Business

Services are powering growth than manufacturing- UNCTAD

Published

1 year ago

December 25, 2024

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UN trade and development (UNCTAD) urges developing countries to look beyond manufacturing-led exports as services are gaining more traction than manufacturing.

UNCTAD in its 2024 review, noted: ” Service exports, now representing 25% of world trade, offer a bright spot amid a subdued global economic outlook.”

UNCTAD said that in 2023, trade in services expanded by 5% in real terms, contrasting a 1.2% contraction in merchandise trade, according to the Trade and Development Report 2024.

As a development strategy, services are gaining more traction than manufacturing, a longstanding growth engine for middle-income countries.

This is largely because the comparative advantage of cheaper, less-skilled labour no longer aligns with the reliance of modern manufacturing on skill- and capital-intensive production,” the report notes.

“Additionally, industrialization is increasingly scrutinized for its large ecological footprint and contributions to climate change.

” North-South gap risks widening The dawn of a service economy could be a game changer for developing countries, but not without challenges.

Currently, developing economies account for under 30% of global services export revenues and 44% of merchandise trade.

With services and intangible assets – such as brands, designs and patented technologies – getting prominence in global value chains, asymmetries between developed and developing regions could worsen.

Market concentration in the creative services trade is a case in point. In 2022, creative services were valued at $1.4 trillion, four fifths of which came from developed countries.

The predominance also manifests in the geography of multinational firms providing international services. In 2022, 70% of these companies were headquartered in developed regions, compared to just 10% in developing ones excluding China.

Recalibrating development strategies Current trade in services cannot generate enough quality jobs in developing countries, urging an ambitious policy mix towards green transition and promoting labour-absorbing activities, especially in the non-tradable services sectors.

Some examples can be construction, retail, various types of care work as well as the personal and public sectors that provide services consumed locally in the country or region where they are produced.

A three-pronged strategy could focus on:

• Encouraging lower-skill job creation by larger firms in non-tradable services.

• Providing public inputs and access to productivity-enhancing investments for smaller enterprises.

• Investing in technologies that complement, rather than replace, low-skilled workers in the services sectors.

Business

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

1 day ago

May 1, 2026

OCHEFA

30 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

2 days ago

April 30, 2026

OCHEFA

47 Views

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.