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Measuring the pulse of Economic Transformation in West Africa
Dr. Eric Kehinde Ogunleye is currently affiliated with the African Development Bank Nigeria Country Office as a Consultant and Country Macroeconomist. Until recently, he was a Special Adviser to the Chief Economic Adviser to the President of Nigeria, responsible for policy research and advisory on diverse socio-economic issues. He also served as Special Assistant to the President of the Federal Republic of Nigeria on International Trade and Finance.
Ogunleye has worked with the African Center for Economic Transformation, where he engaged in providing policy research and advisory services for African governments, especially on economic transformation issues. His previous experience spanned the United Nations University World Institute for Development Economics Research (UNU-WIDER), United Nations Conference on Trade and Development (UNCTAD) and World Trade Organization (WTO), in addition to teaching and conducting research as a Lecturer in the University of Calabar. He holds a First Class Bachelor’s degree in Economics from University of Calabar and a PhD in Economics from University of Ibadan through the African Economic Research Consortium’s Collaborative PhD Programme (AERC-CPP).
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.