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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
Operation Hadin Kai debunks Fake news on ISWAP enclave in Tuba, Jere in Borno
Operation Hadin Kai debunks Fake news on ISWAP enclave in Tuba, Jere in Borno
By: Zagazola Makama
Reports circulating online claiming that Boko Haram and ISWAP insurgents have established a new enclave in Tuba, Jere Local Government Area, have been strongly condemned by military sources in Operation HADIN KAI, describing the claims as false, misleading, and deliberately designed to spread fear.

According to the sources, recent operations conducted by troops of 212 Battalion, Operation HADIN KAI, across Tuba and surrounding areas including Dusuman, Jabarmari, Gongulong, Ngom, and along the Maiduguri-Monguno and Maiduguri-Mafa highways, found no evidence of any terrorist enclave, concentration, or movement as claimed in the reports.
The military sources expressed outrage over the circulation of such unverified stories, noting that some media platforms appear to be serving interests contrary to national security and public safety. “These claims are false, sensational, and do not reflect the reality on the ground,” the sources said.
They pointed to previous instances of deliberate exaggeration, where some outlets reported that 40 or even 100 soldiers were killed during attacks in Konduga figures that were never corroborated by even the insurgents themselves. Another example cited involved reports claiming Boko Haram had taken over Ngoshe, only for videos of troops firmly securing the area to emerge, exposing the lies. Despite this, some media still went ahead to report that Army has recaptured Ngoshe without providing further details of how the Operation tool place.

“Who are these media outlets serving?” the military sources demanded. “Are they advancing national or public interest, or are they actively trying to support the terrorists to disintegrate the country through fake narratives?”
While acknowledging operational challenges in the theatre, the military sources emphasized that troops continue to maintain operational dominance, safeguard residents, and protect highways and strategic installations across the North East region.
In other countries, citizens rally around their military to support them in countering violent extremism. Hardly will you find active citizens working as though they are tool of terrorists propaganda. They warned that unverified reports undermine troop morale, endanger civilians, and distort public perception of ongoing security efforts in the country.
Journalists and media platforms were urged to exercise professionalism, verify facts before publication, and avoid being used as instruments of destabilisation. Residents were advised to rely only on credible sources and report suspicious activities to security agencies.
The military remains committed to defeating terrorism, ensuring stability in Borno State and the broader North-East, and will not be distracted or demoralized by falsehoods masquerading as news.
Operation Hadin Kai debunks Fake news on ISWAP enclave in Tuba, Jere in Borno
News
Fresh tension in ISWAP camps as top commander Modu Kunduli neutralised by troops in Borno
Fresh tension in ISWAP camps as top commander Modu Kunduli neutralised by troops in Borno
By: Zagazola Makama
Fresh tension and anxiety have gripped Islamic State West Africa Province (ISWAP) camps following the neutralisation of one of its top commanders, Modu Kunduli, by troops of Operation HADIN KAI during a failed assault on the Army Forward Operation Base in Mayanti village, Bama Local Government Area of Borno State.
Sources say the late commander met his end during a last week’s failed mission targeting the Army Forward Operation Base at Mayanti village. His death is expected to create a significant leadership vacuum within ISWAP, particularly in Sambisa Forest, given his mastery of local terrain and fluency in Fulfulde, Kanuri, and Marghi.
Zagazola report that Kunduli, a high-profile ISWAP commander, had been orchestrating attacks across Borno and Adamawa states for the past ten years, dating back to the era of Boko Haram founder Abubakar Shekau. He joined ISWAP shortly after the death of Shekau in 2021z
He was notorious for terrorising communities in Askira Uba Local Government Area, including Lassa, Multaku, Uvu, Wamdeo, and Ruimirgo villages. Reports also indicate his involvement in attacks on Vita, Yamtage, Izge, Pulka, Warabe, Limankara, and Ubawa villages in Gwoza Local Government Area.
Beyond Borno, Kunduli held operational control over Galta, a border community linking Adamawa and Borno states, overseeing large swathes of territory in Madagali and Michika Local Government Areas of Adamawa. His deep knowledge of the Sambisa Forest terrain, coupled with his leadership capabilities, earned him the command of several ISWAP branches across the region.
Zagazola note that Kunduli’s elimination represents a major blow to ISWAP’s operational capabilities in the north-east, disrupting the group’s command structure and its ability to coordinate attacks across Borno and Adamawa states.
Troops of Operation HADIN KAI continue to exploit the area and maintain aggressive patrols to prevent remaining insurgents from regrouping.
Military sources have assured residents that the offensive will continue until the remnants of the terrorist group are decisively neutralised.
Fresh tension in ISWAP camps as top commander Modu Kunduli neutralised by troops in Borno
News
Lake Chad Basin Commission appoints Amb. Ibrahim Babani as Executive Secretary
Lake Chad Basin Commission appoints Amb. Ibrahim Babani as Executive Secretary
By: Zagazola Makama
The designation of Amb. Ibrahim Babani as the new Executive Secretary of the Lake Chad Basin Commission (LCBC) has sparked fresh expectations for stronger regional cooperation, environmental recovery and security stabilisation across the Lake Chad region.
Babani’s appointment was announced at the 71st Ordinary Session of the Council of Ministers of the LCBC, held on March 6, 2026, in N’Djamena, Chad, where ministers and commissioners from member states deliberated on strategies to address the region’s pressing challenges.
