Global trade set to hit record $33 trillion by year-end

Published

1 year ago

December 11, 2024

OCHEFA

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Global trade is set to reach a record $33 trillion in 2024, according to the latest Global Trade Update published by UN Trade and Development (UNCTAD).

This $1 trillion increase, reflecting 3.3% annual growth, highlights resilience in global trade despite persistent challenges.

Robust growth in services trade, up 7% for the year, accounted for half of the expansion, while goods trade rose 2% but remained below its 2022 peak. Opportunities amidst uncertainty

Developing economies, traditionally strong drivers of global trade, faced headwinds in 2024, with imports contracting 1% and South-South trade falling by the same margin in the third quarter.

In contrast, developed economies led Q3 growth, with stable demand driving a 3% rise in imports and 2% in exports.

Despite these challenges, opportunities remain for developing economies to capitalize on high-growth sectors.

ICT and apparel trade surged, with increases of 13% and 14%, respectively, in the third quarter 2024.

This growth underscores the potential for diversification and entry into value-added industries.

Stable global growth forecasts and easing inflation also present a chance to build resilience in 2025.

Sectoral pressures and growth prospects While ICT and apparel showed strong momentum, traditional sectors critical to developing economies faced declines.

Energy trade fell 2% for the quarter and 7% for the year, while metals trade contracted by 3% both quarterly and annually.

Automotive trade dropped 3% in Q3 but is expected to end the year with modest 4% growth.

A call for strategic action

UNCTAD urges developing economies to adopt targeted policies that enhance trade diversification and invest in high-value sectors to mitigate risks.

The organization underscores that trade is a cornerstone of sustainable development.

To capitalize on opportunities in 2025, developing economies require coordinated support to navigate uncertainty, reduce dependencies and strengthen global market links.

President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships

At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.

Published

2 days ago

May 1, 2026

OCHEFA

45 Views

President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.

The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:

” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.

Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.

President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.

The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.

At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.

With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.

Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.

President Tinubu will be accompanied on the trip by some of his ministers and senior aides.

He will return to Nigeria at the end of the Rwanda summit. “

Business

Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

Published

3 days ago

April 30, 2026

OCHEFA

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The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.

The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.

In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.

It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.