Nigeria’s Vice President, Kashim Shettima, joins global leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA) to position Africa’s economy for a projected $29 trillion expansion by 2050.
Speaking at the World Economic Forum (WEF) 2025 in Davos, Switzerland, Shettima reaffirms Nigeria’s commitment to leading the AfCFTA initiative and leveraging its market potential for digital transformation and economic integration.
WEF President Børge Brende emphasizes that AfCFTA’s full implementation can significantly boost Africa’s economy, enhancing trade and investment across the continent.
During the “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa” session, Shettima and other global leaders express their nations’ dedication to making AfCFTA a success.
Addressing the forum, Shettima highlights Nigeria’s strategic position as a major driver of Africa’s economic transformation. He points out that by 2050, Nigeria’s population will exceed 440 million, making it the third most populous country in the world, surpassing the United States.
He also underscores the potential of Africa’s digital economy, noting that Nigeria currently has 220 million telecom subscribers and 163 million internet users. Comparing Nigeria’s highest oil export earnings of $35 billion in 2011 to India’s $120 billion revenue from outsourcing in 2024, Shettima emphasizes the need for Africa to harness digital trade for economic growth.
Shettima describes AfCFTA as more than just an economic framework but a bold declaration of Africa’s shared destiny. He acknowledges that while Africa missed the agricultural and industrial revolutions, it has the opportunity to lead in the post-industrial knowledge economy.
Africa’s Growth Potential and the Demographic Advantage
WEF President Brende welcomes Shettima and other African leaders, emphasizing that Africa’s young and rapidly growing population presents a significant economic advantage. He notes that strengthening AfCFTA’s implementation under the leadership of Secretary General Mene Wamkele could increase intra-African trade by 50%.
“As of today, $29 trillion accounts for one-third of the global GDP. Africa’s rapid growth presents a unique opportunity, but the challenge remains in creating enough jobs for the continent’s youth,” Brende states.
Global Leaders Back AfCFTA’s Implementation
Other prominent speakers at the event include:
- South African President Cyril Ramaphosa
- Botswana President Duma Boko
- Democratic Republic of Congo President Felix Tshisekedi
- Somali President Hassan Sheikh Mohamud
- Egyptian Prime Minister Mostafa Madbouly
- Confederation of African Football (CAF) President Patrice Motsepe
- Former British Prime Minister Tony Blair
- Top global business leaders
Discussions at WEF 2025 focus on accelerating AfCFTA’s execution to unlock Africa’s full economic potential and create sustainable opportunities for its growing workforce.
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