Shettima Calls for Homegrown Solutions to Africa’s Economic Challenges at WEF Davos
Vice President Kashim Shettima has called on African nations to pursue homegrown solutions to their economic challenges, stressing that sustainable prosperity on the continent can only be achieved through domestic productivity, innovation, and self-reliance.
ALSO READ: NAFOWA President Extends Facility Assessment, Welfare Tour to Lagos
Speaking on Thursday at the High-level Accra Reset Initiative meeting held on the sidelines of the 2026 World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, Senator Shettima said Africa must move beyond dependence on external aid and instead build wealth from within.
According to him, Africa is no longer on the global periphery but now represents the pulse of the world’s demographic and economic future. He emphasized that prosperity cannot be “parachuted in,” but must be deliberately built and earned through strong local production and industrial capacity.
Citing Nigeria as an example, the Vice President highlighted the Dangote Refinery, noting that the facility is gradually positioning the country as a net exporter of refined fuel. He described the development as evidence of what is possible when African capital aligns with industrial ambition, supported by infrastructure and clear policies.
“Africa cannot rise on applause alone. We rise when we build,” Shettima said, adding that countries move from price takers to value makers when production is matched with strategic investments and policy clarity.
He further noted that despite manufacturing’s share of Africa’s GDP declining over the decades, the continent now has the opportunity to industrialise faster through modular factories, artificial intelligence, and robotics. According to him, Africa is transitioning from being known only for what it digs or grows to being recognised for what it builds.
The Vice President also underscored the importance of human capital and mobility, revealing that Africans in the diaspora sent home about 95 billion dollars in remittances in 2024—an amount roughly equivalent to total foreign direct investment. He said free movement of skills and ideas across the continent would accelerate prosperity.
Reflecting on Nigeria’s experience, Shettima stressed that large markets and abundant talent mean little without strong domestic supply chains and globally competitive firms. “Wealth given from outside is fragile. Wealth created from within is enduring,” he said.
He welcomed the Accra Reset Initiative, describing it as a bold African-led framework aimed at shifting the continent’s mindset from dependency to dignity, and from aid to investment. He also highlighted Nigeria’s efforts in health-industrial development through the Presidential Initiative for Unlocking the Healthcare Value Chain, aimed at strengthening local pharmaceutical and medical production.
Earlier, Ghana’s President, John Mahama, decried Africa’s marginalisation in the global system and called for stronger cooperation among African leaders to shape the emerging world order. Former Nigerian President Olusegun Obasanjo and former Vice President Yemi Osinbajo also spoke at the forum, urging African nations to build coordinated strategies for negotiation, industrial growth, and sustainable development.
The Accra Reset Initiative, participants agreed, represents a renewed push for African sovereignty, innovation, and shared prosperity in a rapidly changing global landscape.
Shettima Calls for Homegrown Solutions to Africa’s Economic Challenges at WEF Davos