Connect with us

News

UN Report: 2024 Could Errand Protracted Period of Low Growth

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Troops neutralise seven terrorists, rescue hostages in Borno

Published

on

Troops neutralise seven terrorists, rescue hostages in Borno

By: Zagazola Makama

Troops of Joint Task Force (North East), Operation Hadin Kai, have neutralised seven terrorists and rescued three abducted persons during coordinated clearance and ambush operations in Konduga Local Government Area of Borno.

Zagazola Makama reliably informed that the latest encounters occurred in the early hours of Saturday under Operation Desert Sanity V.

According to the sources, troops operating in conjunction with members of the Hybrid Force and Civilian Joint Task Force (CJTF) made contact with terrorists at about 4:40 a.m. at Sojiri, a known terrorist crossing point in Konduga LGA.

“During the firefight, five terrorists were neutralised, while three hostages kidnapped by the terrorists were successfully rescued. One AK-47 rifle was also recovered,” the sources said.

They added that no casualty was recorded on the side of own troops, with no personnel killed, wounded or missing.

In a related operation, the main advancing force into terrorist territory was reported to be about four kilometres short of the crossing point at Kana after commencing movement from a harbour position.

The sources said contact was made by an ambush team between Meleri and Ngirbua, where two additional terrorists were neutralised and one AK-pattern rifle recovered.

Zagazola reports that Operation Desert Sanity V is part of sustained offensive actions by the Nigerian military aimed at degrading terrorist networks, blocking movement corridors and rescuing abducted civilians across the North East.

Troops neutralise seven terrorists, rescue hostages in Borno

Continue Reading

News

Three women killed as Bachama–Tsobo crisis resurfaces in Adamawa

Published

on

Three women killed as Bachama–Tsobo crisis resurfaces in Adamawa

By: Zagazola Makama

The killing of three Tsobo women on a dry season rice farm in Numan Local Government Area has reignited the Bachama–Chobo conflict, whose roots stretch far beyond the sound of gunfire.

Zagazola Makama report that the latest incident occurred on Friday at about 10:30 a.m. while some Tsobo women were working on their dry-season rice farm. Sources said that suspected Bachama youths stormed the farming area in large numbers and began shooting sporadically. In the process, three women were shot dead,” the source said.

The killing of the three Tsobo women on a dry-season rice farm in Numan is not an isolated tragedy. It is the latest expression of a conflict whose roots lie far deeper than gunshots, farmlands or a single failed peace meeting.

The Bachama–Chobo crisis is a classic Nigerian communal conflict, layered, historical, emotional and politically combustible where land ownership, identity, chieftaincy authority and generational amnesia have fused into a dangerous cocktail.

At its core, the crisis is not merely about who owns which farmland. It is about who belongs, who rules, and who decides the future of a shared space. For centuries, Bachama and Chobo communities lived together in Numan and its environs under a largely harmonious arrangement. Markets were shared. Water points were communal. Schools, hospitals and even marriages crossed ethnic lines. There was no rigid separation between “host” and “settler” in daily life.

That coexistence was sustained not by written treaties or court judgments, but by social contracts rooted in tradition, mutual respect and the authority of traditional institutions. Disputes over land were settled locally. Authority was recognised, even if grudgingly. Peace endured because both sides saw coexistence as more valuable than confrontation.

What has changed is not history but how history is interpreted, weaponised and transmitted to younger generations. The Bachama and Chobo tell fundamentally different origin stories, and each story carries political implications.

The Chobo present themselves as original inhabitants, landlords who accommodated Bachama migrants out of goodwill. From this perspective, the Bachama are “guests” who have overstayed their welcome and now seek to dominate both land and chieftaincy.

The Bachama counter this narrative by portraying the Chobo as mountain dwellers who were encouraged to descend into the plains, settled and supported through leased farmlands. In this account, Bachama authority is not imposed but historically earned.

Neither narrative is neutral. Each defines who has moral legitimacy, who should defer, and who has the right to rule. Once such narratives harden, compromise becomes betrayal and dialogue becomes surrender.

Investigations and community testimonies consistently point to farmland disputes involving Waduku and Rigange as the immediate triggers of violence. But land is only the spark, not the fuel. Land disputes in Nigeria rarely remain about boundaries alone. They quickly evolve into questions of identity and power, especially where farming is the primary means of survival.

For Chobo communities described as largely mountain dwellers, access to fertile plains is existential. For Bachama communities, control of land reinforces political and traditional dominance. Once farming rights are framed as existential threats, moderation disappears.

Historically, traditional rulers resolved such disputes. Today, that mechanism is broken.
The Chobo’s rejection of traditional mediation stems from their perception that the entire traditional hierarchy is Bachama-dominated, making justice structurally impossible. From their standpoint, accepting verdicts from Bachama-led institutions amounts to legitimising subordination.

The Bachama, however, see this rejection as bad faith and intransigence, especially when mediation panels include Chobo representatives. Each side believes the other is deliberately undermining peace. This mutual distrust has hollowed out traditional conflict-resolution systems, leaving a vacuum filled by courts, security forces and increasingly youth militancy.

Perhaps the most dangerous element in the crisis is generational. Older community leaders remember coexistence. Younger actors remember grievance. Many of today’s youths were born into suspicion, not solidarity. They inherited anger without inheriting context.

