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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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Troops kill five Falani bandits, including Kingpin “Baban Love” in Zamfara clash

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Troops kill five Falani bandits, including Kingpin “Baban Love” in Zamfara clash

By: Zagazola Makama

Troops of Operation FANSAN YANMA have reportedly killed at least five suspected bandits, including two notorious figures identified as Baban Love and Mai Zamani, during a gun battle in Tsafe Local Government Area of Zamfara State.

Sources said that the bandit kingpin also known as Baban Love, who was reportedly operating with his gang around Gunja, had moved with his fighters when they encountered security personnel, leading to a fierce exchange of gunfire.

According to the information, the security forces eventually overpowered the bandits, killing at least five of them during the encounter.

Mai Zamani was identified as the younger brother of Idi Mai Randa, another suspected bandit who was killed about five months ago.

Residents of Kwarin Ganuwa reportedly celebrated the news of the deaths of Baban Love and Mai Zamani, with their vehicles said to have been recovered and being paraded around the community amid celebrations.

The incident occurred in the western axis of Tsafe Local Government Area, an area that has witnessed repeated attacks by armed groups.

Security sources said efforts were ongoing to establish the identities of the other casualties and assess the weapons and other items recovered from the bandits.

Troops kill five Falani bandits, including Kingpin “Baban Love” in Zamfara clash

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ECOWAS CHAIRMAN FAYE ARRIVES ABUJA, TO ENGAGE COMMUNITY INSTITUTIONS

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ECOWAS CHAIRMAN FAYE ARRIVES ABUJA, TO ENGAGE COMMUNITY INSTITUTIONS

By: Michael Mike

President of Senegal and Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS), Bassirou Diomaye Diakhar Faye, has arrived Abuja for an official visit to the regional bloc’s principal institutions and the swearing-in of newly appointed judges of the ECOWAS Court of Justice.

Faye arrived at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja, on Monday, where he was received by the President of the ECOWAS Commission, General Birame Diop, senior officials of the Commission and representatives of the Senegalese Embassy in Nigeria.

His visit comes as ECOWAS continues efforts to strengthen its institutions and deepen regional cooperation amid challenges confronting the West African integration project.

During the visit, the Senegalese leader is expected to engage with the leadership and officials of the ECOWAS Commission, Parliament and Court of Justice, all based in Abuja.

He is also expected to attend the swearing-in ceremony of the new judges of the ECOWAS Court of Justice, placing the regional judiciary at the centre of his official engagements in the Nigerian capital.

The visit, according to the regional bloc, underscores the importance attached to strengthening unity, solidarity and institutional cooperation among member states as ECOWAS pursues its objectives of peace, stability, regional integration and sustainable development.

Faye’s engagement with the Community’s principal institutions is also expected to reaffirm the commitment of the Authority of Heads of State and Government to improving the effectiveness of ECOWAS institutions and advancing the bloc’s integration agenda.

The ECOWAS Commission, Parliament and Court of Justice constitute key pillars of the regional organisation, with the institutions playing different roles in advancing economic integration, democratic governance, community legislation and justice within the bloc.

The visit therefore provides an opportunity for the ECOWAS chairman to interact directly with the institutions responsible for implementing and supporting the Community’s regional agenda.

Faye assumed the rotating chairmanship of the ECOWAS Authority of Heads of State and Government as President of Senegal, making his engagement with the institutions headquartered in Abuja significant to the bloc’s ongoing efforts to maintain cohesion and strengthen institutional cooperation.

His arrival in Abuja further underscores Nigeria’s continuing importance as host country to the principal institutions of the West African regional organisation.

The President is expected to conclude his engagements with meetings with officials of the various ECOWAS institutions and participation in the judicial swearing-in ceremony.

The official visit was announced in Abuja on October 5, 2026.

ECOWAS CHAIRMAN FAYE ARRIVES ABUJA, TO ENGAGE COMMUNITY INSTITUTIONS

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Plateau government finally admits attack on Fulani traders when suddenly silence is no longer an option

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Plateau government finally admits attack on Fulani traders when suddenly silence is no longer an option

By: Zagazola Makama

Something rather unusual happened in Plateau today. The Plateau State Government actually condemned an attack on Fulani traders.

