From Victor Osula, Abuja
Nigeria has reiterated its commitment to the full implementation of the African Continental Free Trade Area aiming to leverage the agreement to foster digital transformation and drive economic integration across the African continent.
Vice President Kashim Shettima emphasised this on Wednesday while addressing the 2025 annual meeting of the World Economic Forum in Davos, Switzerland.
Speaking during a session titled “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,” Shettima called for urgent action to actualize the potential of the AfCFTA, projecting that its successful implementation could elevate Africa’s economy to $29 trillion by 2050.
The President of the World Economic Forum, Børge Brende, also highlighted the transformative potential of the AfCFTA, affirming its capacity to redefine Africa’s economic landscape if fully implemented.
Shettima underscored Nigeria’s commitment to the agreement as a tool for shared prosperity, pointing to Africa’s demographic advantage and its growing digital landscape.
He referenced a Korn Ferry study that projected a global human talent deficit of over 85 million people by 2030, adding that Africa could capitalize on this shortage.
“By 2050, Nigeria’s population will surpass that of the United States, making it the third most populous nation on earth with 440 million people,” Shettima stated.
He highlighted Nigeria’s burgeoning tech ecosystem, noting, “We currently have 220 million telecom subscribers and 163 million internet users.
“This digital strength positions us to empower our population and unlock new economic opportunities. While our highest oil export earnings were $35 billion in 2011, India generated $120 billion from outsourcing alone last year. This reflects the vast potential of the knowledge economy.”
The Vice President described AfCFTA as more than an economic framework, calling it “a bold declaration of Africa’s shared destiny.”
He stressed that while Africa may have lagged during the agricultural and industrial revolutions, the continent is uniquely positioned to thrive in the post-industrial knowledge age.
In his remarks, WEF President Brende described Africa’s demographic advantage as a key driver of future economic growth.
“Africa’s young population is its greatest asset. If we fully support the AfCFTA, we can increase intra-African trade by 50%, unlocking unprecedented growth. Currently, $29 trillion represents one-third of global GDP, and Africa is on the cusp of tapping into this potential,” he said.
He further noted that the challenge now lies in creating jobs for Africa’s youth, which he described as critical to sustaining the continent’s economic promise.
The session also featured remarks from notable leaders, including South African President Cyril Ramaphosa, Botswana’s President Duma Boko, DR Congo’s President Felix Tshisekedi, Somalia’s President Hassan Sheikh Mohamud, Egypt’s Prime Minister Mostafa Madbouly, CAF President Patrice Motsepe, and former UK Prime Minister Tony Blair. Numerous global CEOs and stakeholders also participated in the discussions.
