police, however stormed the scene, photographed the corps and later released to relatives for burial according to Islamic rites, as the family declined an autopsy. The Authorities said they have commenced investigation, and efforts are ongoing to apprehend the perpetrators.
Meanwhile, in Riyom LGA, six cows were poisoned in Kwi village without any apparent provocation.
Authorities have commenced investigations into both incidents, and efforts are ongoing to apprehend the perpetrators.
Security officials warned residents to remain vigilant and urged communities to avoid taking the law into their own hands.
These incidents illustrate the rising tensions in Plateau State, drawing attention to the need for swift intervention to prevent escalation of communal violence over farmland disputes.
Young fulani man killed, six cows poisoned in separate farmland incidents in Plateau state
News
Silent Changes, Big Impact: Adeola Ajayi’s Transformation of the DSS
Silent Changes, Big Impact: Adeola Ajayi’s Transformation of the DSS
By: Sunday Oladapo
Leadership in the security sector often reveals itself not through grand speeches or public displays of authority, but through quiet, deliberate decisions that gradually shift systems, culture, and outcomes. Adeola Ajayi’s stewardship of the Department of State Services (DSS) exemplifies this subtle but powerful form of leadership. Though he rarely seeks the spotlight, the changes unfolding under his watch are reshaping the DSS in ways that many insiders describe as the most meaningful transformation the agency has witnessed in years.
From the moment Ajayi assumed office, it was clear he was bringing a different kind of energy—one rooted in discipline, modernization, and strategic silence. Instead of sweeping pronouncements, he focused on strengthening the agency’s foundation: its people, processes, and purpose. And this approach, though understated, is now yielding visible dividends.
Reinvigorating Professionalism and Intelligence Capacity
One of Ajayi’s most significant achievements is the recalibration of the DSS’s intelligence framework. Recognizing that modern threats—from terrorism to cybercrime—require an intelligence service that is both proactive and technologically sophisticated, he initiated targeted reforms to upgrade analytical tools, digital surveillance capacity, and field operations coordination.
Training programs have also been revitalized. Officers are now exposed to global best practices in intelligence gathering, behavioral analysis, cybersecurity, and inter-agency communication. The goal is simple but transformative: build a DSS that can prevent threats before they materialize, rather than merely responding after damage has been done.
Ajayi’s emphasis on data-driven intelligence has contributed to more efficient threat assessment, improved crisis response, and a more agile internal structure that encourages innovation instead of outdated, rigid protocols.
Strengthening Inter-Agency Collaboration
A common weakness in Nigeria’s security architecture has been fragmentation—agencies working in silos, often competing rather than collaborating. Ajayi has worked quietly but effectively to change this dynamic. His leadership has fostered smoother cooperation between the DSS, the police, the military, and other national security institutions.
By prioritizing information-sharing, joint operations, and coordinated strategy development, Ajayi has positioned the DSS as a core driver of national security synergy. This shift may not be flashy, but its impact on operational success is already becoming evident.
Humanizing the Service and Rebuilding Public Trust
For many years, perceptions of the DSS fluctuated between respect and apprehension, largely due to concerns over transparency and human-rights practices. Ajayi has taken deliberate steps to address this by promoting a more professional, rights-conscious operational culture. Officers now undergo enhanced training on ethical conduct, community engagement, and communication.
While the DSS is not—and cannot be—a public-relations-driven institution, Ajayi understands that a modern security service must maintain a level of trust with the citizens it protects. His reforms are gradually helping to redefine the agency’s public interface, balancing its mandate for secrecy with an improved commitment to professionalism and accountability.
Internal Welfare and Institutional Stability
Security agencies perform best when their personnel feel valued, motivated, and well-equipped. Ajayi has strengthened internal welfare systems, ensuring officers receive improved support, clearer career growth opportunities, and the tools they need to perform effectively. This has boosted morale and reduced internal friction—two factors crucial for operational efficiency.
His quiet stabilizing influence has also brought a sense of predictability to DSS operations. Under his leadership, the agency appears more insulated from political turbulence, allowing it to focus squarely on its mandate.
A Leadership Style Rooted in Strategy, Not Spectacle
In a time when some leaders rely on bravado or theatrics to appear effective, Ajayi stands out for his disciplined restraint. His philosophy seems guided by a fundamental principle: a security agency’s success is measured in outcomes, not headlines. The calmness of his leadership style has enabled him to pursue reforms without unnecessary noise, distractions, or politicization.
And this may be the true hallmark of his impact—delivering change through consistency rather than controversy.
Looking Ahead: A Long-Term Blueprint for the DSS
If the momentum of Ajayi’s reforms is sustained, the DSS could emerge as a more modern, reliable, and globally respected intelligence service. His agenda sets a foundation for:
A culture of professionalism over patronage
A stronger intelligence-driven approach to national security
A more integrated and collaborative security environment
A service that balances secrecy with lawful, ethical conduct
A stable institution that prioritizes national interest above all else
His leadership demonstrates that meaningful reform does not always come with fanfare. Sometimes, it comes quietly—through silent changes that produce big, enduring impact.
In transforming the DSS with such strategic subtlety, Adeola Ajayi is not only redefining the institution but also showing that a new era of thoughtful, modern security leadership is both possible and already taking shape.
Sunday Oladapo is a public analysts from Abuja
Silent Changes, Big Impact: Adeola Ajayi’s Transformation of the DSS
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