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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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Plateau survivors recounts lynching as reprisals as reprisals fuel fresh killings

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Plateau survivors recounts lynching as reprisals as reprisals fuel fresh killings

By: Zagazola Makama

A survivor of the recent roadside killings in Barkin Ladi Local Government Area of Plateau has narrated how five commuters from Jos North were killed after their vehicle was intercepted by suspected youths along the Nding axis.

The incident occurred hours after seven persons were reportedly killed in Ratatis community, Dorowa Babuje, by suspected armed Fulani bandits.

Sources confirmed that a passenger Opel Vectra conveying civilians was stopped at a road blockade mounted by suspected Berom youths. Four passengers were reportedly killed on the spot, while a fifth later died from injuries.
All the victims were identified as Hausa residents of Gangare in Jos North. They were said to be traders travelling to Pankshin for their businesses.

Abdulalim Ibrahim, one of the survivors, said the attackers demanded to know their identities before opening fire.

“We were heading to the market in Pankshin when we were stopped by the protesters and asked who we were. The driver tried to calm them and told them we were all one. But the protesters rejected. Suddenly, there was gunfire. One person sitting at the back seat was shot inside the car while four others were dragged out by the youths,” he said.

They dragged others out of the vehicle and began shooting at them. I immediately told the driver to drive off with speed and leave the scene. When we arrived in Mangu, we contacted our parents and family friends. We were advised to go to the nearest security outfit, where soldiers were attached to provide security for us.

When we later saw the victims, they had been brutally killed. Some were burnt, while others were mutilated. They were later evacuated to Barkin Ladi, where prayers were offered for them.

Muazu Saidu, Co-survivor, said Everything he said is true. We were all in that vehicle. The victims were innocent businessmen. One of them, Baba Karami Zakari, had just welcomed a newborn child. All of them have families.”

He stated that the victims included Uwaisu, Jubril, Zakari, Shamsu and Zubairu. They were businessmen. One of them, Baba Karami Zakari, just had a newborn child. They all had families,” he said.

Religious leaders have also appealed for calm. The Regional Chairman of the Church of Christ in Nations (COCIN) in Barkin Ladi, Rev. Ezekiel Dachomo, called on youths and community members to exercise restraint and avoid escalating tensions. Rev Dachomo also avoid speaking about the killing of the five traders whose only crimes was being caught in retaliatory or identity-driven violence.

The Commissioner of Police (COMPOL), Plateau State Police Command, visited key black spots across Jos North and held consultations with stakeholders, including the palace of Ujah Anaguta, Chairman of the Jos North Traditional Rulers Council. The police assured the royal father of their commitment to maintaining law and order and urged him to ensure stability within his domain. The COMPOL also engaged leadership of the Jos Central Mosque, the Executive Chairman of Jos North LGA, and other community leaders to prevent any breakdown of law and order.

Gov. Caleb Mutfwang strongly condemned the Dorowa Babuje killings, through the Commissioner for Information, Mrs Joyce Ramnap, describing them as “barbaric and senseless,” and directed security agencies to intensify operations to crack down on attackers.

However, his official statement did not specifically acknowledge the five commuters killed in the reprisal. Both incidents involved civilians. Both involved families. Yet public response has not appeared equally forceful.

When governments appear to condemn one set of killings more loudly than another, it reinforces the narrative that some lives matter more than others. In a state already fractured along ethnic and land-based fault lines, perception quickly becomes fuel. In Plateau, violence no longer erupts in isolation. It unfolds in patterns, attack, retaliation, silence, and then another burial.

Plateau’s crisis is no longer a simple farmer-herder conflict. It has mutated into two parallel but interconnected threats: Armed Fulani bandits who raid rural communities, burn homes and kill farmers to Local Militia-style who attack civilians based on identity and carry out targeted killing under the guise of community protection. Both are unlawful. Both are criminal. Both are banditry and both thrive in the absence of swift and visible justice.

The latest killings mirror previous incidents in Plateau where civilians were attacked following broader communal violence. Yet years of the same pattern of recurring violence, from Rukuba Road in 2021 to Mangu in 2025 and now Barkin Ladi in 2026, have produced more funerals than convictions. Victims and families continue to ask a simple question: who has been punished?

On Plateau roads, language, name, or perceived ethnic affiliation can determine survival. Innocent traders travelling to markets, students heading to weddings, worshippers returning from religious events, all become symbolic targets in a war they did not start.

When perpetrators are not publicly prosecuted, deterrence collapses. When local militia continue to carry out targeted killings without consequence, impunity becomes normalised. When reprisals are not unequivocally condemned, they are quietly rationalised. This is how identity becomes a death sentence.

Government inaction or even the perception of partiality does not calm such a situation. It complicates it. It hardens narratives. It emboldens extremists on all sides. Peace cannot be selective. Justice cannot be ethnic. Condemnation cannot be conditional.

