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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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Troops Kill Two Terrorists, Rescue 62 Abducted Persons in North-West Operations

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Troops Kill Two Terrorists, Rescue 62 Abducted Persons in North-West Operations

By: Michael Mike

Troops of the Joint Task Force North West under Operation FANSAN YAMMA have recorded significant operational gains with the killing of two suspected terrorists in Kebbi State and the rescue of 62 abducted persons in Zamfara State.

The coordinated operations, carried out by troops operating under Sector 2, were based on credible intelligence and involved close collaboration with other security agencies and local vigilante groups.

In Kebbi State, the troops ambushed suspected members of the Lakurawa terrorist group around Kerani village, near the boundary between Augie Local Government Area of Kebbi State and Binji Local Government Area of Sokoto State. During the operation, two of the suspects were neutralised, while two motorcycles believed to have been used for criminal operations were recovered. The suspects were reportedly dressed in camouflage outfits, and the motorcycles were modified for long-distance movement.

In a separate operation in Zamfara State, the troops raided Munhaye Forest, a known criminal hideout, following intelligence that several kidnapped victims were being held in the area. The operation led to the successful rescue of 62 abducted persons, who have since been moved to a secure location.

Military authorities said arrangements are ongoing to reunite the rescued victims with their families, while efforts continue to track and dismantle remaining criminal elements operating in the forests and border communities.

The military noted that the latest successes reflect the sustained commitment of Operation FANSAN YAMMA to restoring peace and improving security across the North-West region.

The development was disclosed in a statement issued on Wednesday by Lieutenant Colonel Olaniyi Osoba, Acting Deputy Director, Army Public Relations, 8 Division Nigerian Army, Sector 2, Operation FANSAN YAMMA.

Troops Kill Two Terrorists, Rescue 62 Abducted Persons in North-West Operations

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NHRC Condemns Killing of Woman, Six Children in Kano

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NHRC Condemns Killing of Woman, Six Children in Kano

By: Michael Mike

The National Human Rights Commission (NHRC) has condemned the brutal killing of Mrs. Fatima Abubakar and her six children in Dorayi Chiranchi Quarters, Kano State, describing the incident as a gross violation of the right to life and an attack on human dignity.

The tragic incident, which occurred on Saturday, January 17, 2026, reportedly involved unknown attackers who broke into the family’s residence, killed the victims with dangerous weapons, and allegedly threw an infant into a well.

Reacting to the incident, the Executive Secretary of the Commission, Dr. Tony Ojukwu, OFR, SAN, said the act was not only criminal but also a serious breach of constitutional and international human rights obligations binding on Nigeria. He noted that the right to life is sacrosanct and must be protected at all times, particularly for vulnerable groups such as women and children.

Dr. Ojukwu expressed deep concern over the level of violence displayed in the attack, stressing that such acts threaten public safety and undermine the rule of law. He called on the Nigeria Police Force and other relevant security agencies to carry out a comprehensive and transparent investigation to ensure that those responsible are identified and prosecuted.

The NHRC extended its condolences to the victims’ family, the Dorayi Chiranchi community, and the people of Kano State, assuring them of the Commission’s solidarity during the period of mourning.

The Commission also reaffirmed its commitment to the promotion and protection of human rights across the country, stating its readiness to work with law enforcement agencies to ensure accountability and justice in the case.

Dr. Ojukwu further urged collective action by government institutions, security agencies, community leaders, and civil society groups to uphold the sanctity of human life and prevent a recurrence of such tragic incidents.

He emphasized that justice for the victims is essential to restoring public confidence and fostering a society built on peace, justice, and respect for human dignity.

NHRC Condemns Killing of Woman, Six Children in Kano

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SOJA Condemns Killing of Woman, Six Children in Kano, Calls for Justice

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SOJA Condemns Killing of Woman, Six Children in Kano, Calls for Justice

By: Michael Mike

A human rights advocacy group, Speak Out for Justice Advocacy Ltd/Gte (SOJA), has condemned the gruesome killing of Mrs. Fatima Abubakar and her six children in Dorayi Chiranchi area of Kano State, describing the incident as a grave violation of fundamental human rights and a failure of state protection.

In a statement issued on Tuesday and signed by its legal officer, Hameed Ajibola Jimoh., the organisation said the killing of a mother and her children had shocked the nation and undermined the values of humanity, justice and the rule of law.

SOJA noted that the incident amounted to a serious breach of the right to life as guaranteed under Section 33 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), as well as provisions of international human rights instruments to which Nigeria is a signatory. The group stressed that the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights impose clear obligations on the Nigerian State to protect life and ensure accountability for violations.

The organisation further described the killing of six children as a gross violation of the Convention on the Rights of the Child, which mandates governments to take all necessary measures to protect children from violence and unlawful death.

SOJA expressed concern that recurring cases of extreme violence, particularly against women and children, point to systemic weaknesses such as poor early-warning mechanisms, inadequate community-level protection, and insufficient intelligence gathering. According to the group, the responsibility of the state goes beyond prosecuting offenders to preventing foreseeable harm.

The advocacy group called on the Kano State Government, the Nigeria Police Force, the Department of State Services (DSS) and other relevant agencies to conduct a thorough, impartial and transparent investigation into the incident and ensure that all those responsible are brought to justice without delay.

It also urged authorities to provide psychosocial support, protection and relief assistance to surviving family members and the affected community, noting that justice must include healing and institutional reforms, not just arrests.

SOJA further recommended stronger community-based protection and early-warning systems, improved coordination between security agencies and local communities, sustained public education on violence prevention and child protection, and strict enforcement of existing laws protecting women and children.

The group stressed that the victims must not be reduced to mere statistics, adding that their deaths should serve as a catalyst for accountability and renewed commitment to the sanctity of human life.

SOJA said it stands in solidarity with the victims’ family and the people of Kano State, reaffirming its commitment to speaking out until justice is served.

SOJA Condemns Killing of Woman, Six Children in Kano, Calls for Justice

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