Vice President Kashim Shettima has joined global leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA), aiming to elevate Africa’s economy to $29 trillion by 2050,leadership reports.
Shettima reaffirmed Nigeria’s commitment to spearheading AfCFTA initiatives, leveraging its market potential to drive digital transformation and economic integration across the continent.
Similarly, the President of the World Economic Forum (WEF), Børge Brende, highlighted AfCFTA’s transformative potential, emphasizing that its full implementation could propel Africa’s economy to unprecedented heights by 2050.
According to a statement by Shettima’s spokesperson, Stanley Nkwocha, the Vice President, along with other global leaders, shared their nations’ positions on Wednesday during the “Forum of Friends of AfCFTA,” held on the sidelines of the ongoing 2025 WEF annual meeting in Davos, Switzerland.
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Speaking at the forum, themed “Turning Digital Trade into a Catalyst for Growth in Africa,” Shettima described AfCFTA as a cornerstone of shared prosperity and underscored Africa’s unique opportunities in addressing global talent shortages.
“A study by Korn Ferry projects a global talent deficit of over 85 million people by 2030. By 2050, Nigeria’s population will surpass that of the United States, reaching 440 million and becoming the third most populous country in the world,” Shettima noted.
He also highlighted Africa’s rapidly growing digital landscape, stating, “Nigeria alone has 220 million telecom subscribers and 163 million internet users. This positions us to empower our people and thrive in the knowledge economy. While Nigeria’s highest oil export earnings reached $35 billion in 2011, India earned $120 billion from outsourcing last year. AfCFTA represents more than an economic arrangement; it is a declaration of Africa’s shared destiny.”
WEF President Børge Brende echoed Shettima’s sentiments, emphasizing that Africa’s young population offers unparalleled economic potential. “Africa’s demographic advantage positions it uniquely, as most other regions face workforce challenges. If the AfCFTA Secretariat receives adequate support, intra-African trade could grow by 50%, unlocking tremendous growth,” Brende stated.
He further pointed out that Africa, representing one-third of global GDP at $29 trillion, holds immense promise, with the key challenge being the creation of new jobs for its growing youth population.
Other speakers at the forum included South African President Cyril Ramaphosa, Botswana President Duma Boko, DR Congo President Felix Tshisekedi, Somali President Hassan Sheikh Mohamud, Egyptian Prime Minister Mostafa Madbouly, Confederation of African Football President Patrice Motsepe, former British Prime Minister Tony Blair, and numerous global CEOs.
