Along with other world leaders, Vice-President Kashim Shettima has advocated for the full implementation of the African Continental Free Trade Area (AfCFTA) accord, which aims to increase the continent’s GDP to $29 trillion by 2050.
The world leaders announced their countries’ stances on Wednesday at an event called “Friends of AfCFTA.”
On the fringes of the World Economic Forum’s (WEF) ongoing 2025 annual conference in Davos, Switzerland, the event took place.
During her remarks, Shettima reportedly reiterated Nigeria’s willingness to lead the AfCFTA and capitalize on the market potential for digital transformation and African economic integration.
Stanley Nkwocha, his spokesperson, said the vice-president also reiterated Nigeria’s commitment to the AfCFTA as a means of achieving shared prosperity.
According to Shettima, “Africa is uniquely positioned to capitalize on global talent shortages, citing a Korn Ferry study that projects a global human talent shortage of more than 85 million people by 2030.”
“With 440 million people, Nigeria will be the third most populous country in the world by 2050, surpassing even the United States in population.”
Shettima cited Africa’s expanding digital landscape and claimed that Nigeria is entering the information age thanks to its technological prowess.
“There are currently 163 million internet users and 220 million telecom subscribers in Nigeria alone,” he continued.
This offers us a wealth of chances to empower our citizens. Although we made $35 billion from oil exports in 2011, India made almost $120 billion from outsourcing alone last year.
In addition to being an economic agreement, the African Continental Free Trade Area is a daring declaration of our common future.
Despite having missed the agricultural and industrial eras, Africa is well-positioned to prosper in the information age that follows.
According to the statement, WEF President Borge Brende claimed that Africa’s population advantage offers the continent enormous economic potential.
In his welcome address to Shettima and other African leaders, Brende highlighted the AfCFTA’s revolutionary potential, estimating that its complete implementation might increase Africa’s GDP to $29 trillion by 2050.
Africa’s youthful population puts it in a position for extraordinary growth, according to Brende, whereas most other countries struggle with their labor forces.
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“We can increase intra-African trade by a staggering 50% if we give AfCFTA secretary-general Wamkele Mene all the support he deserves,” the WEF head was cited as saying.
One-third of the world’s GDP is currently represented by $29 trillion. Demography is one of the main promises of Africa, a continent that is expanding rapidly.
According to Brende, the main obstacle facing Africa is the creation of new jobs for the continent’s young people.
