Business

Services are powering growth than manufacturing- UNCTAD

Published

2 years ago

December 25, 2024

509 Views

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

Naira Exchange Rates Friday, 3 July 2026

Published

16 hours ago

July 3, 2026

OCHEFA

22 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 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 ₦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

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

2 days ago

July 2, 2026

OCHEFA

45 Views

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.