Yes, Fulani traders, although the official statement carefully introduced them as simply “traders,” perhaps because mentioning the word Fulani might make the incident slightly more uncomfortable for some people.

The attack on traders returning from the Kara Livestock Market in Bukuru left one person dead and seven others injured after their vehicle came under gunfire.

The government’s reaction is welcome. But it also leaves one wondering: Why does the government seem to become more interested in an attack only after it has become impossible to pretend it did not happen?

For years, the public has watched a familiar script unfold. An attack happens. Nobody wants to talk too much about it. Then there is a reprisal. Suddenly, the state becomes extremely concerned, press statements appear. Condolences are issued. The Governor personally visits the scene and tells them, “Nobody can take over your land,” while security agencies are urged to act. And the reprisal becomes the headline.

The government’s statement referred to the victims as “traders.” Nothing wrong with that, technically. But everyone knows who these particular traders were. They were peaceful Fulani pastoralists returning from a livestock market. So why the linguistic gymnastics? Is “Fulani” now one of those dangerous words that must be handled with protective gloves? If the victims had been identified as members of the Berom or Mwaghavul community, would their identity have been equally inconvenient?

And there’s this funny thing about the information ecosystem and propaganda platforms in Plateau. When the incident occurred, many Plateau-based platforms were quick to circulate claims pointing accusing fingers at Fulani militia attacking locals, with some calling for quick intervention. Then the narrative was convenient.

But when subsequent information reportedly pointed in another direction, including allegations involving suspected Berom militia, the same enthusiasm disappeared. The microphones became silent. And, rather mysteriously, the internet developed a severe case of selective mutism. The same platforms that had been shouting suddenly discovered the beauty of silence. The headlines vanished. The outrage suddenly lost its urgency. They pretended not to see the attack again. Why? Because the victims are Fulani.

Apparently, when the suspected attacker is Fulani, everyone becomes an investigative journalist. When the allegation points elsewhere, everyone suddenly remembers the importance of waiting for security agencies to investigate.
It is almost as if somebody is waiting for the second half of the tragedy because it fits the preferred narrative better.

Of course, there is another subject that nobody seems particularly enthusiastic about discussing: “cattle rustling”. And somehow, the subject continues to receive considerably less attention from government of Plateau state. On a daily basis, hundreds of livestock are allegedly stolen from Fulani herders in Plateau by militia groups. Hundreds of others are killed on a daily basis.

And here is the script: “You attack a pastoralist, steal his cattle, destroy his livelihood and then act surprised when the community becomes angry and carries out a reprisal. You then subsequently use the anger generated by that crime as proof that the original victim was the aggressor.” You will even hear some of the youth leaders always saying, “Just because they kill their cows, does that give him the right to attack us?” Let’s simply rearrange the chronology of the crimes in Plateau. If a Fulani person commits a crime today, he must face the law and pay heavy compensation. Infact, the Governor had issued a directive that any herder caught destroying farmland should be nutrialised.

But on the contrary, If a Berom person or any plateau local commits a crime by attacking a Fulani and killing their livestock, the next day, women will protest his arrest and demand that he must be released. In fact, the new name for criminals in Berom communities is “Defenders of the Land.”

At the same time, if a Mwaghavul person commits a crime, he must not face the law. And if any journalist should carry the report like Zagazola, ahh, that one is the spokesperson of the bandits. In this context, who are the bandits?
The innocent people that suffered the initial attack that led to the arrest of the Mwaghavul militia. In many Plateau communities, criminality means patriotism because the criminal belongs to the Berom ethnic group.

The government’s condemnation of the Bukuru attack is therefore welcome. But condemnation alone is not enough. If they really want to end this madness, they must also identify the attackers and take them out. They must expose anyone financing violence through stolen livestock or other criminal proceeds.

Most importantly, the government must resist the temptation to treat justice as a popularity contest. The question should never be, “Which community do we want to defend?”

Because if the state continues to condemn only the violence that fits its preferred narrative, then everybody will eventually become an expert at playing victim while the criminals quietly continue doing business.

Plateau government finally admits attack on Fulani traders when suddenly silence is no longer an option

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