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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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Ahead Of UN COP 30 In Brazil, FG Okays National Carbon Market Framework

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Ahead Of UN COP 30 In Brazil, FG Okays National Carbon Market Framework

*Nigeria to access $3bn annually as President sets agenda for country’s participation

By: Our Reporter

Ahead of the 30th session of the United Nations Climate Change Conference in Brazil, President Bola Ahmed Tinubu has approved the adoption of a National Carbon Market Framework, the operationalization of the Climate Change Fund.

The goal is to establish and manage Nigeria’s participation in carbon markets, enabling the nation to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to help meet climate goals.

The approvals followed a presentation by the Director General of NCCC, Mrs Omotenioye Majekodunmi, at the second meeting of the Council held on Thursday evening at the Presidential Villa, Abuja.

President Tinubu, who was represented by Vice President Kashim Shettima, said the approvals were part of measures by his administration to properly position Nigeria to leverage opportunities in the global carbon market and be more active in climate change ecosystem.

The Nigerian leader also set the agenda for Nigeria ahead of the forthcoming 30th United Nations Climate Change Conference (COP 30) scheduled for Belem, Brazil, saying the focus is to harness all of the opportunities for financing climate resilient projects and related interventions, particularly from the global carbon market.

The President said his administration recognizes the fact that addressing climate change is not just an environment imperative but an opportunity to unlock new investments, jobs and innovations across the nation’s energy, agriculture and industrial sectors.

He said, “Nigeria stands ready to takes its rightful place as a global leader in climate action, ensuring that our voice and our reality are heard and respected in international negotiations.

“We have demonstrated this commitment through our active participation in the UNFCCC process, our progress towards implementing our nationally determined contributions and our efforts to mobilize climate finance for adaption and mitigation across all levels of government.”

The President assured that as chairman of the Council, Climate action will continue to be prioritized in his administration’s development agenda.

“We will continue to champion policies that protect our people, strengthen our economy and position Nigeria as a destination for green investment and innovation”.

Earlier, the Director-General of the National Council on Climate Change and Secretary to the Council, Mrs. Omotenioye Majekodunmi, informed the council chaired by Vice President Shettima, who represented President Bola Tinubu, that the meeting was timely ahead of the 2025 United Nations Climate Change Conference (COP 30) scheduled to hold in Brazil.

She said the deliberations and decisions of the council would shape how Nigeria is perceived globally and determine how effectively the country can mobilize support to achieve its climate goals.

The Council Secretariat expressed its commitment to providing the technical leadership and coordination needed to translate Nigeria’s climate goals into measurable results.

Presenting the Council’s progress report, Majekodunmi disclosed that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.

Highlighting the Secretariat’s key requests, she said the Council sought the adoption of the National Carbon Market Framework to enable Nigeria unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade.

The Council also requested the operationalization of the Climate Change Fund to ensure immediate readiness for fund mobilization and utilization.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, backed the Council Secretariat’s recommendations, noting that Nigeria must secure a strong position within the carbon framework.

He assured the Council of the Finance ministry’s support, including coordination with the ministry’s economic department to host a quarterly Climate Finance Tracking Dashboard.

Ahead Of UN COP 30 In Brazil, FG Okays National Carbon Market Framework

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Gombe Govt. prioritises economic growth, job creation in 2026 budget

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Gombe Govt. prioritises economic growth, job creation in 2026 budget

Gov. Inuwa Yahaya of Gombe State, says his administration will prioritise economic growth, job creation and social welfare in 2026 budget.

Yahaya, who was represented by his deputy, Manassah Jatau, stated this on Thursday in Gombe, during the inauguration of a one-day citizens’ engagement on the 2026 budget.

He said the state government would increase investments in critical sectors and focus on consolidating ongoing reforms in 2026.

The governor said that his administration had made remarkable progress in areas such as fiscal responsibility, budget discipline, and public financial management reforms over the years.

According to Yahaya, the state is being ranked among the top states in Nigeria in transparency and ease of doing business in view of his administration’s progress.

“As we prepare the 2026 budget, our focus will remain on consolidating ongoing reforms and deepening investments in critical sectors that drive economic growth, job creation and social welfare.

“We are also committed to aligning our budget priorities with the State Development Plan and Nigeria’s National Fevelopment framework, as well as global commitments like the Sustainable Development Goals (SDGs),” he said.

On the citizens’ engagements, Yahaya said the forum was a demonstration of his administration’s firm belief that good governance must be participatory, inclusive, relevant and responsive to the desire and priorities of the people.

“As a government that values transparency and accountability, we recognise that an effective budget is not merely a financial document.

“It is the roadmap for delivering the aspirations of our people and a reflection of our collective priorities as a state,” he said.

Yahaya assured that his administration remained resolute in promoting fiscal prudence, expanding the revenue base, adding that, “every naira spent delivers maximum value to the people of Gombe State.”

Yahaya urged citizens to contribute meaningfully to the design of the 2026 fiscal plan, stressing that their inputs would help shape decisions on how scarce public resources would be utilised.

