Vice President Kashim Shettima has joined global leaders in Davos, Switzerland, on January 22, 2025, to advocate for the full implementation of the African Continental Free Trade Area (AfCFTA).
This initiative aims to elevate Africa’s economy to an impressive $29 trillion by 2050.
In a statement from Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communication, Shettima emphasized Nigeria’s eagerness to lead the AfCFTA initiative.
Furthermore, he highlighted the country’s commitment to fostering economic collaboration and facilitating trade within the African continent.
He highlighted the immense market potential for digital transformation and economic integration across the continent.
Børge Brende, President of the WEF, noted the transformative potential of the AfCFTA.
He projected that its complete implementation could significantly boost Africa’s economy by the target year of 2050.
Consequently, this growth would lead to substantial economic benefits for the continent.
At the “Forum Friends of AfCFTA,” Shettima reaffirmed Nigeria’s commitment to using the AfCFTA as a vehicle for shared prosperity.
He stated, “Africa stands in a unique position to take advantage of global talent deficits.”
Citing a Korn Ferry study, Shettima warned of a projected global human talent shortage exceeding 85 million by 2030. “By 2050, Nigeria’s population will surpass that of the United States,” he added, highlighting the country’s potential.
Shettima pointed out Nigeria’s growing technological landscape, noting its advancement into the knowledge age.
“Today, we have 220 million telecom subscribers and 163 million internet users,” he stated, emphasizing the opportunities for empowerment.
He compared Nigeria’s oil export earnings of $35 billion in 2011 with India’s impressive $120 billion gained from outsourcing in 2023.
He also emphasized that, while many countries face workforce challenges, Africa’s young population presents great opportunities for substantial growth.
Moreover, Brende highlighted the importance of backing the AfCFTA Secretary General.
“If he receives the support he deserves, we can boost intra-African trade by a staggering 50%,” he noted.
During the ongoing event, several leaders took the stage to share their insights.
Notably, Presidents Cyril Ramaphosa from South Africa and Felix Tshisekedi from DR Congo played a crucial role by sharing their insights, which significantly enriched the discussion.
They collectively recognized the urgency of creating new jobs for Africa’s youth population.
