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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
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
By: Zagazola Makama
A prominent bandit leader and key enforcer of a fragile peace arrangement in Jibia, Katsina State, Abdullahi Lantai, also known as “Lantai Officer”, has been killed in a deadly ambush linked to a rival gang.
Security sources told Zagazola Makama on Wednesday that Lantai was executed on Jan. 27 at about 1:00 p.m. by gunmen believed to be loyal to the Bello Turji-led network operating across Sokoto and Zamfara states.
According to the sources, Lantai was lured to what was described as a dialogue and reconciliation meeting following a rivalry clash between his group and the Turji faction on Jan. 24.

“The meeting was reportedly arranged by Turji and Aliyu Aliero to resolve the conflict. However, Lantai and some of his foot soldiers were ambushed and killed on their way to the venue by members of the Turji network led by Dogo Rabe and Black,” a source said.
Preliminary findings indicate that before his assassination, Lantai played a critical role in sustaining a temporary peace deal with bandit leaders in Jibia in collaboration with the Katsina State Government.
“He was a territorial gatekeeper who denied Turji’s gang freedom of action and passage through Jibia forest routes.
“He also blocked transit routes used to move rustled cattle from Zamfara to Maradi in the Republic of Niger, effectively constraining Turji’s operations within the axis,” the source added.
Zagazola warn that the killing could trigger a major escalation in violence across the Jibia axis and its environs.
“This is a calculated power grab. The Turji network appears determined to eliminate a stabilising force and expand its influence, smuggling routes and criminal economy into Katsina State,” the source said.
The threat level in the Jibia axis has now been assessed as high, with strong indications of possible retaliatory attacks by Lantai’s faction and pre-emptive assaults by Turji’s forces to consolidate control.
Residents fear that the relative calm previously enjoyed in the area may give way to renewed instability marked by kidnappings, cattle rustling and attacks on communities as rival groups struggle for dominance.
Zagazola learnt that security agencies are said to be reviewing the situation with a view to deploying robust countermeasures to prevent a total breakdown of the fragile peace in the coming days.
Rival bandit leaders clash as key peace enforcer is killed in Jibia axis, Katsina
News
Troops raid bandits’ hideout in Plateau, neutralise notorious kidnapper
Troops raid bandits’ hideout in Plateau, neutralise notorious kidnapper
By: Zagazola Makama
Troops of Sector 2 of Operation OPEP have raided a suspected bandits’ hideout at Nahuta Village, Kadarko District in Wase Local Government Area of Plateau State, neutralising a notorious kidnapper during the operation.
A security source told Zagazola Makama on Wednesday that the raid was carried out on Tuesday night, Jan. 27, at about 8:30 p.m., following actionable intelligence.

According to the source, the troops came under fire from the criminals on arrival at the hideout but responded with superior firepower, forcing the bandits to flee in disarray.
“In the process, one bandit was neutralised. He was later confirmed to be a notorious kidnapper identified as Mr Timchak Zindang, who had been terrorising the general area,” the source said.
Items recovered from the scene included two locally fabricated rifles, eight cartridges, three rounds of 7.62mm ammunition and one desert camouflage uniform.
Preliminary investigations revealed that the criminal syndicate was responsible for several criminal activities, including kidnapping, cattle rustling and armed robbery along the Wase–Bashir road and its environs.
The source added that efforts were ongoing to track down the other fleeing members of the gang, while further investigation into the network was in progress.
Troops raid bandits’ hideout in Plateau, neutralise notorious kidnapper
News
First Batch of 300 Refugees Returns to Gwoza in Landmark Homecoming
First Batch of 300 Refugees Returns to Gwoza in Landmark Homecoming
By: Our Reporter
The first batch of 300 Nigerian refugees has returned to Gwoza in Borno State, marking the commencement of the fourth phase of a sustained repatriation exercise.
The returnees, comprising 75 households, arrived in Pulka, Gwoza Local Government in a coordinated and dignified homecoming.

The journey for the families represented not merely a border crossing, but an emotional passage from displacement to building their livelihood after 11 years in IDP camp in Cameroon republic.
This milestone follows Borno State Governor Babagana Umara Zulum’s visit to their camp in Cameroon on 8 December 2025, where he pledged a voluntary, safe, and dignified return process.
Chairman of the Borno State Sub-Committee on Repatriation, Engr. Lawan Abba Wakilbe described the exercise as a significant achievement in the lifetime of the present administration.
“This homecoming is a testament to our collective resolve. We are not just moving people; we are restoring lives and reigniting hope in our communities,” Wakilbe stated.
In a show of regional solidarity, the Governor of Cameroon Far North Region, Minjinyawa Bakari, personally bade the refugees farewell, reaffirming bilateral cooperation in addressing the humanitarian impact of insurgency around Lake Chad.

Upon arrival in Pulka, the returnees were formally received by local authorities and security officials. In a show of gratitude,some of the returnees knelt to touch the soil of their homeland; others offered prayers, while children many of whom had spent most of their lives abroad, observed their ancestral home with curiosity.
Each household head received ₦500,000 in cash, with an additional ₦50,000 to each wife to facilitate smooth reintegration.
The Borno State Government provided mattresses and wrappers, while the National Commission for Refugees supplied essential food items, including rice, millet, beans, and cooking oil.
This phase of the exercise is a broader strategy to stabilise resettled communities, rebuild infrastructure, and restore livelihoods across insurgency-affected communities.

Personalities that accompanied the Chairman of the Borno State Sub-Committee on Repatriation, Engr. Lawan Abba Wakilbe included members of House of Assembly representing Kaga, Gwoza and Gulumba Woloji, Honourable Mustafa Alibe Benishiekh, Buba Abatcha, Baba Shehu Gulumba, Chairman Gwoza local government, Abba Shehu Timta and official of National Commission for Refugees, Migrants and Internally Displaced Persons Mr. Murdakai Titus.
First Batch of 300 Refugees Returns to Gwoza in Landmark Homecoming
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