UN Conference on Trade and Development
UN projects Nigeria’s GDP to expand by 1.5 percent
Nigeria’s gross domestic product (GDP) is projected to expand by 1.5 per cent this year, after a contraction of 3.5 per cent in 2020, a United Nations (UN) report said on Wednesday. In the latest World Economic Situation and Prospects report, the UN noted, that tighter foreign exchange (forex) liquidity, mounting inflationary pressures and subdued domestic demand clouded the medium-term outlook. Although last year, the global economy shrank by 4.3 per cent, this year’s projected recovery of 4.7 per cent will barely offset the losses of 2020, according to the report. The World Economic Situation and Prospects 2021 is a report produced by the UN Department of Economic and Social Affairs (DESA), in partnership with the UN Conference on Trade and Development (UNCTAD), and the five UN regional ...
VP Osinbajo urges destination countries to insist on repatriation of illicit funds
Vice President Yemi Osinbajo has urged leaders of destination countries to insist on repatriation of illicit funds and proceeds. Osinbajo’s spokesman, Laolu Akande, in a statement on Monday in Abuja, said the Vice President made the submission at the virtual inauguration of a publication by the UN Conference on Trade and Development (UNCTAD) on the impact of illicit financial flows (IFFs) on African Development. Osinbajo called for an overhaul of the international tax system in order to tackle the scourge. “The enormity of efforts required to tackle illicit financial flows is evident in the many dimensions the scourge presents itself. “It manifests through harmful tax policies and practices, abusive transfer pricing, trade mis-pricing and mis-invoicing illegal exploitation of natural resou...