If Plateau is to escape this recurring nightmare, the state must confront both armed bandits in the forests and militia from within its communities with equal firmness. Anything less will only deepen the crisis.

Plateau survivors recounts lynching as reprisals as reprisals fuel fresh killings

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APC Leaders, Govs Recommit To Advancing President Tinubu’s Renewed Hope Agenda

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APC Leaders, Govs Recommit To Advancing President Tinubu’s Renewed Hope Agenda

We’re shifting from stabilisation to acceleration in 2026, Says VP Shettima

Urges reconciliation, unity among party leaders to move Nigeria forward

By: Our Reporter

State governors on the platform of the governing All Progressives Congress (APC) and other leaders of the party have recommitted to boosting grassroots mobilisation in order to promote and advance the Renewed Hope Agenda of the administration of President Bola Ahmed Tinubu.

This is just as the Vice President, Senator Kashim Shettima, has said the Tinubu administration has shifted focus from stabilisation in 2025 to acceleration in 2026, with the N58.18 trillion 2026 budget anchoring the new phase.

The governors and other party leaders made the recommitment on Tuesday in Abuja during the PGF Renewed Hope Ambassadors Summit 2026 held at the State House Conference Centre of the Presidential Villa.

Senator Shettima who represented President Tinubu at the Summit told the party leaders, governors under the aegis of Progressive Governors’ Forum (PGF), and the Renewed Hope Ambassadors that the moment calls for reflection on the administration’s reforms, the sacrifices made and the responsibilities to translate vision into measurable impact for Nigerians.

“As we advance into 2026, our focus shifts from stabilisation to acceleration. The N58.18 trn budget shall anchor this new phase. A record capital expenditure, the largest allocation to national security in the history of our country and prudent revenue projections, we are scaling growth while strengthening resilience,” he said.

The Vice President noted that the administration’s landmark tax reforms were “introduced to protect the vulnerable, encourage enterprise and entrench transparency in public finance.”

He cited the recent executive order affecting remittances to the federation account, saying it “is designed to safeguard federation revenues, eliminate duplicative structures, curb waste and ensure that resources are responsibly managed for maximal national benefits.”

VP Shettima pointed out that from the onset, the Tinubu administration chose the path of honesty and discipline, confronting deep-seated structural distortions, even as he said the decision has “restored fiscal credibility, stabilised the economy and set the foundation for long term economic growth.

“Today, we are seeing clear signs that our reforms have began to yield results. Inflationary pressures are moderating, fuel prices are easing, our currency is strong and stable,” he stated.

Noting that the economy is picking up under President Tinubu, the Vice President said out of “the seven major investment decisions made in 2025 in Africa, five were drawn in Nigeria,” a development he said shows “the strength, viability and the promise of the Nigerian economy.”

He however observed that no reform can succeed without public understanding and participation, just as he identified the communication gap as “the strategic importance of the Renewed Hope Ambassadors.”

Reminding them of their function duty, the VP said, “This platform shall serve as the avenue for civic engagement. Ambassadors must explain why tough decisions had to be made and how they lead to jobs, security, enterprise, opportunities and a more stable future.

“They must counter misinformation with facts, replace rumour with evidence and ensure that Nigerians from across the country have access to the truth. They must also serve as the channel for feedback, bringing community concerns and lived experiences back to government.”

Senator Shettima tasked the Renewed Hope Ambassadors on wider outreach, saying they must “move beyond conference centres to the wards, markets, and campuses, across the country.

“This mission is about presence, truth and trust. Elections are not conducted on social media platforms, they conducted by Nigerians who will… This summit affirms our commitment to a shared future of promise and peace for all Nigerians. Together we will continue translating reforms into opportunities, policy into impact and sacrifice into renewed hope,” he added

Citing the situation in Benue State as an instance, the Vice President further stressed the need for reconciliation and unity among party leaders, urging them to mend fences and move their state forward.

“I want to use this special forum to make appeal to the SGF and Governor Alia to mend fences and move the state forward,” he stated.

Earlier, National Chairman of the APC, Prof. Nentawe Yilwatda, regretted that despite significant infrastructure projects delivered by the Tinubu administration and state governments, the party’s achievements had not been visible due to poor communication.

“Good governance without communication is invisible. I’ve visited many states. I’ve seen beautiful projects, beautiful things being done, but they’re invisible and not communicated,” he lamented.

Yilwatda stressed the need for effective communication, which he said is critical to translating governance achievements into political capital, explaining that it was the reason forestablishing the Renewed Hope Ambassadors structure.

In his address, Chairman of the Progressive Governors Forum and Director-General of the Renewed Hope Ambassadors, Governor Hope Uzodinma of Imo State, said stakeholders are on the ground to trigger a process that will unify the APC structure into a stronger and more united political family.

