Shettima, African leaders push for full implementation of AfCFTA at WEF

Vice-President Kashim Shettima has joined other world leaders to push for the full implementation of the African Continental Free Trade Area (AfCFTA) agreement, with a target to boost the continent’s economy to $29 trillion by 2050.

The global leaders, on Wednesday, declared their nations’ positions during a forum, tagged ‘Friends of AfCFTA’.

The event was held on the sidelines of the ongoing 2025 annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.

Speaking at the event, Shettima was said to have restated Nigeria’s readiness to spearhead the AfCFTA and take advantage of the market potential for digital transformation and economic integration of the African continent.

The vice-president also reaffirmed Nigeria’s commitment to the AfCFTA as a vehicle for shared prosperity, according to a statement by Stanley Nkwocha, his spokesperson.

“Africa stands in a unique position to take advantage of global talent deficits, citing a Korn Ferry study that projects a global human talent shortage of more than 85 million people by 2030,” Shettima was quoted as saying.

“By 2050, Nigeria’s population will surpass that of the United States, becoming the third most populous nation on earth at 440 million people.”

Citing Africa’s growing digital landscape, Shettima said Nigeria’s technological strength is propelling it into the knowledge age.

“Today, we have 220 million telecom subscribers and 163 million internet users in Nigeria alone,” he added.

“This provides us with immense opportunities to empower our people. While our highest oil export earnings were $35 billion in 2011, India last year earned about $120 billion from outsourcing alone.

“The African Continental Free Trade Area is not only an economic arrangement but a bold statement of our shared destiny.

“While Africa may have missed the agricultural and industrial ages, it is positioned to thrive in the post-industrial knowledge age.”

According to the statement, Borge Brende, the WEF president, said Africa’s demographic advantage presents huge economic opportunities for the continent.

Brende, while welcoming Shettima and other African leaders to the forum, pointed out the transformative potential of the AfCFTA — projecting that its full implementation could boost Africa’s economy to $29 trillion by 2050.

Brende said while most nations face workforce challenges, Africa’s young population positions it for unprecedented growth.

“If the secretary-general of AfCFTA, Wamkele Mene, is given all the support he deserves, we can boost intra-African trade by a staggering 50%,” the  WEF leader was quoted as saying.

“As of today, $29 trillion represents one-third of the global GDP. Africa is such a growing continent, and one of its key promises is demography.”

Brende also said the major challenge in Africa is creating new jobs for the youth population.