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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.

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1 month ago

May 11, 2026

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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.

Related Topics:Economy Featured Unctad GDP

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Exchange Rates Today Friday, 12 June

Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850

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20 hours ago

June 12, 2026

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US Dollar (USD) ₦1,363. 83

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EURO (EUR) ₦1,572. 90

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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

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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.

Published

2 days ago

June 11, 2026

OCHEFA

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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.

Published

2 days ago

June 11, 2026

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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.