The meeting, chaired by Mr Passale Kanabe Marcelin, Chad’s Minister of Water and Energy Resources and current Chairman of the LCBC Council of Ministers, brought together representatives of the commission’s member states, including Nigeria, Niger, Cameroon, Chad and the Central African Republic.
Nigeria was represented by Prof. Joseph Terlumun Utsev, Minister of Water Resources and Sanitation and First Commissioner of Nigeria to the LCBC, alongside Mrs Bianca Ojukwu, Minister of State for Foreign Affairs and Second Commissioner.
The Lake Chad Basin Commission remains one of Africa’s most important regional bodies, responsible for coordinating water resource management, environmental restoration and socio-economic development among countries sharing the Lake Chad Basin.
The basin supports more than 40 million people across the five member states, whose livelihoods depend largely on fishing, farming and pastoral activities linked to the shrinking lake.
Over the past decades, however, the region has faced severe environmental degradation, climate change impacts and the devastating effects of the ISWAP/Boko Haram insurgency, which has displaced millions and disrupted economic activities. These complex challenges have made the role of the LCBC increasingly strategic in driving recovery, stabilisation and resilience across the basin.
Stakeholders believe Babani’s emergence as Executive Secretary comes at a critical time when the commission is intensifying efforts to implement several large-scale regional programmes.
These include the Regional Strategy for Stabilisation, Recovery and Resilience (RS-SRR) for areas affected by Boko Haram violence, as well as projects aimed at ecological restoration and socio-economic reintegration of vulnerable populations.
During the meeting, commissioners reviewed progress in implementing the strategy and emphasised the need to accelerate key initiatives, including the development of a regional transitional justice policy and improved coordination of stabilisation interventions.
They also recommended the organisation of the sixth edition of the Governors’ Forum in Niger, alongside meetings of traditional rulers and civil society organisations to strengthen community-based recovery efforts.
Prior to his appointment, the incoming Executive Secretary of the LCBC, Amb. Ibrahim Babani, served as Director of External Affairs (DEA) at the Office of the National Security Adviser (ONSA) and also doubles as Head of Mission (HoM) of the Multinational Joint Task Force (MNJTF), bringing extensive security and diplomatic experience to his new role.
Babani’s leadership will therefore be critical in coordinating these initiatives and ensuring that they translate into tangible benefits for affected communities. Another priority expected to dominate Babani’s tenure is the restoration of the Lake Chad ecosystem, which has shrunk drastically over the past half century due to climate change, drought and unsustainable water use.
At the session, commissioners reviewed progress on the Inter-Basin Water Transfer Project, a major initiative designed to replenish the lake by transferring water from other basins.
The Council of Ministers commended the LCBC Executive Secretariat for successfully mobilising funding from the African Development Bank for the project and urged faster implementation of technical support programmes aimed at restoring the lake’s ecological and economic functions. Environmental experts believe that restoring the lake is crucial for reducing poverty, preventing conflicts over natural resources and addressing some of the root causes of insecurity in the region.
The Ministers also reviewed progress on the Lake Chad Region Recovery and Development Project (PROLAC) and encouraged continued engagement with the World Bank to secure financing for a second phase of the initiative.
Similarly, they called for further advocacy with the African Development Bank to support the second phase of the Project to Support the Socio-Economic Reintegration of Vulnerable Groups in the Lake Chad Basin (PARSEBALT).
Both initiatives focus on rebuilding infrastructure, supporting livelihoods and reintegrating vulnerable groups affected by years of insurgency and displacement. These programmes complement military efforts against extremist groups by addressing the social and economic conditions that fuel instability.
Despite its strategic importance, the LCBC continues to face financial constraints that could hamper implementation of its programmes.
During the session, commissioners raised concerns about the accumulation of unpaid contributions by member states and urged governments to settle their arrears and ensure regular payment of statutory dues.
They also mandated the chairman of the Council of Ministers to escalate the issue to the highest political authorities within member states to guarantee sustainable funding for the commission’s activities.
The council approved the commission’s 2026 Annual Work Plan and Budget, estimated at 15.13 billion CFA francs, with over 12.63 billion CFA francs allocated to development programmes and 2.50 billion CFA francs for operational costs.
The meeting also adopted key annexes to the Lake Chad Basin Water Charter, including frameworks governing the management of water infrastructure and procedures for notification of planned measures affecting shared water resources.
Commissioners further endorsed a Five-Year Investment Plan and directed the Executive Secretariat to organise a donors’ roundtable to mobilise international support.
Babani’s leadership comes at a time when the Lake Chad region is at a crossroads. While military operations have significantly weakened insurgent groups in recent years, millions of people still face humanitarian challenges, environmental degradation and fragile livelihoods.
The effectiveness of the LCBC in coordinating development, environmental restoration and stabilisation initiatives could determine whether the region moves toward lasting peace and prosperity.
The Council of Ministers concluded the meeting by expressing appreciation to development partners for their continued support and announcing that the next budgetary session will be held in Bangui, Central African Republic.
For many stakeholders in the Lake Chad Basin, the appointment of Babani represents not only a change in leadership but also a renewed opportunity to accelerate recovery, strengthen regional cooperation and secure the future of one of Africa’s most vital ecosystems.
Zagazola is a Counter Insurgency Expert and Security Analyst in the Lake Chad regional
Lake Chad Basin Commission appoints Amb. Ibrahim Babani as Executive Secretary
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