The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
Measuring the pulse of Economic Transformation in West Africa
West Africa is at the heart of Africa’s transformation. With a projected growth rate of 7.4 per cent in 2014, it is the fastest growing region in the continent. As many of its countries undergo a strong stabilization, emerge from conflict, or even rise to middle income status, the region begins to reap the fruits of its regional and global integration. A global demand for expert opinions and analysis is rising rapidly. Read More
Like most African economies, Nigeria faces the challenge of limited economic transformation and diversification. This is evident from the country’s specialization in less dynamic and low value added domestic activities and trading in the global system. The high share of manufacturing imports as a percentage of total merchandise imports in 2012 (71%) and the very low share of manufacturing exports as a percentage of total exports in the same year (2.9%) testify to the weak state of global value chains (GVC) in Nigeria. Furthermore, the total value addition in most sectors has been relatively weak (see Table 1). While the recently rebased GDP has shown mild economic diversification away from agriculture toward services, the economy continues to tilt in favour of the natural resources sector.