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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
KACRAN Calls for Increased Funding for Northeast Development
KACRAN Calls for Increased Funding for Northeast Development
By: Michael Mike
The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has commended the North East Development Commission (NEDC) for demonstrating transparency and accountability following its recently concluded month-long inspection of development projects across the Northeast region.
In a statement released by KACRAN National President Hon. Khalil Mohammed Bello, the association described the inspection exercise as a strong indicator of responsible public administration, noting that comprehensive project verification remains a key test of accountability in public service delivery.

KACRAN stated that the NEDC’s decision to conduct high-level inspections of both ongoing and completed projects reflects a commitment to ensuring that public funds are translated into tangible developmental outcomes for citizens in the region.
The association further praised what it described as the “boldness and confidence” displayed by the Commission during the inspection tour, saying it signals that projects executed by the agency meet required standards and represent value for money.
Of particular interest to KACRAN members are the Commission’s investments in water infrastructure and livestock support projects aimed at improving pastoral livelihoods across the Northeast.
The association noted that such initiatives are critical to sustaining the livestock sector and supporting pastoral communities, while also aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes livestock development, food security, and economic diversification.

KACRAN said strengthening livestock production could help reduce Nigeria’s reliance on imported dairy and meat products while positioning the country as a potential exporter of livestock products in the long term.
The group also commended the composition of the NEDC inspection team, which included the Commission’s Governing Board Chairman, Managing Director, and senior directors from finance, operations, and humanitarian affairs. KACRAN said the inclusion of senior management personnel and media representatives during the nearly 30-day inspection tour demonstrates transparency and accountability in governance.
The inspection covered several development sectors including road infrastructure, drainage systems, primary healthcare facilities, educational projects, water points for livestock, and distribution of humanitarian relief materials to internally displaced persons (IDPs).
KACRAN described the NEDC as a model of sincerity and dedication in Nigeria’s public sector, praising the Commission’s efforts toward the rehabilitation and economic recovery of the Northeast region.
The association, however, called on President Bola Ahmed Tinubu to ensure timely and adequate funding for the NEDC to enable the Commission to sustain its development and humanitarian programs.
It stressed that increased funding would strengthen infrastructure development, livestock productivity, peace-building efforts, and humanitarian interventions across the Northeast.
KACRAN Calls for Increased Funding for Northeast Development
News
Lawmaker Backs Local Solar Manufacturing, Caution Against Immediate Import Ban
Lawmaker Backs Local Solar Manufacturing, Caution Against Immediate Import Ban
By: Michael Mike
The National Assembly is considering a range of legislative and policy measures to strengthen local production of solar panels and renewable energy components in Nigeria, as part of broader efforts to tackle energy poverty and reduce installation costs nationwide.
The Deputy Chairman, House Committee on Environment, House of Representatives, Hon. Terseer Ugbor speaking at the Solar Power Nigeria’s National Stakeholders Engagement with theme: “Accelerating Nigeria’s Clean Energy”, said parliament is reviewing key issues affecting the sector, particularly the development of local manufacturing capacity for solar panels, batteries, and other renewable energy components.
According to him, expanding domestic production is critical to lowering the entry cost of solar energy systems for homes, schools, hospitals, and businesses—especially in rural communities where access to electricity remains limited.
“We are looking at how to polish policies around the renewable energy sector and support local manufacturers. If we can advance local production, we can reduce installation costs and expand access to solar power across Nigeria,” he said.
The lawmaker acknowledged concerns that encouraging local production could initially lead to higher prices compared to imported solar panels, particularly those produced at large scale in Asia.
“It is true that imported panels can sometimes be cheaper because countries like China produce at massive scale and export globally,” he noted.
However, he argued that through structured technology transfer and gradual capacity building, Nigeria can develop local manufacturing or at least assembly plants that create jobs and add value within the country.
Rather than immediate full-scale manufacturing, he suggested beginning with local assembly of components, which would stimulate employment, build technical expertise, and strengthen the country’s renewable energy ecosystem.
“Nigeria is already spending billions annually on solar imports. That level of demand is enough to sustain several local manufacturing and assembly plants,” he said.
He stressed that local production would not only reduce long-term dependence on foreign suppliers but also promote economic growth and sector sustainability.
“It is always better to manufacture or assemble components close to where they are installed. That strengthens the economy and ensures long-term sustainability.”
On calls by some stakeholders for a complete ban on solar panel imports, the lawmaker urged caution.
While he did not dismiss the idea outright, he emphasized that any ban must be preceded by a clear assessment of Nigeria’s readiness and production capacity.
“A ban is not entirely a bad concept, but it must be considered within the context of our preparedness. Do we have enough local capacity to meet demand? That is the key question,” he said.
He suggested that instead of an outright prohibition, Nigeria could adopt a phased transition strategy—such as imposing tariffs or import duties on foreign solar products—to give local manufacturers room to compete.
Countries with established large-scale production capabilities, he noted, can produce millions of panels at significantly lower costs, making it difficult for emerging Nigerian firms to compete without policy support.
According to him, a phased approach combining trade measures, investment incentives, and capacity development would allow Nigeria to gradually shift toward local production without jeopardizing affordability for rural communities.
