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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
Bandits kill two police personnel, cart away weapons in Musawa ambush in Katsina
Bandits kill two police personnel, cart away weapons in Musawa ambush in Katsina
By: Zagazola Makama
Suspected armed bandits, allegedly affiliated with a notorious bandit leader, have ambushed a police convoy in Katsina State, killing two police personnel and carting away their service weapons.
Police sources said the attack occurred at about 5:50 p.m. on April 7, 2026, at Sabon Garin Garu village in Musawa Local Government Area.
The assailants, said to be in large numbers and riding on about 30 motorcycles, were reportedly affiliated with a notorious bandit leader identified as Muhammadu.
They ambushed a vehicle conveying five personnel of the Police Mobile Force (27 PMF) who were travelling from Zamfara State through Katsina State.
A swift response by police tactical teams, including patrol units and community watch groups, led to a gun duel with the attackers, forcing them to retreat.
Three of the police personnel were rescued unhurt during the exchange of fire.
However, two personnel were killed in the attack. They were identified as Sgt. Bilyaminu Babangida and PC Abdulaziz Musa.
The attackers also carted away the officers’ service rifles and a riot gunner.
Police reinforcements from Dutsinma, Kankia, Matazu and Kankara were subsequently deployed to block escape routes, while cordon and search operations were ongoing to apprehend the perpetrators and recover the stolen arms.
Security authorities said efforts had been intensified to restore calm in the area and prevent further attacks along the axis.
Bandits kill two police personnel, cart away weapons in Musawa ambush in Katsin
News
Fake report of unrest at unijos debunked, military assures campus security
Fake report of unrest at unijos debunked, military assures campus security
By: Zagazola Makama
The Management of the University of Jos and the Nigerian military have dismissed as false and misleading a viral report alleging unrest, chaos, and destruction within the institution, describing it as a deliberate attempt to cause panic and misinformation.
The fake report, which circulated on social media alongside an image claimed to depict violence on campus, suggested that “student grievances had escalated into chaos” with alleged destruction and insecurity within the university environment.

However, checks by Zagazola and confirmation from university authorities indicate that the situation at the University of Jos remains calm, peaceful, and under control, with normal activities ongoing.
It was further gathered that the image accompanying the false report was generated using Artificial Intelligence and does not reflect any real incident within or around the university.
A senior security source told Zagazola Makama that the General Officer Commanding 3 Division, Nigerian Army and Commander Joint Task Force Operation ENDURING PEACE, Major General E.F. Oyinlola, personally led troops to the University of Jos following the circulation of the fake report.

During the visit, the GOC met with the Vice Chancellor of the institution and assured management of the Nigerian Army’s commitment to safeguarding the university community, students, and staff against any form of threat or security breach.
The military described the viral publication as “fake news deliberately designed to cause confusion, panic, and distrust,” urging members of the public to disregard it in its entirety.
Authorities further cautioned against the circulation of unverified content, especially digitally manipulated images, warning that such misinformation could incite unnecessary fear and disrupt public peace.
The University of Jos management also reaffirmed that there was no unrest or security breach on campus, stressing that academic activities were proceeding without disruption.
Security agencies assured continued surveillance and protection of the institution as part of ongoing efforts under Operation ENDURING PEACE to maintain stability across Plateau State.
The public has been urged to rely only on verified information from official sources and avoid sharing content capable of undermining peace and order in the state.
Fake report of unrest at unijos debunked, military assures campus security
News
Athena Observatory Warns of Deepening Structural Risks in Nigeria’s Democracy
Athena Observatory Warns of Deepening Structural Risks in Nigeria’s Democracy
By: Michael Mike
A new policy report has raised fresh concerns about the stability of Nigeria’s democratic system, warning that growing political fragmentation and institutional strain could undermine the credibility of elections ahead of the 2027 general polls.
The report, released on Tuesday by the Athena Election Observatory (AEO), marks the debut of its Political Landscape Monitor—a policy series designed to track and analyse the country’s evolving electoral environment. Titled “Nigeria’s Democracy and the Imperative of Competitive Politics,” the inaugural note paints a sobering picture of a political system struggling to keep pace with its own internal dynamics.
According to the Observatory, a pattern is emerging across Nigeria’s major political parties in which leadership disputes, fragile alliances, and factional battles are becoming increasingly common. While these crises may appear isolated, the report argues they are symptoms of a deeper structural imbalance.
At the heart of the problem, it said, is a widening gap between political activity and institutional capacity. Political actors, driven by the urgency of coalition-building and power consolidation, are moving faster than the rules and structures meant to regulate them.
“This is not just about party disagreements,” the report noted. “It is about the weakening of the systems that are supposed to organise competition, manage conflict, and ultimately guarantee meaningful choice for voters.”
The analysis drew from recent developments within prominent parties such as the African Democratic Congress (ADC), the Peoples Democratic Party (PDP), and the Labour Party, where internal tensions and contested leadership claims have repeatedly spilled into the public domain.
Observers say the trend reflects a broader shift in how political disputes are resolved in Nigeria. Rather than being settled through internal party mechanisms, disagreements are increasingly pushed toward external institutions—particularly the courts and electoral regulators.
The report highlighted the pivotal role of the Independent National Electoral Commission (INEC) in this process. Its decisions on which party factions to recognise can effectively determine leadership outcomes, making it a central actor in intra-party struggles.
While acknowledging INEC’s constitutional mandate, the Observatory cautioned that inconsistent or opaque decision-making could erode public confidence. It called for clearer procedures and stricter adherence to impartiality to prevent the Commission from being perceived as a political arbiter.
Equally significant is the growing reliance on the judiciary to settle political disputes. The report warned that while the courts remain essential for upholding the rule of law, their increasing involvement in intra-party conflicts risks displacing internal governance systems.
Legal interventions, it argued, should serve as a last resort—not a default mechanism.
“When courts become the primary arena for resolving political disagreements, parties gradually lose the capacity to govern themselves,” the report states. “Over time, this weakens the entire democratic ecosystem.”
Beyond institutional concerns, the Observatory drew attention to the implications for ordinary voters. A fragmented political landscape, it said, reduces the clarity and credibility of electoral choices, leaving citizens with options that may lack cohesion or long-term viability.
In such conditions, elections risk becoming procedural exercises rather than meaningful expressions of democratic will.
The report ultimately framed the issue as a national, rather than partisan, challenge. Strengthening the institutional foundations of political competition, it argued, is critical not only for credible elections but also for political stability and governance.
As Nigeria edges closer to another election cycle, the findings serve as a stark reminder that the health of a democracy depends not just on the conduct of elections, but on the strength of the systems that shape them long before ballots are cast.
The Athena Election Observatory said it will continue to publish periodic assessments under its Political Landscape Monitor, offering data-driven insights into the trends shaping Nigeria’s political future.
Athena Observatory Warns of Deepening Structural Risks in Nigeria’s Democracy
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