Business
Services are powering growth than manufacturing- UNCTAD
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
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese 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
Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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