WEF 2025: Nigeria, Global Leaders Target $29trn African Economy By 2050
Vice President Kashim Shettima has joined other world leaders to push for the full implementation of the African Continental Free Trade Area (AFCFTA) with a target to boost Africa's economy to $29 trillion by 2050.He restated Nigeria's readiness to spearhead the AFCFTA and take advantage of the market potential of the sector for digital transformation and economic integration of the African continent-just as the President of the World Economic Forum (WEF), Børge Brende, pointed out the transformative potential of the AFCFTA, projecting that its full implementation could boost Africa's economy to $29 trillion by 2050.
Senator Shettima and the global leaders declared their nations' positions on Wednesday during a forum of Friends of AFCFTA on the sidelines of the ongoing 2025 annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.The Vice President, while addressing the forum tagged, "Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa," reaffirmed Nigeria’s commitment to AfCFTA as a vehicle for shared prosperity.
According to VP Shettima, Africa stands in a unique position to take advantage of global talent deficits, citing a Korn Ferry study that projects a global human talent shortage of more than 85 million people by 2030. Citing Africa’s growing digital landscape, the VP said Nigeria's technological strength is propelling it into the knowledge age.On his part, the WEF President, Brende, while welcoming Vice President Shettima and other African leaders to the "Forum Friends of AFCFTA," said Africa's demographic advantage presents huge economic opportunities for the continent. He noted that while most nations face workforce challenges, Africa's young population positions it for unprecedented growth.
Others who spoke at the event included the Presidents of South Africa, Cyril Ramaphosa; Botswana, Duma Boko; DR Congo, Felix Tshisekedi; Somalia, Hassan Sheikh Mohamud; Prime Minister of Egypt, Mostafa Madbouly; Confederation of African Football. President, Patrice Motsepe; Former British Prime Minister, Tony Blair; amongst numerous global CEOs.