Vice President Kashim Shettima has joined world leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA), aiming to grow Africa’s economy to $29 trillion by 2050. A statement from his spokesperson, Stanley Nkwocha, on Wednesday highlighted Nigeria’s readiness to lead the AfCFTA initiative and leverage its market potential for digital transformation and economic integration across the continent.
The President of the World Economic Forum (WEF), Børge Brende, also emphasized the transformative power of AfCFTA, predicting that its successful implementation could significantly boost Africa’s economy by mid-century.
This was discussed during the “Forum of Friends of AfCFTA” held on the sidelines of the ongoing 2025 WEF annual meeting in Davos, Switzerland. Vice President Shettima, addressing the forum, reaffirmed Nigeria’s commitment to AfCFTA as a pathway to shared prosperity.
Shettima highlighted Africa’s unique position to address global talent shortages, citing a Korn Ferry study projecting a deficit of over 85 million skilled workers worldwide by 2030. He noted that by 2050, Nigeria is expected to become the third most populous country, with 440 million people, surpassing the United States.
He also pointed out Nigeria’s rapidly expanding digital landscape, stating, “With 220 million telecom subscribers and 163 million internet users, we are poised for immense opportunities to empower our people. While Nigeria’s highest oil export earnings were $35 billion in 2011, India earned $120 billion last year from outsourcing alone. This highlights the potential of digital trade.”
Shettima added that the AfCFTA represents more than just an economic framework—it’s a bold statement of Africa’s collective destiny. He stressed that while the continent may have missed opportunities in the agricultural and industrial revolutions, it is well-positioned to excel in the knowledge-driven post-industrial age.
WEF President Børge Brende also underscored Africa’s demographic advantage, noting that its young population provides a significant opportunity for economic growth. He said, “If the Secretary General of AfCFTA receives the necessary support, intra-African trade could increase by 50%. With $29 trillion representing a third of the global GDP, Africa’s demographic strength holds immense promise.”
The forum also featured contributions 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, Confederation of African Football President Patrice Motsepe, former UK Prime Minister Tony Blair, and several global CEOs.
