News
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
ISWAP suffers heavy losses in Timbuktu Triangle, lost 22 fighters in encounter with troops
ISWAP suffers heavy losses in Timbuktu Triangle, lost 22 fighters in encounter with troops
By: Zagazola Makama
At least 22 fighters of the Islamic State West Africa Province (ISWAP) have been killed, while several others were wounded, during recent clashes with Nigerian troops in the Timbuktu Triangle area of Borno State, security sources confirm.
The sources told Zagazola Makama that the encounters occurred during sustained operations by troops of the Nigerian Army’s Special forces in the notorious Timbuktu Triangle axis.
According to the sources, those killed included a senior commander (Qaid) and two unit leaders (Munzirs), while many others escaped with injuries.
“ISWAP suffered significant casualties during the fighting. A Qaid and two Munzirs were among those neutralised, with several other fighters wounded,” the sources said, adding that efforts were ongoing to confirm the identities of the senior commanders killed in the operation.
They further disclosed that surviving ISWAP elements were believed to be regrouping around forested areas near Bulabulin, about 18 to 20 kilometres west of Damboa, and around Korengelen, south-east of Azir.
Security officials said intelligence, surveillance and reconnaissance (ISR) operations had been intensified over the identified locations and surrounding forests to detect and interdict fleeing terrorists.
“The military is sustaining pressure on the remnants of the group through aggressive clearance operations and aerial surveillance,” the sources said.
They added that troops remained resolute in degrading ISWAP’s operational capability in the North-East and restoring lasting peace to affected communities.
ISWAP suffers heavy losses in Timbuktu Triangle, lost 22 fighters in encounter with troops
News
FG, GEF Launch Project to Tackle Plastic Pollution
FG, GEF Launch Project to Tackle Plastic Pollution
By: Michael Mike
Nigeria has taken another step toward addressing plastic pollution with the inauguration of the Global Environment Facility (GEF) Child Project 11193, titled “Circular Solutions to Plastic Pollution in Abuja, Nigeria.”
The project was formally unveiled in Abuja, and is being implemented by the National Environmental Standards and Regulations Enforcement Agency (NESREA) in collaboration with the United Nations Environment Programme (UNEP) and other partners.
It is aimed at reducing plastic waste associated with single-use water sachets through circular economy approaches.
Speaking at the event, the Director-General and Chief Executive Officer of NESREA, Prof. Innocent Barikor described the project as a critical intervention in Nigeria’s environmental sustainability efforts. He noted that while sachet water has improved access to drinking water for millions of Nigerians, its widespread use has contributed significantly to plastic pollution, clogged drainage systems, flooding, ecosystem degradation, and public health concerns.
According to NESREA, Nigeria consumes more than 2.5 billion litres of sachet water annually, produced by over 32,000 manufacturers nationwide. The scale of consumption, the agency said, underscores the urgency of adopting innovative and sustainable solutions to manage plastic waste without compromising access to potable water.
The GEF-supported project is designed around a circular model that goes beyond conventional waste management. Its key focus areas include strengthening policies and regulations on sustainable water packaging, promoting public-private partnerships, piloting reuse and refill systems for community water supply, increasing public awareness, and enhancing coordination and knowledge sharing at national and global levels.
Meanwhile, the Global Environment Facility (GEF) has reaffirmed its support for Nigeria’s efforts to curb plastic pollution with the launch of the Nigeria Plastics Child Project, also known as “Circular Solutions to Plastic Pollution in Nigeria,” under the Plastic Reboot Nigeria initiative.
Speaking at the project launch, Senior Environmental Specialist at the GEF and Lead of the GEF-8 Plastics Integrated Programme, Evelyn Swain,, praised the National Environmental Standards and Regulations Enforcement Agency (NESREA) for convening the event and for its role as the national executing agency.
She also acknowledged the United Nations Environment Programme (UNEP) for its partnership in supporting Nigeria’s transition to sustainable and circular plastic solutions.
Swain noted that the wide representation of government institutions, civil society organisations, the private sector, academia and development partners at the event reflected a shared determination to tackle plastic pollution through inclusive and coordinated action.
She explained that the Nigeria Plastics Child Project is part of a broader GEF-8 investment under the Circular Solutions for Plastic Pollution Integrated Programme, one of eleven integrated programmes approved by the GEF in 2022.

According to her, the integrated programme approach is designed to address the root causes of environmental degradation through systems-based interventions that generate multiple global environmental benefits across climate change, biodiversity, chemicals and ocean protection.
The programme, led by UNEP in collaboration with partners including the World Wide Fund for Nature (WWF), focuses on transforming single-use plastics in the food and beverage sector. Swain stressed that unlike traditional approaches centred mainly on waste management, the initiative prioritises upstream and midstream solutions such as product design, innovative business models, supportive policies and market incentives.
She disclosed that Nigeria emerged from a competitive selection process in early 2023, citing the country’s strong political commitment to plastic pollution reduction, ongoing efforts to track plastic flows, and active engagement through the National Plastic Action Partnership. These factors, she said, demonstrated Nigeria’s readiness to work collaboratively across sectors to achieve large-scale impact.
Following its selection, Nigeria worked with UNEP to develop au project concept aligned with GEF priorities, including policy coherence, financial leverage, innovation and stakeholder engagement. Swain added that while the global integrated programme was officially launched in Washington, DC in 2025 and strengthened through its first annual conference in Brazil, its true success would be measured by results delivered at the country level.
She described Nigeria’s project as a strong example of how national “child projects” serve as the driving force of the integrated programme’s ambitions.
As implementation begins, Swain called for effective coordination and communication within the global programme, deeper private sector involvement—particularly in transforming the sachet water industry—and a strong focus on scaling lessons learned. She emphasised that Nigeria’s experience could inform policy reforms and future investments both within and beyond the GEF partnership.
She noted that the GEF, views Nigeria not only as a beneficiary of the Plastic Reboot initiative but as a potential leader whose actions can help shape global responses to plastic pollution, while ensuring continued access to safe drinking water.
The Nigeria Plastics Child Project is expected to play a key role in reducing reliance on single-use plastic water sachets and advancing circular economy solutions nationwide.
FG, GEF Launch Project to Tackle Plastic Pollution
News
Gunmen kidnap Fulani leader, kill one in Taraba
Gunmen kidnap Fulani leader, kill one in Taraba
By: Zagazola Makama
Suspected gunmen have kidnapped a Fulani community leader and killed one person during an early-morning attack in Taraba State.
Security sources told Zagazola Makama that the incident occurred at about 2:00 a.m. on Jan. 27 at the settlement of Alhaji Dere in Taraba.
According to the sources, the attackers, whose identities are yet to be known, stormed the community and abducted Alhaji Dere, a Fulani by tribe, and took him to an unknown destination.
“In the course of the attack, the gunmen shot one person dead, while another person sustained gunshot injuries,” the sources said.
They added that the injured victim was rushed to the Primary Health Care Centre in Sarkin Kudu for treatment, while the corpse of the deceased was taken for necessary procedures.
Investigation has commenced into the incident, and joint efforts involving army, police operatives, local hunters and community members are ongoing to track down the kidnappers and rescue the abducted victim.
Security patrols have also been intensified in the area to prevent further attacks, the sources said.
Gunmen kidnap Fulani leader, kill one in Taraba
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News9 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