Slogans like “Sokoto must go” illustrate how historical migration narratives are simplified into political weapons. Such rhetoric does not seek negotiation; it seeks erasure. Once a community is told it must “return” after centuries of settlement, violence becomes not only possible but, to some, justified. Social media, music and street mobilisation have amplified these sentiments, weakening elders’ authority and making youth groups de facto power brokers.

The chieftaincy question has transformed the conflict from communal disagreement into a struggle over sovereignty. Bachama leaders insist that Chobo fall under the statutory authority of the Hamma Bachama. Chobo leaders reject this, seeing it as symbolic domination. Withdrawal of allegiance was not merely cultural, it was political defiance.

Peace talks collapsed largely because reconciliation was framed as submission rather than coexistence. Apologies demanded, loyalties reaffirmed and conditions imposed turned dialogue into a zero-sum contest. In conflicts of identity, dignity often matters more than land.

The Adamawa State Government, through peace agencies and direct intervention by Gov. Ahmadu Umar Fintiri, has made sustained efforts to mediate between the warring communities. Multiple meetings involving elders, youth representatives, traditional rulers and government officials have been held. Yet, each round of talks has ended without lasting agreement, often undermined by fresh outbreaks of violence shortly after. Curfews and security deployments have restored temporary calm, but residents say such measures amount to enforced silence rather than genuine peace.
The renewed violence has taken a heavy toll on civilians, particularly women engaged in farming and trading.

Community leaders lament that farms and markets once symbols of shared livelihood have become theatres of bloodshed. The killing of women working on rice farms has deepened fears and resentment, reinforcing the sense that the conflict has spiralled beyond control. The Bachama–Chobo crisis mirrors broader challenges across Nigeria, where disputes over land, identity and traditional authority intersect with weak dispute-resolution mechanisms and rising youth radicalisation.

Until issues of legitimacy, land access and historical grievances are addressed through an inclusive and neutral process, observers warn that violence will continue to recur.
End

Continue Reading

News

NDLEA Intercepts Drugs Hidden in Coffee Sachets, Detains 22 Indians Over Cocaine Shipment

Published

on

NDLEA Intercepts Drugs Hidden in Coffee Sachets, Detains 22 Indians Over Cocaine Shipment

The National Drug Law Enforcement Agency (NDLEA) has recorded a major breakthrough in its nationwide crackdown on drug trafficking, intercepting illicit substances concealed in coffee sachets and arresting 22 Indian nationals linked to a large cocaine seizure at the Apapa seaport in Lagos.

Operatives of the agency intercepted consignments of ketamine, ecstasy and tramadol pills hidden inside sachets of coffee mix and parcels of books destined for Zambia and the United Kingdom. The seizures were made at a courier facility in Lagos on December 24 and 29, 2025.

In a related operation, NDLEA officers arrested the entire crew of a merchant vessel, MV Aruna Hulya, after 31.5 kilogrammes of cocaine were discovered in Hatch 3 of the ship at the GDNL terminal, Apapa last Friday . The vessel had arrived from the Marshall Islands.

Those taken into custody include the ship’s master, Sharma Shashi Bhushan, and 21 other Indian crew members, all of whom are being investigated for their alleged roles in the trafficking attempt.

Meanwhile, in Oyo State, NDLEA operatives arrested a notorious female drug dealer, 65-year-old Fatima Ilori, popularly known as Mama Kerosine, following an intelligence-led operation in Ibadan. The suspect, described as a major distributor of illicit drugs in the state, was apprehended on December 29, 2025, alongside another woman, Olusanya Abosede, 35. The arrest followed the seizure of 238.4 kilogrammes of skunk linked to the drug network.

In Borno State, the agency disrupted supply routes feeding illicit drugs to insurgents with the arrest of two suspects and the seizure of large quantities of tramadol.

A suspect, Isa Mohammed, 26, was arrested along the Maiduguri–Gamboru Ngala road with 9,150 ampoules of tramadol injection, while Musa Samaila, 30, was nabbed at Biu market with 34,000 tramadol capsules on the same day.

The spokesman of the anti-narcotics agency, Femi Babafemi in a statement on Sunday, said additional seizures were recorded across several states. He said in Lagos, operatives recovered about 400 kilogrammes of skunk and a van at the Mobolaji Johnson area on New Year’s Day. In Jigawa State, a suspect, Bilya Ibrahim, 39, was arrested at a motor park in Hadejia while attempting to transport 260 compressed blocks of skunk weighing 140.8 kilogrammes from Taraba State to Yobe State.

In Kwara State, NDLEA officers recovered 238.5 kilogrammes of skunk from a suspect’s residence in the Asadam area of Ilorin. Another suspect, Abubakar Rabiu, 32, was arrested at Bode Saadu in Moro Local Government Area with 32,000 pills of tramadol and diazepam last Wednesday.

Babafemi noted that beyond enforcement operations, the agency intensified its War Against Drug Abuse (WADA) sensitisation campaigns during the week, reaching schools, youth groups, worship centres and communities in states including Katsina, Lagos and Niger.

Commending the officers involved in the operations, NDLEA Chairman and Chief Executive Officer, Brigadier General Buba Marwa (rtd), urged commands nationwide to sustain and strengthen the agency’s drug control efforts.

NDLEA Intercepts Drugs Hidden in Coffee Sachets, Detains 22 Indians Over Cocaine Shipment

Continue Reading

Trending

Verified by MonsterInsights