 My name is Chukomago again. I really didn't know we were thinking along the same line as the IMF. Maybe that's because the issue is becoming very, very critical. Worrying about why Africa is growing and not diversifying at the same time. And we want to take this specifically from a policy perspective. And we think that among other sets of problems, there is a macroeconomic policy challenge. And that starts over the years. Most African countries have grown on one basic premise. And that premise is the premise of stabilization. We simply say, get the prices right, remove all distortions, ensure you have stable external balance, and then growth and diversification should automatically follow. Now, given the available data, we are trying to query that particular macroeconomic standpoint. And that's in some what this work is all about. Is it possible that maybe the sort of instruments, the kind of emphasis given to them and related issues, particularly historical and political text issues, may have affected diversification efforts in many African countries? So I want to go about this by, first, showing evidence of concurrence of improved macrobalances with deterioration in diversification. Secondly, we discuss the kind of evidence we are getting from an econometric analysis of panel data of 21 countries in Africa. And then maybe point to that with about four country case studies. And then bringing our own theoretical insights, what we think, because we are trying to also look at a model, what we think should be the model for African development. Now, on stability and growth, this and diversification, this is Africa's GDP growth. I don't need to go over this again. Many of us already know them. Compend Africa to others. But interestingly too, Africa is not only growing on GDP. It has also been reducing debt. And what we have there is the continent's debt service to exports. And it is the lowest, interestingly, sorry, sub-Saharan Africa at the end of the day. It's about the lowest. On consumer prices, Africa has also not done bad at all. In fact, Africa used to be very volatile. There was no particular consumer prices. That also has changed significantly, both for sub-Saharan Africa and the whole of Africa as a region. And the commodity price story we already know. So we just try to give a list of the different sub-segments, metals, petroleum, non-energy, energy, agricultural materials, and so on. But here, we think there is a very important story that needs to be told. And this is where we have a first puzzle. This is export value index. Virtually every region over the last three decades have added very significantly, except sub-Saharan Africa and Africa. So with all the growth that has happened in Africa, nothing has changed here. And nothing has changed here. And we think that, in addition to several other factors that may be responsible, we are well the Dutch disease story has been well told. But in addition to that, it's weak in the industry and sectoral spillovers. And then what some others have described as doggy political economic effects. Now, what is happening now has been that Africa is not diversifying at home, nor diversifying in its export baskets. Now, we try to also show the domestically now. Manufacturing and industry value are there there. The trends over the last 30 years or so. Again, manufacturing moves up to about 1988. And they started dropping. And that's kept dropping as a share in GDP across board. Whereas industry has managed to at least retain some measure of growth. Agriculture has also been dropping from about nearly 35% to barely 24% now. Whereas services have also been rising. And we try to describe that as a sophistication of the economy. Now, there is something soft too about the services sector in Africa. And that is that it comes with very low value added. It is really not in any way better than agricultural value. The kind of products that are delivered on the services sector that is now replacing agriculture domestically is not in any way superior to the kind of services or product that were coming from agriculture. And we find that very problematic. So one of the first things we try to do was to check the drivers of growth. What is driving sectoral growth in Africa across board? And I'm just going to summarize the findings without bothering you with the details of the estimates. We find that first and foremost that across board, many of the major macro indices that are supposed to be or macro instruments that are supposed to be the key handle for government in Africa are not really important in deciding what happens at the sectoral levels. Whether it's money supply or government expenditure or any other kind of, many of them are not important in defining what happens sectorally. Now, we try to take a look at a few countries, but I'm going to skip that. Cameroon, Morocco, Nigeria, and Uganda. Looking at, first, what's happening sectorally and then what's happening at the export level and then importantly to what is happening on export value index and domestic inflation as measures of stability and diversification. Now, what implications do we draw from these? First and foremost, we think that NOxMessage about the necessity of structural variables are supposed to what we have over the years time policy variables are very important. Now, interestingly, we find that in the literature of diversification matters for sure, particularly for macro stability. And one of the challenges is that in most African countries, there is actually, there are two sectors, what we've come to know in the literature as dualism, very high productive enclave sector that is very small, most of which is exporting. And then low productivity sectors that service the domestic economy for most African countries. Now, and we think that it is the relationship, it is the interaction between these two sectors and the sort of incentives that are being generated by the resources emanating from the export revenues that are responsible for the kind of behavior we see at the domestic level. So while it is true that diversification supports macro stability, we've not been able to establish that stability is very critical for diversification or that stability drives diversification, not much of that in the literature. So part of what we are doing is to also raise a theoretical foundation to be able to make the link between them. And we think that the major emphasis or the major message may have to move away from what we have had as new classical policy measures that are adopted by most of the African countries to begin to look at structural instruments as advocated by NOx and of course others in the same school of thought. So we think that there are rules for public finance here and the role for public finance is simply to say, think of ways of taxing the export sector and then use the revenues to grow the non-export sector. Now, I want to maybe take us behind to some of the thinking that we have here. First and foremost, ordinarily, what drives specialization in most African countries is what we call comparative advantage. We are naturally endowed with this so we should produce this. Now, unfortunately, comparative advantage on its own can automatically determine the area of focus. But unless there is specific attempt by the government to begin to improve profitability, which is really what should or what drives investment in actual fact. Now, unless the government deliberately makes attempt to improve profitability, it will not be possible for investors or entrepreneurs to begin to move resources from those areas of natural comparative advantage to the areas that are needed driven by demand. And that is the summary of what we think that the government therefore needs to begin to think of how to utilize taxation of the revenues first, move them over to the production of non-tradables and improve wedges in the process, also tax the wedges, I use the process to be able to produce what we call public overhead. And that without this, it may be very, very impossible, very, very difficult for Africa to be able to make the kind of translation from this specialization in tradables, particularly industry and natural resources to be able to move over to the production of other tradables that are also high value added. I think I want to stop the discussion here. And thanks very much, Tony.