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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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Kashim Shettima: Of Betrayal, Power, and Survival.

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Kashim Shettima: Of Betrayal, Power, and Survival.

By: Inuwa Bwala.

“March has returned, and with it the Ides. Beware the men who call you brother.”
Julius Caesar was perhaps Rome’s most trusted general. He crossed the Rubicon for Rome, conquered Gaul for Rome, and pardoned enemies for Rome.

Yet it was neither Gaul nor Pompey: his avowed rivals, that killed him. It was Brutus: his friend, and confidant yet his protégé, who was described as “the noblest Roman of them all.”

Julius Caesar did not slump and died because the daggers were too many, rather, bacause he noticed the person he least expected could betray him amongst those stabbing him: Brutus. In utter shock and disbelief, Caesar slumped, but not before he uttered the word,”And you too Brutus?”.

There is no doubt that, Kashim Shettima was Borno’s most tested governor. He walked into boiling areas, when others fled the state. He rebuilt schools bombed by Boko Haram. He chose to stay in Maiduguri when Abuja offered comfort.
As Vice President, he has carried himself as a true statesman abs the face of the Tinubu administration at national and international meets.

He always speaks of “the sanctity of human life” and calked for swifter and total mobilisationagainst terror.
Yet today, whispers from Borno and Abuja suggest the daggers are not in the bush like that of Boko Haram, they are in the hands of his kinsmen, those he hold family meetings and political meetings with.

Those who could read between the line, may be able to tell, when Shettima gave an anecdote at a recent public function, about the visit by his kinsmen to his boss, Bola Ahmed Tinubu, just three months into the life of the administration.

Like Brutus and the conspirators of the Shakespearean fame, who claimed they did not hate Caesar, but loved Rome more, those who visited Tinubu claimed to love Nigeria more and her President, abd not brcause thry hated Shettima.
Brutus in particular played on a so-called republican pride and his fear of tyranny, which he used in convincing himself that betrayal was patriotism. He struck to “save” Rome.

Shettima’s own “Brutuses” use a different script, relying on Shetyima’s perceived ambition and the attendant battle to keep himself in the balance of power as an alibi.
And in the face of contending forces, they recruited people to plsy out the cards, while remaining in the shadows. The charges may appear different with that if Caesar, but the intents are same. And while still smarting from the Muslim-Muslim debacle, Shettima had hradly setyled in office when they began to spread rumours of him, being too Borno, not enough to be a northerner. Too ambitious, fetish, independent minded and growing too popular. One thing they could not take away from him though us the fact that Shettima is intelligent, shrewd and a master schemer, which his boss knows too well.

I had cause to warn of this years ago seeing Shettima’s passive refusal to pick between kinsmen in place of statesmen to work with him.
I could see through the plots to denigrate a fine emergent nationalist by linking him with Boko Haram, painting him as fetish, portraying him as a religious and ethinic checkbox, all in a bud to undo him. The weapon when he was govetnor was insurgency, but the weapon now is political naivity and stereotyping . The tactic includes convincing his Kanuri kinsmen to fight him, so that “when Kanuri fights Kanuri, others will win. But beyond that, even his Kanuri brothers seem to have an axe to grind with him.
The painful truth remains, that, Caesar’s killers were senators in the Capitol, but Shettima’s challengers may be his own kinsmen: some of whom, he nentored snd no one can ever convince him that, they could ever work against him. In both cases, the dagger is dipped in familiarity.
It cuts deeper because the hands holding it, are either those he mentored or once broke bread with him.

Caesar died because he ignored omens. Not even Calpurnia, his wife’s dream could deter him. He ignored the soothsayer, and shunned the Senate’s mood, thinking goodwill was a good sheild and armor.

Shettima’s March 2027 is loaded with omens too, arising from fresh attacks by vested interests, intrigues amongst political players, betrayal by kinsmen, espionage by aides and attachees, dissertion by hitherto close allies, manipulations in the media, ethnic or religious profiling, clandestine meetings that without communiqués, but with lethal intents, contending forces in the party who whisper that 2027 needs a “new pairing.” indeed, the ides are here, because a second term is near, and second terms birth daggers.

As governor, perhaps Shettima survived by moving rather faster than conspiracy. He outrun, those who want to either even scores or shake off his dominace, and those people have remained at daggers drawn with him
How Shettima Survives, will definitely be a refrence point in power struggles in Nigeria.
But unlike Caesar who never learnt, Shettima is a good student of Robert Greens 48 Laws of Power, and must have drawn lessons from the falls of others before him.

To survive, Shettima must learn to trust, but audit the Praetorians. Caesar trusted Brutus with his life. Shettima cannot afford blind trust. The INEC database compromise and probe shows how insider access kills. Shettima must do what he did as governor: forensic audits, no sacred cows. As I earlier said, he must have his own policy, which must not be changed simply because some people want to determine its content.
He must learnt to keep the people, his own trusted people, and must not loose, as Caesar lost Rome due to his belief in his personal prowess and capacity. Shettima still owns Borno’s streets and still conttols the larger and more lethal political forces in the North.

He should be able to name the Brutus, but should not become an Antony, whom at Caesar’s funeral sparked civil unrest. Shettima cannot afford chaos. He should have a machinery on ground that will expose the plot, without burning the Forum. He should expedite action in uniting the North, and rally the support of kinsmen, even as a counterforce, or risks allowing the real enemies to win.

