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
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
By: Michael Mike
The Embassy of Israel in Nigeria has accused Iran of sponsoring terrorism across the globe and backing militant networks, including alleged links to activities in Nigeria.
In a statement issued in Abuja, the Israeli mission challenged recent remarks by Iran’s envoy to Nigeria denying Tehran’s involvement in terrorism, insisting that evidence accumulated over the years contradicts such claims.
The embassy said Iran has long been identified by several governments and security agencies as a major state sponsor of terrorism, accusing the country of providing funding, weapons, training and strategic guidance to militant groups such as Hamas, Hezbollah and the Houthi movement.
According to the statement issued on Monday, these groups have carried out attacks against civilians and contributed to instability in several parts of the world, particularly in the Middle East.
The embassy further alleged that Iranian-backed operatives and networks have been linked to attacks and plots in different countries, including Argentina, Bulgaria, Australia and the United Kingdom.
Highlighting developments in the Middle East, the mission said Iranian leaders publicly praised the October 7 attacks carried out by Hamas against Israeli civilians and encouraged further violence against Israel.
The embassy also pointed to past incidents in Nigeria which it said suggested Iranian-linked activities within the country.
It recalled that in 2010, Nigerian authorities intercepted a shipment of weapons originating from Iran at Apapa Port in Lagos, concealed in containers allegedly destined for militant groups in West Africa.
The statement also referenced a 2013 operation by Nigerian security agencies in which a Hezbollah-linked cell and weapons cache were uncovered, leading to arrests in Abuja and Kano. Authorities at the time said the weapons were intended for attacks against Israeli and Western interests in Nigeria.
Israel’s Ambassador to Nigeria, Michael Freeman, said Iran’s repeated denials could not erase what he described as a documented history of support for militant organisations.
“The Iranian regime can make as many statements as they like and appear on as many television channels as they want. But facts speak louder than words. The reality is that Iran is the world’s largest sponsor of terrorism and has backed the Islamic Movement of Nigeria for years,” he said.
The embassy said it considered it necessary to challenge what it described as misinformation, stressing that terrorism remains a major threat to global peace and stability, including in Nigeria.
Israel Accuses Iran of Terror Links, Cites Activities in Nigeria
News
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has issued a strong warning to construction companies and contractors operating in the Federal Capital Territory, cautioning them to stop damaging underground fibre-optic cables during excavation works or face prosecution.
The warning was issued by the FCT Commandant of the Corps, Olusola Odumosu, who expressed concern over the growing cases of fibre-optic cable destruction across Abuja due to negligence and poor planning by construction firms.

Odumosu said the increasing damage to the communication infrastructure has led to repeated disruption of internet services, banking operations, telecommunications networks and other critical government and commercial activities.
According to him, the destruction of fibre-optic cables constitutes a serious national security risk and undermines economic activities in the country.
He explained that under the Designation and Protection of Critical National Information Infrastructure Order 2024, telecommunications infrastructure, including fibre-optic cables, has been classified as Critical National Information Infrastructure, making any deliberate or negligent damage a punishable offence.
The Commandant noted that the Corps derives its powers from the Nigeria Security and Civil Defence Corps Act 2003 (as amended in 2007), which empowers it to protect national assets, maintain round-the-clock surveillance on critical infrastructure and prosecute offenders involved in vandalism and sabotage.
He added that the law authorises the Corps to arrest, detain and investigate individuals or organisations responsible for damaging public utilities such as communication cables, power transmission lines, pipelines and other strategic facilities.

