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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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Nigeria Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control

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Nigeria Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control

By: Michael Mike

In a sweeping show of reform across Nigeria’s internal security architecture, the Federal Government has promoted more than 70,000 paramilitary officers within three years and launched a technology-driven Integrated Operating Centre to track immigration violators in real time.

Minister of Interior, Olubunmi Tunji-Ojo, announced the twin developments in Abuja while declaring open the 2026 Sectoral Performance Retreat for agencies under the Ministry of Interior. The retreat, held at the Nigeria Army Conference Centre, was themed “Accountable Leadership, Measurable Impacts: Reviewing Results, Renewing Commitments.”

Tunji-Ojo described the mass promotion exercise as unprecedented, saying it reflects the commitment of President Bola Tinubu’s administration to improve morale and restore professionalism across the paramilitary services.

“Only yesterday, I approved the 2026 promotion of personnel across all agencies under the Ministry. By April and May, the implementation will commence,” the minister said, urging officers to reciprocate government’s support with discipline, patriotism and improved service delivery.

In what observers see as a major shift toward data-driven border management, Tunji-Ojo disclosed that the Nigeria Immigration Service (NIS) has inaugurated an Integrated Operating Centre (IOC) equipped with sophisticated surveillance and data harmonisation tools.

According to him, the centre provides real-time intelligence on foreigners who have overstayed their visas, with historical data covering up to a decade.

“With the kind of sophisticated gadgets and equipment now in place, the Immigration Service has become a strong internal security enabler. The Service will go after those who have overstayed. It is no longer business as usual,” he declared.

The minister said the deployment of advanced analytics and harmonised databases has placed persons of interest squarely on government radar, reinforcing efforts to secure Nigeria’s borders and sanitise its migration system.

As part of ongoing reforms, he revealed that seven new Forward Operating Bases (FOBs) have been established to strengthen border surveillance and migration management nationwide. He commended the Comptroller-General of the NIS, Kemi Nanna Nandap, for what he described as visionary leadership in modernising the Service.

The minister also applauded the efforts of the Nigeria Security and Civil Defence Corps (NSCDC), the Nigeria Correctional Service (NCoS), and the Federal Fire Service (FFS), but warned that commendation must not breed complacency.

He tasked the NSCDC with intensifying protection of critical national infrastructure, including oil pipelines, solid mineral sites, schools and hospitals, stressing that the corps “cannot be run like a volunteer service.” He urged its Commandant-General, Prof. Ahmed Audi, to submit a clear operational roadmap following his reappointment.

On correctional reforms, Tunji-Ojo insisted that efforts must go beyond custodial management to ensure rehabilitation and reintegration, warning that repeat offending signals systemic failure.

“If offenders complete their sentences and return to crime, then we have not succeeded,” he said.

Permanent Secretary of the Ministry, Dr. Magdalene Ajani, described the retreat as a critical platform for reviewing stewardship and aligning performance with national priorities. She said the Ministry carries enormous responsibility in border management, citizenship administration and internal security, all of which directly affect the daily lives of Nigerians.

Ajani stressed the need to align operations with the Renewed Hope Agenda of President Tinubu, encouraging openness to constructive criticism and innovative thinking.

She expressed confidence that the retreat would produce a concrete roadmap to guide the Ministry’s agencies in delivering measurable results in the year ahead.

The dual announcement of mass promotions and high-tech border surveillance signals a government intent on pairing welfare reforms with operational efficiency — a strategy officials say is essential to strengthening Nigeria’s security framework in an era of complex internal and cross-border threats.

Nigeria Promotes 70,000 Paramilitary Officers, Deploys High-Tech Immigration Centre to Tighten Border Control

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Troops of Operation FANSAN YANMA neutralise two terrorists, recover weapons in Katsina

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Troops of Operation FANSAN YANMA neutralise two terrorists, recover weapons in Katsina

By: Zagazola Makama

Troops of 17 Brigade, Operation FANSAN YANMA of the Nigerian Army, on March 4, 2026, successfully engaged terrorists during clearance operations at notorious hideouts in Barkishi Maiha Gumma, Sabuwa Local Government Area of Katsina State.

Sources told Zagazola Makama that In the ensuing gun battle, the troops overpowered the terrorists, neutralising two insurgents and recovering one AK-47 rifle, one magazine, four rounds of ammunition, a motorcycle, a matchete, a Tecno phone, and two extra phone batteries.

There were no casualties among the troops.

The sources said that the General Officer Commanding 8 Division and Commander, Sector 2 Joint Task Force (North West), Maj. Gen. Paul Koughna, commended the troops for their bravery and urged continued operations to completely eliminate terrorist threats in the region.

Troops of Operation FANSAN YANMA neutralise two terrorists, recover weapons in Katsina

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NDLEA Insists Drug Case Against Abba Kyari Continues Despite Court Discharge

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NDLEA Insists Drug Case Against Abba Kyari Continues Despite Court Discharge

By: Michael Mike

The National Drug Law Enforcement Agency (NDLEA) has reaffirmed that its substantive drug trafficking case against suspended Deputy Commissioner of Police, Abba Kyari, remains firmly on track, clarifying that recent court proceedings discharging him on a separate matter do not affect the ongoing trial.

The agency said the core drug case is scheduled to continue before Justice Emeka Nwite of the Federal High Court, Abuja, on Monday, March 16, 2026.

NDLEA’s clarification follows the decision of Justice James Omotosho, who discharged Kyari in a 23-count charge relating to alleged money laundering and non-declaration of assets. The anti-narcotics agency stressed that the ruling pertains to a different case and should not be confused with the main drug prosecution.

Reacting to inquiries on whether the agency would challenge the ruling, NDLEA’s Director of Media and Advocacy, Femi Babafemi, explained that the prosecution team has been directed to obtain the Certified True Copy (CTC) of the judgment before determining the next legal step.

He emphasized that the matter decided by Justice Omotosho is distinct from the substantive drug charges pending before Justice Nwite, noting that the latter remains active and unaffected.

The spokesman of the anti-narcotics agency, Femi Babafemi in a statement on Thursday, said: “First, I need to clarify that the ruling by Justice Omotosho is completely different from the main and substantive drug case which continues before Justice Emeka Nwite of the Federal High Court, Abuja, on Monday, March 16, 2026. That one is very much on course.”

He added that the prosecution team would review the detailed judgment upon receipt of the CTC to guide the agency’s management in deciding whether an appeal is warranted.

The development underscores the complex legal battles facing the suspended senior police officer, as the NDLEA maintains its resolve to pursue the substantive drug allegations to their conclusion in court.

NDLEA Insists Drug Case Against Abba Kyari Continues Despite Court Discharge

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