Nigeria Advocates for AfCFTA Implementation at World Economic Forum
Nigeria’s Vice President Kashim Shettima recently attended the World Economic Forum in Davos, Switzerland, where he championed for the full implementation of the African Continental Free Trade Area (AfCFTA). This move is projected to significantly boost Africa’s economy to $29 trillion by the year 2050.
During his speech, Vice President Shettima highlighted Nigeria’s commitment to leveraging the AfCFTA for economic transformation and shared prosperity. He emphasized the country’s potential for digital empowerment, citing its rapidly growing population and expanding digital landscape, which currently boasts 163 million internet users.
Shettima also pointed out Africa’s advantage in addressing global talent shortages, thanks to its large youth population. He emphasized the need for the continent to adapt to the knowledge-driven era and transform its economic trajectory to capitalize on these demographic advantages.
The President of the World Economic Forum, Børge Brende, echoed Shettima’s sentiments by emphasizing the demographic advantages that Africa possesses. Brende stated that the implementation of AfCFTA has the potential to catalyze intra-African trade and could potentially increase it by 50%.
Sources: Nairametrics
