AfCFTA aims to increase the continent’s GDP to $29 trillion by 2050, and vice president Kashim Shettima has joined other world leaders in advocating for its complete implementation.
On Wednesday, the world leaders announced their countries’ stances at a gathering called “Friends of AfCFTA.”
In Davos, Switzerland, the event took place on the fringes of the World Economic Forum’s (WEF) ongoing 2025 annual conference.
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According to reports, Shettima reiterated during her remarks that Nigeria is prepared to lead the AfCFTA and capitalize on the market potential for digital transformation and African economic integration.
Stanley Nkwocha, the vice president’s spokesperson, said in a statement that Nigeria is committed to the AfCFTA as a means of achieving shared prosperity.
“Africa is uniquely positioned to capitalize on global talent shortages,” Shettima said, referring to a Korn Ferry report that estimates a global human talent need of over 85 million individuals by 2030.
“Nigeria will have 440 million people, more than the US, making it the third most populous country in the world by 2050.”
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Nigeria is advancing into the knowledge age thanks to its technological prowess, Shettima remarked, citing Africa’s expanding digital ecosystem.
He continued, “In Nigeria alone, we currently have 163 million internet users and 220 million telecom subscribers.”
We have a ton of opportunity to equip our folks for this. Our biggest oil export revenue was $35 billion in 2011, whereas India made almost $120 billion from outsourcing alone last year.
“The African Continental Free Trade Area boldly declares our shared destiny in addition to being an economic agreement.
Although Africa may have missed the industrial and agricultural eras, it is well-positioned to prosper in the information age that follows.
The statement cited WEF President Borge Brende as saying that Africa’s demographic advantage offers enormous economic potential.
As he welcomed Shettima and other African leaders to the summit, Brende emphasized the AfCFTA’s revolutionary potential, estimating that its complete implementation could increase Africa’s GDP to $29 trillion by 4050.
While most countries struggle with their labor force, Brende said Africa’s youthful population sets it up for unheard-of growth.
It was reported that the WEF leader stated, “We can increase intra-African trade by a staggering 50% if Wamkele Mene, the secretary-general of AfCFTA, is given all the support he deserves.”
“As of right now, $29 trillion amounts to one-third of the world’s GDP. Africa is a continent that is expanding rapidly, and its demographics hold great promise.
The creation of new jobs for Africa’s youth is the continent’s biggest challenge, according to Brende.