Importantly, he should bear in mind, that, the parabolical March is not the end, the ides pass. For Caesar, it ended at Pompey’s statue, but for Shettima, March can end with a stronger alliance. He must do what he told the nation: “We choose light over shadow, and hope over despair”.
The Verdict of History, had
Brutus dying on his own sword, muttering, “Caesar, now be still.” Betrayal did not save the Republic, rather it buried it.
Shettima’s kinsmen face the same choice. They can strike and wait for the verdict of history, or they can sheathe the dagger and remember: the real enemy still sleeps someehere else.

Twelve years ago, I wrote that Shettima’s ides would test Borno. In 2026, I state without fear of contradiction, that, they will test Nigeria.
Caesar ignored the soothsayer because he was in so much hurry. Shettima, as always, may not be in a hurry, but should he decide to, that hurry may yet save him.

Kashim Shettima: Of Betrayal, Power, and Survival.

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FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid

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FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid

By Zagazola Makama

A wave of alarming reports circulating across social media and some online platforms has claimed that Boko Haram insurgents attacked a school and abducted students in Kautikari community of Chibok Local Government Area, Borno State.

The claims, predictably amplified by emotionally charged references to the 2014 Chibok schoolgirls’ abduction, have generated anxiety among Nigerians following developments in the troubled region.

However, a detailed fact-check by Zagazola Makama, based on assessment from field sources, and video evidence from the scene, has found the claims to be entirely FALSE.

According to sources, the incident occurred at about 7:30 p.m. on June 13 when ISWAP terrorists launched an attack on a hunters’ patrol base located within the premises of a disused primary school in Kautikari.

The facility being used by the hunters was not functioning as a school at the time of the attack, nor were students present at the location. Rather, local hunters had established a patrol outpost within the structure, using some of the classrooms as temporary accommodation and operational shelters while supporting troops of Operation HADIN KAI’s efforts in the area.

The terrorists specifically targeted the hunters’ base and not a school populated by students as widely claimed. Initial resistance by the hunters successfully repelled the first assault.

However, the terrorists later regrouped in larger numbers and launched a second attack, forcing the hunters to temporarily withdraw after running low on ammunition.

Military sources disclosed that reinforcement teams comprising troops of the 117 Task Force Battalion from Kwada, supported by a Quick Response Force, local hunters and vigilante personnel, rapidly mobilized to the scene and engaged the terrorists. The coordinated response eventually overwhelmed the attackers and forced them to retreat.

No Student Was Abducted

Contrary to viral claims, there is no evidence that any student was abducted during the attack. Operational reports from the scene recorded no missing students, no reports of schoolchildren being taken away, and no indication that the terrorists targeted an educational institution in session.

Security sources confirmed that accountability checks conducted after the attack found no cases of student abduction.

In fact, the only confirmed casualties were one civilian who was reportedly struck by a stray bullet fired by the terrorists and one member of the Civilian Joint Task Force (CJTF) who sustained a gunshot wound to the arm.

Sources said also that the terrorists set fire to clothing and personal belongings belonging to the hunters stationed at the outpost. No troops were killed or injured during the engagement.

Further undermining the false reports is video footage obtained by Zagazola Makama from the aftermath of the attack. In the footage, one of the affected hunters is seen showing the damaged facility and burnt belongings while lamenting the destruction caused by the terrorists.

The hunter can be heard explaining that the location served as their place of accommodation and operational base.

“This is where we sleep,” he says while pointing to the affected section of the building.

The footage clearly supports military accounts that the target was a hunters’ outpost and not an occupied school hosting students.

The confusion likely arose because the hunters’ base was situated within the premises of a primary school building.

Photographs and videos showing damaged classrooms were subsequently circulated online without context, leading some platforms to incorrectly conclude that a school had been attacked and students abducted.

The result was the rapid spread of misinformation that failed basic verification standards.

Given Chibok’s painful history, any report involving schools and abductions naturally attracts national and international attention. This makes accurate reporting even more important.

FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid

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Police Foil IED Attack, Destroy Explosive Device in Zamfara

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Police Foil IED Attack, Destroy Explosive Device in Zamfara

By: Zagazola Makama

The Zamfara State Police Command says it has successfully foiled a planned attack after its Explosive Ordnance Disposal (EOD) unit discovered and safely destroyed an Improvised Explosive Device (IED) in Tsafe Local Government Area of the state.

The Command said the operation was carried out on Friday at about 4:15 p.m. along the Kunchin Kalgo axis following credible intelligence received through community engagement efforts.

According to a statement issued by the Command, operatives of the Violence Crime Response Unit (VCRU), in collaboration with the EOD team, swiftly mobilised to the area after receiving information about a suspected explosive device planted by bandits.

Preliminary findings indicated that the device was strategically planted along the road with the intent of causing mass casualties among commuters and other road users.

The statement added that the timely response of the operatives led to the safe detection, evacuation and controlled destruction of the explosive device before it could cause any harm.

The Command commended the vigilance and cooperation of local residents, describing community support as critical to ongoing security operations in the state.

It further assured residents that efforts were ongoing to identify, arrest and prosecute those responsible for planting the device.

The police also disclosed that patrols had been intensified across vulnerable areas to prevent similar incidents and ensure the safety of road users.

The Commissioner of Police, A.M. Bello, reiterated the Command’s commitment to sustained operations against banditry and other violent crimes in Zamfara State.

Police Foil IED Attack, Destroy Explosive Device in Zamfara

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