Mr Salihu Baba-Alkali, Commissioner for Budget and Economic Planning, reiterated government’s commitment to foster transparency, inclusiveness and accountability in budgeting process.

Also, Muhammad Magaji, Commissioner for Finance and Economic Development, said the engagement had given voice to the people in the state’s development process.

Magaji said the engagement played a major role in strengthening partnership between government and the people.

“When we work together, we can create budget that not only meets the immediate needs of the population but also lays a foundation for a prosperous and resilient Gombe State in years to come,” he said.

Gombe Govt. prioritises economic growth, job creation in 2026 budget

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The resurgence of coups and the uncertain future of democracy in Africa

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The resurgence of coups and the uncertain future of democracy in Africa

By: Zagazola Makama

The growing wave of political instability across Africa underscores the continent’s fragile democratic foundations and the deepening crisis of governance, legitimacy, and public trust. The recent developments in Madagascar and Cameroon illustrate how decades of poor governance, corruption, and military interference have converged to threaten democratic stability across the region.

On 11 October 2025, Madagascar descended once again into military rule following a coup led by Colonel Michael Randriannirina, commander of the elite Corps d’Administration des Personnel et des Services des Armées Terrestres (CAPSAT). The coup, staged in the capital city, Antananarivo, came after weeks of public protests and defections within the military, with demands for President Andry Rajoelina’s resignation.

As in previous interventions, the junta cited corruption, economic hardship, and poor service delivery particularly in electricity and water supply as justifications for their action. Rajoelina’s whereabouts remain uncertain amid reports that he fled aboard a French military plane. Despite the country’s top court directing the junta to organize elections within 60 days, Colonel Michael has declared a two-year transition period before elections are held.

The coup has drawn cautious reactions from the international community. The African Union, United Nations, and Western governments have called for restraint, while France suspended flights to Madagascar and the United States advised its citizens to shelter in place. The crisis signals the re-emergence of military dominance in Malagasy politics, reminiscent of the 2009 coup that first brought Rajoelina to power, raising fears that Colonel Michael’s youthful leadership could easily devolve into authoritarian rule.

Meanwhile, Cameroon’s 12 October 2025 presidential election has deepened tensions in an already volatile polity. President Paul Biya now seeking an unprecedented eighth term faces mounting opposition, with rival candidate Issa Tchiroma Bakary declaring victory and urging Biya to concede. The ruling party, RDPC, has dismissed such declarations, emphasizing that only the Constitutional Council can certify results. Minister of Territorial Administration, Paul Atanga Nji, further warned that any parallel announcement of results would amount to high treason.

The polls were marred by widespread allegations of vote-buying, irregularities, and intimidation. The RDPC’s sweeping victory in earlier senatorial elections reflected its entrenched control over state institutions. Compounding this is the deepening Anglophone crisis, where fighting between government forces and separatist groups continues to displace thousands. Civil society restrictions, NGO suspensions, and arrests of human rights defenders have further undermined democratic space, raising questions about the credibility and transparency of the entire process.

The election’s outcome will significantly shape Cameroon’s political trajectory. With Biya’s advanced age and the regime’s dependence on coercive control, growing frustrations among the youth and opposition may lead to renewed protests or even attempts at military intervention.

These crises in Madagascar and Cameroon unfold within a broader continental pattern of democratic decline. The failure to dismantle existing juntas in Niger, Mali, and Burkina Faso combined with the unresolved war in Sudan has emboldened new actors to seize power through unconstitutional means. Eight military regimes now govern across Africa, signaling a regression to the pre-2000 era of chronic coups.

The underlying causes remain consistent: corruption, poverty, insecurity, and elite manipulation of institutions. Militaries across the region continue to view themselves as the ultimate guardians of national stability, stepping in where civilian administrations appear weak or compromised. The inconsistent and often selective responses of regional bodies and international partners have further undermined deterrence, emboldening coup plotters and deepening cynicism toward global democratic norms.

From Madagascar and Cameroon to the recent foiled coup plot in Nigeria, where the Defence Headquarters (DHQ) under the leadership of the then Chief of Defence Staff, General Christopher Musa, successfully foiled a deadly violent coup plot aimed at toppling the federal government and democracy. Thanks to the military.

The pattern of instability reveals how corruption, weak institutions, and elite power struggles continue to erode democratic norms and threaten regional stability. Democratic governance and human rights across Africa are now at a crossroads. The continent’s modest gains over the last two decades are being rapidly reversed, with state fragility and authoritarian resurgence threatening regional peace and development.

To arrest this decline, African leaders must prioritize good governance, transparency, and inclusive economic reform to rebuild public trust. Regional organizations like the African Union and ECOWAS must adopt consistent, non-selective sanctions against unconstitutional regimes, while international partners should focus on strengthening democratic institutions rather than individual rulers.

The future of democracy in Madagascar and Cameroonian and indeed across sub-Saharan Africa depends on leaders’ willingness to uphold constitutional order, respect term limits, and deliver tangible socio-economic progress. Only through sustained political accountability and people-centered governance can Africa break the recurring cycle of coups and restore faith in democracy.

Zagazola Makama is a Counter Insurgency Expert and Security Analyst in the Lake Chad
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