Nigeria’s Vice President, Kashim Shettima, recently attended the 2025 World Economic Forum in Davos, where he joined other global leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA). This agreement is projected to significantly boost Africa’s economy to a staggering $29 trillion by the year 2050.
During the event, Shettima reiterated Nigeria’s strong commitment to spearheading the efforts towards AfCFTA and utilizing the country’s vast market potential to drive digital transformation and economic integration across the continent. In a session titled “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,” he emphasized the agreement’s potential to usher in a new era of shared prosperity for Africa.
Shettima highlighted Nigeria’s strategic position as the largest economy in Africa, boasting an impressive 220 million telecom subscribers and 163 million internet users. He pointed out the continent’s readiness to lead in the post-industrial knowledge era by comparing Nigeria’s 2011 oil earnings of $35 billion to India’s $120 billion revenue from outsourcing in 2024.
Additionally, Shettima underscored Africa’s growing population as a solution to global talent shortages, citing a study predicting an 85 million-worker deficit worldwide by 2030.
WEF President Børge Brende also emphasized the transformative potential of AfCFTA, noting its capacity to increase intra-African trade by 50%. He highlighted the importance of creating job opportunities for Africa’s youth to unlock the continent’s demographic dividend, stating that Africa’s growth trajectory and young workforce position it as a critical player in the global economy.
Shettima described AfCFTA as more than just an economic agreement, referring to it as “a bold statement of our shared destiny.” He acknowledged Africa’s historical delays in agricultural and industrial revolutions but expressed optimism about the continent’s potential to thrive in the digital age.
The session at the World Economic Forum brought together prominent leaders such as South African President Cyril Ramaphosa, Botswana President Duma Boko, DR Congo President Felix Tshisekedi, and Egyptian Prime Minister Mostafa Madbouly. Notable figures like former British Prime Minister Tony Blair and Confederation of African Football President Patrice Motsepe also voiced their support for the implementation of AfCFTA.
Overall, the discussions at the World Economic Forum underscored the significance of AfCFTA in driving economic growth, digital transformation, and job creation in Africa, positioning the continent as a key player in the global economy.