Odumosu disclosed that in line with directives from the Office of the National Security Adviser, contractors must verify the presence of underground utilities before commencing excavation or drilling in the FCT.
He directed all construction firms to liaise with telecommunication service providers, the NSCDC and relevant authorities before carrying out digging or drilling activities, stressing that ignorance of the presence of fibre-optic cables will not be accepted as a defence.
The NSCDC boss further warned that the Corps would not tolerate vandalism or interference with critical national assets such as power installations, oil and gas pipelines, rail infrastructure, water facilities, communication masts and government buildings.
He said offenders—whether individuals, companies or government contractors—would face prosecution under existing laws, including the Cybercrimes (Prohibition, Prevention, etc.) Act 2015 and other relevant legislation protecting national infrastructure.
Odumosu assured residents that the NSCDC remains committed to safeguarding critical national assets across the capital territory and urged contractors to strictly comply with verification procedures before undertaking civil works.
He also called on members of the public, professional bodies and project managers to report suspicious excavation activities or vandalism of public infrastructure to the nearest NSCDC formation for prompt response.
The Commandant reiterated the Corps’ zero-tolerance for vandalism, urging organisations and stakeholders to collaborate with the agency to protect public utilities and ensure sustainable economic growth.
NSCDC Warns Contractors Over Damage to Fibre Optic Cables in Abuja
News
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
By: Michael Mike
The Federal Government, in partnership with the World Bank, has commenced the appraisal and validation of nine Strategic Catchment Management Plans (SCMPs) aimed at tackling desertification, land degradation and water scarcity across Northern Nigeria and the Federal Capital Territory.
The initiative is being implemented under the Agro-Climatic Resilience in Semi-Arid Landscapes Project (ACReSAL), a climate resilience programme led by the Federal Ministry of Environment with support from the World Bank.
The validation workshop, holding in Abuja, is bringing together federal and state agencies, technical experts, and community representatives to review the plans and ensure they are inclusive, practical and capable of improving livelihoods while restoring degraded landscapes.

Speaking at the event, Nigeria’s Minister of Environment, Balarabe Abbas Lawal, warned that environmental degradation in Northern Nigeria has reached alarming levels, threatening food security and the stability of rural communities.
According to him, millions of people in the 19 northern states and the FCT are already facing harsh environmental realities such as advancing deserts, irregular rainfall patterns, shrinking water bodies and declining farmland productivity.
“These are not abstract problems. They threaten the food on our tables, the income of our farmers and herders, and the stability of our communities,” the minister said.
Lawal explained that the ACReSAL project represents Nigeria’s strategic response to the growing environmental crisis, with the Federal Ministry of Environment working closely with the Federal Ministry of Water Resources and Sanitation and the Federal Ministry of Agriculture and Food Security to restore degraded landscapes and promote sustainable management of natural resources.
He noted that the Strategic Catchment Management Plans form the backbone of the intervention, providing a coordinated roadmap for identifying priority environmental hotspots, mobilising resources and aligning actions across multiple sectors.
Representing the Minister of Water Resources and Sanitation, Joseph Terlumun Utsev, the Director of Hydrology, Abohwo Ngozi, said the workshop would review the final nine catchment management plans developed under the ACReSAL framework.
She stressed that the plans are essential for improving integrated water and land management while addressing the growing environmental challenges facing communities across Northern Nigeria.
Ngozi warned that desert encroachment, degraded farmlands and unpredictable rainfall patterns are already threatening agricultural productivity and the livelihoods of millions of farmers and pastoralists.
National Coordinator of ACReSAL, Abdulhamid Umar, represented by Shettima Adams, said the nine plans are designed to guide targeted interventions in semi-arid landscapes to ensure sustainable water and land management.
He listed the catchments covered by the plans as Malenda, Oshin-Oyi, Gurara-Gbako, Aloma-Konshisha, Benue-Mada, Sarkin-Pawa-Kaduna, Zungur-Gongola, Gaji-Lamurde and Hawul-Kilange.
According to him, the catchment areas cut across several states including Adamawa, Bauchi, Benue, Borno, Gombe, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Nasarawa, Niger, Plateau, Taraba, Yobe and Zamfara, as well as the FCT.
Umar explained that the plans were developed through extensive consultations with local communities and stakeholders, ensuring that they capture real environmental challenges such as deforestation, soil erosion, shrinking water sources and overgrazing.
FG, World Bank Move to Restore Degraded Northern Landscapes with Nine Catchment Plans
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