Business
Unctad says GDP is not enough to tell if people are better off
The report proposes 31 indicators built around four areas: Peace, human rights and respect for the planet; current well-being; equity and inclusion; and sustainability and resilience.
Image:UNCTAD Acting Secretary-General Pedro Manuel Moreno
Pedro Manuel Moreno, Deputy Secretary-General and Acting Secretary-General of UN Trade and Development (UNCTAD) stated that Gross domestic product, or GDP, is not enough if people are better off in an economy.
“GDP measures the value of goods and services produced in an economy. It has long been treated as the world’s scoreboard for progress. But a growing economy can still leave people poorer in security, trust, opportunity and hope,” Moreno said in a report on the unctad website.
The report argues that governments need a broader way to judge whether development is working. It does not call for replacing GDP. It calls for complementing it with a practical dashboard that captures what GDP misses: well-being, equity, sustainability and resilience.
Growth is not the whole story
Between 1980 and 2025, global economic activity contracted only twice: During the 2009 financial crisis and the COVID-19 pandemic in 2020. By GDP’s measure, the world has rarely been richer.
Yet trust in institutions has eroded, inequality has widened in many places and environmental pressures have intensified.
In some wealthy countries, young people report high levels of anxiety and isolation. The gap between economic output and lived experience is becoming harder to ignore.
“What we measure shapes what we value. That is the question this work now places squarely on the international agenda, ”said Moreno.
A dashboard for the real economy
The report proposes 31 indicators built around four areas: Peace, human rights and respect for the planet; current well-being; equity and inclusion; and sustainability and resilience.
The dashboard would track material conditions, health, education, social cohesion, institutional quality, environmental conditions, poverty, inequality and the assets societies pass to future generations – including produced, human, social, institutional and natural capital.
It is designed to be country-owned, so governments can adapt it to national priorities and capacities.
Close to half of the indicators are drawn from the Sustainable Development Goals, meaning many countries already have data systems in place.
Why it matters now
Unlike earlier Beyond GDP efforts, this report comes with a political track.
It was produced in response to a direct request from Member States under the Pact for the Future and will now move into an intergovernmental process at the General Assembly, led by Spain and Guyana.It also recognizes that progress does not stop at borders.
One country’s well-being can be shaped by decisions made elsewhere — through emissions, trade, finance, technology and supply chains.
UNCTAD, together with the UN Development Programme and partners across the UN system, will support countries that choose to begin testing the framework.
“GDP tells us how fast an economy is growing. It does not tell us where we are headed, what we pass on the way, or what we leave behind for the next generation,” Mr Moreno said.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 403
GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1, 585 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,372.41
GREAT BRITISH POUND (GBP) ₦1,821.73
EURO (EUR) ₦1,565.37
SWISS FRANC (CHF) ₦1,695.42
JAPANESE YEN (JPN) ₦8.45
CHINESE YUAN (CNY) ₦201.98
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNITACCOUNT (WAUA) ₦1,870. 31
SAUDI RIYAL (SAR) ₦365.45
SOUTH AFRICAN RAND (ZAR) ₦83.80
Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
FG Inaugurates Nigeria Anti-Doping Centres Board
Team Nigeria Targets 20 Golds at Commonwealth Games
Burna Boy Overtakes Tyla as Africa’s Most Streamed Artist on Spotify
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Business3 days agoBUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club
-
Business2 days agoBOI names Kuramo Capital Fund Manager for $170.6m iDICE
-
News2 days agoNigeria’s data centers worth $2bn
-
News3 days agoFG Supports Tomato, Pepper Sellers Too, Not Just ‘Akara’ — Remi Tinubu
-
Crime3 days agoBREAKING: Court Grants Sowore N200 Million Bail, With Fresh Conditions
-
Sports2 days agoTwo Dead In World Cup Celebrations In Mexico City
-
Crime3 days agoLagos NSCDC Parades Five Suspected Vandals, Two Foreigners From Togo
-
News2 days agoTinubu to Send Off Team Nigeria to 2026 Commonwealth Games Thursday