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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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Benue at a Tipping Point as IPCR, SPRiNG Deploy 45-Minute Conflict Response System

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Benue at a Tipping Point as IPCR, SPRiNG Deploy 45-Minute Conflict Response System

By: Michael Mike

As Benue State grapples with recurring farmer-herder clashes and climate-driven tensions, the Institute for Peace and Conflict Resolution (IPCR) has moved to tighten Nigeria’s conflict prevention net, unveiling a strengthened early warning and rapid response framework designed to stop violence before it erupts.

Partnering with the SPRiNG Project, IPCR is pushing forward the National Conflict Early Warning and Early Response System (NCEWERS), an upgraded platform that processes verified conflict alerts within 45 minutes — a bold shift from reactive security deployments to proactive peacebuilding.

The initiative, backed by the UK Foreign, Commonwealth and Development Office and implemented by Tetra Tech, is being positioned as a decisive intervention in Benue, widely known as Nigeria’s “Food Basket of the Nation,” but increasingly scarred by deadly land disputes, herder-farmer confrontations, and climate pressures that threaten livelihoods and food security.

During an advocacy visit to the state, IPCR officials acknowledged that warning signs of violence in Benue have rarely been absent. The real breakdown, they argued, has been in coordination and speed of response.

“Early warning without early response is ineffective,” the Institute emphasised, noting that NCEWERS integrates real-time data gathering, geospatial mapping, and climate-risk indicators into a single digital architecture. Reports move through a structured chain — from the Conflict Anticipation Section to Early Warning Response Groups and Community-Based Reconciliation Committees — enabling authorities and local actors to intervene before tensions escalate.

The system builds on earlier peace structures previously supported by USAID, which benefited more than 10,000 community members across four states. However, IPCR says the new platform represents a significant leap forward in both technology and institutional coordination.

Beyond digital tools, the Institute is focusing heavily on rebuilding trust at the grassroots. Officials stress that community participation — especially from women, youth, and marginalised groups — is essential if early warning signals are to translate into preventive action.

The advocacy mission in Benue is also aimed at countering misinformation, which has frequently fueled retaliatory violence. IPCR is promoting toll-free lines and SMS channels to encourage prompt reporting while expanding media engagement to ensure accurate and responsible conflict reporting.

Calling for deeper state-level ownership, the Institute urged the Benue State Government, security agencies, traditional rulers, religious leaders, and civil society organisations to treat NCEWERS not as a distant federal project but as Benue’s own conflict prevention infrastructure.

With climate variability intensifying competition over land and water, and food security hanging in the balance, observers say the success of the early warning system in Benue could serve as a national template.

Benue at a Tipping Point as IPCR, SPRiNG Deploy 45-Minute Conflict Response System

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EOD team neutralises IED on Dansadau road in Zamfara

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EOD team neutralises IED on Dansadau road in Zamfara

By: Zagazola Makama

An Explosive Ordnance Disposal (EOD) team has successfully neutralised an Improvised Explosive Device (IED) discovered along the Dansadau road in Zamfara, restoring safe passage for motorists.

Sources told Zagazola on Monday that the device was discovered at about 9:30 a.m. on March 1 along the busy Dansadau axis.

The IED was suspected to have been planted by armed bandits operating in the area.

According to the source, following the discovery, the EOD team stationed in the axis swiftly mobilised to the scene and carried out a controlled operation to render the device inert using specialised equipment and techniques.

“The team responded promptly and conducted a safe removal procedure. The explosive device was successfully neutralised without any casualty.

“After thorough checks and clearance of the surrounding area, the road was declared safe for vehicular movement,” the source said.

Dansadau road has in recent times been a flashpoint for banditry-related activities, prompting sustained security operations to secure communities and critical routes.

Authorities have assured residents of continued surveillance and proactive measures to prevent further threats and ensure the safety of commuters and adjoining communities.

EOD team neutralises IED on Dansadau road in Zamfara

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Peaceful demonstrations recorded in three Northern States after reports on Iran Leader’s Killing

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Peaceful demonstrations recorded in three Northern States after reports on Iran Leader’s Killing

By: Zagazola Makama

Peaceful demonstrations were recorded in three northern states on Saturday as members of the Islamic Movement of Nigeria (IMN) and other Shi’ite groups staged processions in reaction to recent developments in Iran.

Zagazola report that the marches took place in Kano, Kaduna and Katsina states, with no incidents of violence recorded.

In Kano State, participants converged at Fagge Friday Mosque in Fagge Local Government Area at about 3:00 p.m. and proceeded in a procession to Mambayyah House in Dala LGA.

Demonstrators carried placards expressing solidarity with Iran and condemning actions by the United States and Israel in the ongoing Middle East crisis.

Joint security presence was visible along the route to ensure traffic control and prevent a breakdown of law and order. The procession ended at about 5:00 p.m., with participants dispersing peacefully.

Similarly, in Kaduna State, Shi’ite members marched from Ahmadu Bello Way to Leventis Roundabout at about 11:30 a.m., before disengaging at Tudun Wada Junction around 2:00 p.m.

The protest was described as orderly, with security personnel deployed at strategic points to monitor activities and safeguard public spaces.

In Katsina State, members of the Islamic Shi’ite sect staged a brief procession from IBB Way near Green House to the Central Mosque, Katsina, at about 4:00 p.m. The activity was peaceful and closely monitored by intelligence and security teams.

Across the three states, authorities confirmed that no violence, vandalism or confrontation was reported, and normalcy returned shortly after the demonstrations ended.

Sources noted that while the protests remained calm, developments in the Middle East have triggered emotional reactions in several countries, sometimes resulting in attacks on diplomatic missions and other symbolic assets.

Sources further advised heightened vigilance around critical national infrastructure and diplomatic facilities, particularly embassies and foreign missions, to guard against potential spillover or opportunistic threats.

They stressed the need for proactive intelligence gathering, visible patrols and community engagement to ensure that lawful expressions of solidarity do not degenerate into security breaches.

So far, the peaceful conduct of the demonstrations in northern Nigeria has been viewed as a positive sign, reflecting effective monitoring and restraint by both organisers and security agencies.

Monitoring of the situation continues.

Peaceful demonstrations recorded in three Northern States after reports on Iran Leader’s Killing

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