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Importance of United Nations Conference on Trade and Development (UNCTAD) to the Developing Countries

When its basic functions are systematically considered, it would be discovered that the major objectives of UNCTAD conference tend to run short of expectations, based on the numerous problems plaguing the developing nations. The developed nations of the world have not taken steps to implement any of the recommendations made at the conference. For instance, IMF has failed to support any programme that will favour developing countries due to the unacceptable conditionalities attached to these loans.

Most economically advanced countries are not willing to reduce or remove the causes of Africa’s economic problems, as agreed during the conference. Therefore, under-developed countries of the world, including Nigeria, have not benefitted from the developed nations since the creation of this conference. There is no record to show or prove any direct support undertaken at their own expense, to favour developing countries. Rather, the developing country’s foreign trade has been at a slow rate with many of them experiencing worsening terms of trade and increasing external debts. This is due to inability of the conference to aid under-developed countries to increase the pace of economic development and reduce the gap between them and the rich nations.