The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 following a protest by some developing nations who were poorer members of the United Nations. The conference was formed to establish measures that will promote and improve the international trade of the developing nations. Exports were to be promoted and preferential duties were to be given in the case of imports from the developing countries. This gesture was expected to aid in improving the balance of payments situation of the developing nations.
The West African Countries including Nigeria are members of the Conference. While the Conference has succeeded in tackling the degeneration in the economy of some countries, it is yet to really have a resounding success as many of the developing countries still comfort hard time presently as far as the conditions in their economies are concerned. The conference holds every four years.