Nigeria’s Vice President Kashim Shettima has joined other world leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA), aiming to elevate Africa’s economy to $29 trillion by 2050.
In a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, Shettima reiterated Nigeria’s commitment to leading the AfCFTA initiative and leveraging its market potential for digital transformation and economic integration across the continent.
World Economic Forum (WEF) President Børge Brende highlighted the transformative potential of the AfCFTA, projecting that its full implementation could significantly boost Africa’s economy by 2050.
During the “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa” session at the ongoing 2025 WEF annual meeting in Davos, Switzerland, Shettima and other global leaders expressed their nations’ support for the AfCFTA.
Addressing the forum, Vice President Shettima emphasized Nigeria’s dedication to the AfCFTA as a means of achieving shared prosperity. He noted that Africa is uniquely positioned to address global talent shortages, citing a Korn Ferry study predicting a global human talent deficit of over 85 million people by 2030.
“By 2050, Nigeria’s population will surpass that of the United States, becoming the third most populous nation on earth at 440 million people,” Shettima stated.
Highlighting Africa’s expanding digital landscape, Shettima pointed out Nigeria’s technological advancements, with 220 million telecom subscribers and 163 million internet users. He emphasized the potential for digital empowerment and economic growth, comparing Nigeria’s highest oil export earnings of $35 billion in 2011 to India’s $120 billion earnings from outsourcing last year.
“The African Continental Free Trade Area is not only an economic arrangement but a bold statement of our shared destiny,” Shettima asserted, adding that while Africa may have missed the agricultural and industrial revolutions, it is well-positioned to thrive in the post-industrial knowledge age.
WEF President Brende, welcoming Shettima and other African leaders, underscored Africa’s demographic advantage and its potential for unprecedented growth. He noted that supporting AfCFTA Secretary General Mene Wamkele could boost intra-African trade by 50%.
“As of today, $29 trillion represents one-third of the global GDP. Africa is such a growing continent, and one of its key promises is demography. The challenge now is creating new jobs for the youth population,” Brende stated.
Other notable speakers at the event included South African President Cyril Ramaphosa, Botswana President Duma Boko, DR Congo President Felix Tshisekedi, Somali President Hassan Sheikh Mohamud, Egyptian Prime Minister Mostafa Madbouly, Confederation of African Football President Patrice Motsepe, and former British Prime Minister Tony Blair, among numerous global CEOs.
