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Services are powering growth than manufacturing- UNCTAD

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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.

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Naira Exchange Rates Thursday, 5 Nov 2026

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BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

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NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.

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Naira Exchange Rates Wednesday, 4 Nov 2026

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BLACK/PARALLEL MARKET RATES

1390DOLLAR (US

₦1835POUND (GBP)

₦1510EURO (EUR

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 West African CFA F.(XOF)

₦2200 Central African CFA F.(XAF)

₦850 Australian Dollar AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1346.93

POUND (GBP)₦1807.72

EURO (EUR)₦1512.26

SWISS FRANC (CHF)₦1644.21

JAPANESE YEN (JPN)₦8.52

West African CFA FRANC (XOF)₦2.30

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03

CHINESE YUAN (CNY)₦201.92

SAUDI RIYAL (SAR)₦359.15

SOUTH AFRICAN RAND (ZAR)₦81.37

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