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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
Former CP David Danjuma Auta dies at Air Force Military Hospital, Jos
Former CP David Danjuma Auta dies at Air Force Military Hospital, Jos
By: Zagazola Makama
A retired Commissioner of Police, CP David Danjuma Auta (Rtd), JP, KSM, KSS, has died.
He passed away on Feb. 19, 2026, at the Air Force Military Hospital, Jos, after a brief illness.
Born on June 11, 1941, CP Auta enlisted in the Nigeria Police Force on Feb. 26, 1962, and served in several capacities, culminating as Commissioner of Police in Ogun State before retiring on Feb. 26, 1997.
He hailed from Takum Local Government Area of Taraba State.
He is survived by his wife and seven children. The corpse has been deposited at the hospital morgue, and burial arrangements will be communicated in due course.
Former CP David Danjuma Auta dies at Air Force Military Hospital, Jos
News
Five killed, house burnt in cross-border communal attack in Benue
Five killed, house burnt in cross-border communal attack in Benue
By: Zagazola Makama
Five persons have been killed and a house razed following a late-night attack on Azoke village in Ado Local Government Area of Benue.
Sources said the incident occurred at about 9:00 p.m. on Feb. 19 when suspected assailants from Akparata community in Ohaukwu Local Government Area of Ebonyi allegedly invaded the village.
The victims were identified as Nwefuru Elu, Nwefuru Agnes, Nwali Nworie Christianana, Obasi Nwode and Nwozo Nwode.
It was gathered that the attackers also set ablaze a house belonging to one Elumu Nwokwo during the assault, heightening tension in the area.
Security personnel who responded to a distress alert visited the scene and documented evidence as part of preliminary investigation.
Authorities said efforts were ongoing to apprehend those responsible, while further investigation had commenced to determine the circumstances surrounding the incident.
Residents were urged to remain calm and cooperate with security agencies as measures were being intensified to prevent escalation of violence in the area.
Five killed, house burnt in cross-border communal attack in Benue
News
New Residential layouts will not distort master plan of greater Maiduguri…..Bababe
New Residential layouts will not distort master plan of greater Maiduguri…..Bababe
By:Bodunrin Kayode
The Executive Secretary (ES) Borno Geographic Information Service (BOGIS) Eng Adam Bababe has said that the new residential layouts being created by his agency will not distort the foundations of the existing master plan of the city.
Bababe said that the phased layout which is being built along the new Maiduguri ring road would naturally fall in line with the letters and spirit of the master plan which he said is currently in the online market being purchased by interested residents of Borno.
The ES agreed that full update of the master plan is long overdue adding that a gradual process is however on the way to ensure that residents enjoy the fruit of the reviewed master plan that would satisfy every resident.
Eng Bababe said this during a recent news conference in which he unveiled a digitalized method for the application of land by residents of the state who desire to own their own land for the building of new homes to reduce the current deficit which came about by the lingering insurgency.
Bababe revealed that the Borno government has spent over 1.68 billion naira compensating 732 original farm owners along the newly computerized plots that are now being allocated on phase one of the new allocated plots.
The ES further hinted that about eleven families refused the cash compensation because they felt the money the government was offering them for the land taken for the layout purpose was inadequate compared to the real value of land they possessed from their ancestors.
They rather opted for alternative amount of land acres in another area to continue with their original type of farming pastime before the government decided to create the layouts to deal with accommodation deficits in greater Maiduguri.
Eng Bababe also hinted that 16.5km of phase one of the proposed layout plan was well planned with effective arterial road connections linked to the old designs thereby making the road networks to be very effective in tandem with the original master plan of Maiduguri.
He maintained that his engineers have prepared five phases of the layout which is meant to be sold to the public but for now they are dealing mostly with the phase one which will stretch from now till November 2026.
“When you consider the fact that the original master plan of Maiduguri was first proposed and presented in 1976 and the fact that it was supposed to be reviewed in 1981 but it did not get its first review so you can imagine the chaotic situation we met on ground which I have been trying to fix since I assumed duty here.
“As a result, you can see that it is going to be very difficult to enforce 100% the original letters of the plan on ground because it is quite a long time reviews have not taken place in the State capital. But I assure you that we will soon get a comprehensive and workable one ready that would take into cognizance most of our challenges as a developing capital.” Said Bababe.
The ES however regretted that if the government decides to stick to all the letters of the original master plan in the creation of a greater Maiduguri, there would be heavy collision with many interest secular and religious and that would not be very good for the government in power.
On their step by step treatment of past mistakes, the ES said that over 1000 homes were given notice to leave certain areas before the 2024 flood in the capital but only few of them responded to the notice.

A large chunk of them refused to leave until the flood actually covered and almost took some of them along before they realized that it was the reality and they had to move on their own.
On the mistake of approving petrol filling stations in residential areas
Bababe noted that it is on this same premise that his agency when it came on board refused to allocate new filling stations to petrol dealers who built stations any where they wish without the approval of town planning authorities.
In response to this reporters questions, he said he does not envisage any legal challenge in court by residents who may so despise filing stations in their vicinity because of the obvious hazards they pose to their right to life.
The BOGIS boss posited that the drafters of the new constitution have been very careful not to indulge in such flagrant approvals that would endanger residents in the entire phase one to five in the new master plan.
“. For clarity, i can assure you that we stopped the approvals of any new filling stations in the state since 2021 so there is nothing new now in this new allocations.
“Any filling station you see now that looks new were renovated out of older once sold out to the new buyers. New ones are yet to get any form of approvals from this office.
“And for the records out of 211 filling stations inside the books only 78 are completed and out of that only eleven of them are actually functional you can check them out” Said Bababe.
The ES went further to reiterate that the town planning authorities have equally been approving filling stations so any new one seen are actually being controlled by town planning authorities who decide where to fix them accordingly.
The ES maintained that there must be at least 200 metres from one filling station to another and they are doing their best to adhere to it.
Meanwhile the sales of the lands in the phase one to medium, low and high classification purchasers are still ongoing because all payments and collections of documents and deeds will be done online as expected.
A demonstration was made on the spot in the BOGIS compound where a prospective buyer got his approval immediately.
New Residential layouts will not distort master plan of greater Maiduguri…..Bababe
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