He assured that through the summit, stakeholders have chosen Nigeria’s long-term stability over short-term applause, necessitating patriotic and accurate communication of the current administration’s socio-economic development efforts thereby earning citizens’ trust at the grassroots.

“Lack of citizen understanding creates perception gaps,” he said, noting, for instance, that food prices have drastically reduced in the markets, while Nigeria has moved away from chronic oil and gas underproduction, citing the Dangote Refinery and other indigenous firms.

Also, Secretary to Government of the Federation, Senator George Akume, advised authorities to allow members of the public to “add value” to what the party is doing across the nation.

For his part, Minister of Budget and Economic Planning, Atiku Bagudu, said the Renewed Hope Agenda is a message that is unifying the nation.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on behalf of members of the Federal Executive Council, expressed heartfelt appreciation to President Tinubu for choosing them as part of his team.

Looking forward to the upcoming second term, he said they are delighted to continue working tirelessly to ensure that the next chapter of the reforms under the Renewed Hope Agenda are even more transformative, thereby creating more jobs and attracting more investments into the nation’s economy

APC Leaders, Govs Recommit To Advancing President Tinubu’s Renewed Hope Agenda

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Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

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Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

By: Michael Mike

Energy policy experts have called for stronger data-driven decision making in Nigeria’s energy transition process, warning that ambitious climate targets must be balanced with economic realities, job security, and the country’s persistent energy access challenges.

The call was made during a national policy dialogue where researchers presented findings on the economic, environmental, and political implications of different energy transition pathways for Nigeria.

At the event, the Stakeholders Research Workshop on Supporting Just Transition in Nigeria, organized on Tuesday in Abuja by the Ministry of Environment and Society for Planet and Prosperity (SPP), analysts said the study was designed to help guide policymaking by providing empirical insights into how various decarbonisation strategies could impact growth, employment, and emissions.

President of the Society for Planet and Prosperity, Professor Chukwumerije Okereke, said Nigeria’s existing commitments under its Nationally Determined Contributions (NDCs) and Energy Transition Plan (ETP) are ambitious but require stronger technical validation before full implementation.

He noted that current projections suggesting up to 85 percent adoption of electric vehicles by 2060 and large-scale solar electricity generation of about 150 gigawatts may be difficult to achieve under current infrastructure and investment conditions.

“Policy targets are not enough on their own,” Okereke said. “What matters is how these targets will be achieved and what the economic and social consequences will be.”

He added that the research explores multiple transition scenarios, including gas-centered development, renewable-focused expansion, and hybrid energy strategies combining both gas and renewable technologies.

According to him, a balanced transition pathway may be more realistic for Nigeria, allowing the country to gradually reduce emissions while still leveraging its vast natural gas resources to support industrial growth and electricity access.

Researchers also emphasized that Nigeria’s transition strategy must address energy poverty, noting that millions of households still lack reliable electricity supply. They said distributed renewable energy systems, particularly solar mini-grids, could play a crucial role in expanding electricity access to rural and underserved communities.

Energy economists involved in the study explained that their analysis combined energy modelling with macroeconomic projections to assess how different policy choices would influence GDP growth, employment creation, and carbon emissions.

Senior Research Fellow, ODI Global, Dr. Timothy Kelsall said the research does not attempt to predict future outcomes but instead evaluates possible consequences of policy decisions.

“We are not predicting the future,” Kelsall said. “We are showing policymakers what could happen under different scenarios so they can make informed decisions.”

He explained that the study models three major transition pathways — gas-focused transition, renewable-dominated transition, and hybrid energy development — noting that each pathway would create different economic and political impacts across sectors.

Analysts also stressed that energy transition policies must consider Nigeria’s political economy realities, as policy reforms often create winners and losers across industries and interest groups.

Experts warned that abrupt policy changes could trigger economic disruptions, particularly in regions and sectors heavily dependent on fossil fuel revenues. Instead, they recommended a gradual transition supported by investment incentives, industrial development policies, and workforce reskilling programs.

The research also examined the use of savings from fuel subsidy reforms, noting that simply removing subsidies without clear reinvestment strategies would not automatically translate into development gains.

Stakeholders said subsidy savings could be redirected toward renewable energy infrastructure, social protection programs, and industrial development initiatives that support economic diversification.

While Nigeria continues to depend heavily on oil and gas exports for foreign exchange earnings, analysts said diversification efforts remain critical for long-term economic stability.

However, they stressed that natural gas could play a transitional role in supporting electricity generation and industrial expansion while renewable energy capacity continues to grow.

Researchers urged stronger collaboration between government institutions, private sector investors, and civil society organisations to ensure successful implementation of transition policies.

As Nigeria navigates its climate and energy future, experts say the country must pursue a pragmatic energy strategy that balances environmental protection with economic growth and improved access to reliable electricity for its growing population.

Experts Urge Evidence-Based Energy Reforms as Nigeria’s Transition Debate Intensifies

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