“We must protect affordability while building local industry. A gradual transition, supported by smart trade policies and incentives, is better than an abrupt ban,” he said.
The lawmaker said that strengthening Nigeria’s solar manufacturing base would drive job creation, promote technology transfer, and enhance energy security over the long term.
“We cannot continue to depend entirely on foreign manufacturers. Building local capacity is essential if we want sustainable and affordable renewable energy across Nigeria.”
The Nigeria Country Lead, Global Strategic Communication Council, Daniel Oladoja pushed for evidence-based energy reforms have cautioned against an immediate ban on solar panel imports, arguing that policy decisions must be guided by data rather than sentiment.
He explained that the aim of the study was to introduce credible data into the national debate over local manufacturing and import restrictions.
“What we set out to do with this report is to bring evidence into the conversation,” a policy advocate said. “Anyone can say a ban is good or a ban is bad, but that is sentiment. When it comes to serious policymaking, you must rely on data.”
One of the report’s key findings is that more than 80 percent of Nigerians surveyed do not support a ban on solar panel imports.
“If government says it listens to the people, then it must pay attention to what the people are saying,” the advocate noted.
The report argues that while energy sovereignty and industrialization are legitimate national goals, policymakers must weigh these ambitions against affordability and access — especially in a country battling widespread energy poverty.
He said beyond public sentiment, the report highlights a significant cost disparity between imported solar systems and locally produced alternatives.
According to him, locally manufactured systems are approximately 16 percent more expensive than imported equivalents.
With the average functional household solar system costing around ₦2 million, that 16 percent difference translates to nearly ₦250,000 — a substantial amount for most Nigerian families.
“That margin is enough to discourage adoption,” the advocate explained. “When you’re talking about rural households, small businesses, or schools trying to install solar, ₦250,000 is not a minor difference.”
He said the report stresses that the debate over banning solar imports is not purely economic but also social, adding that a sudden restriction could slow the spread of renewable energy, particularly in underserved rural areas where solar systems are often the most viable electricity option.
“This is not just about industry. It’s about access to power. It’s about livelihoods. It’s about small businesses and healthcare facilities that depend on affordable solar solutions.”
Rather than an abrupt prohibition, stakeholders are recommending a structured five-to-ten-year transition plan.
They warned against repeating policy approaches seen in other sectors, where sudden border closures or bans disrupted markets without adequate local capacity in place.
“Don’t just wake up one morning and shut the borders,” the advocate said. “Have a clear strategic roadmap — build local capacity gradually, encourage assembly, incentivize manufacturers, and then phase down imports in a predictable way.”
Such a phased strategy, they argued, would protect affordability while allowing Nigeria to strengthen domestic production capacity over time.
The overarching message from the report is that policymaking must balance industrial growth with consumer welfare, guided by evidence, cost analysis, and public opinion.
“We are not opposing industrialization. We are saying: let’s do it strategically. Let’s use the numbers. Let’s use public sentiment. Let’s plan properly.”
As Nigeria pushes toward energy security and renewable expansion, the report concludes that careful sequencing — not abrupt restrictions — will determine whether local solar manufacturing becomes a catalyst for growth or a barrier to access.
On his part, the Executive Director, Global Initiative for Food Swcurity and Ecosystem Preservation (GIFSEP), Micheal David said locally manufactured solar systems currently cost about 16 percent more than imported alternatives.
He said: “With an average household solar system costing roughly ₦2 million, that 16 percent difference can mean about ₦250,000 extra,” said an energy market analyst. “For rural households, that difference is enough to delay adoption.”
He noted that: “This is not just an industrial discussion. It is about healthcare facilities, small businesses, and families who depend on solar just to keep basic lights on.”
Stakeholders argued that Nigeria’s fastest path to universal electricity access lies in scaling up distributed renewable energy rather than relying exclusively on large utility-scale solar projects.
“The future for Nigeria is decentralized energy,” said a renewable energy consultant. “Mini-grids and rooftop solar are more realistic for rural electrification than trying to reach extremely high utility solar targets within a short period.”
Lawmaker Backs Local Solar Manufacturing, Caution Against Immediate Import Ban
News
Suspect arrested for attempting to kill boy in Katsina over juju ritual
Suspect arrested for attempting to kill boy in Katsina over juju ritual
By: Zagazola Makama
The Katsina Police Command has arrested a 20-year-old man for allegedly attempting to kill a 10-year-old boy in a ritual-related attack.
According to sources, on Feb. 22 at about 7:30 p.m., Aliyu Ashabu of Kuidawa Village, a self-styled native doctor popularly known as “Boka,” lured Alhassan Usman into a nearby bush and pushed him into a well. The boy was later rescued on Feb. 23 by a Good Samaritan and taken to the General Hospital Katsina with varying degrees of injuries.
During the investigation, the suspect was traced, arrested, and reportedly confessed to the offense, claiming he was preparing charms for one Khalid, who is still at large.
The case remains under investigation for culpable homicide, unlawful juju, and cultism.
Suspect arrested for attempting to kill boy in Katsina over juju ritual
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