Shettima Backs $29 Trillion AfCFTA Vision, Highlights Nigeria’s Digital Potential
By Matthew Eloyi
Vice President Kashim Shettima has reiterated Nigeria’s commitment to leading the African Continental Free Trade Area (AfCFTA) initiative, which aims to boost Africa’s economy to $29 trillion by 2050.
According to a press statement signed by Stanley Kingsley Nkwocha, Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Shettima joined other world leaders in advocating for the full implementation of the agreement during the “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa” at the World Economic Forum (WEF) in Davos, Switzerland.
Addressing the forum on Wednesday, Senator Shettima emphasised Nigeria’s readiness to leverage AfCFTA as a platform for digital transformation and economic integration across the continent.
“The African Continental Free Trade Area is not only an economic arrangement but a bold statement of our shared destiny,” Shettima declared. He underscored Africa’s opportunity to address global talent shortages, citing a Korn Ferry report predicting a global human talent deficit of over 85 million 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,” he noted. The Vice President also highlighted the transformative potential of Nigeria’s digital landscape, stating, “We have 220 million telecom subscribers and 163 million internet users in Nigeria alone. This provides immense opportunities to empower our people.”
Comparing Nigeria’s oil earnings to India’s outsourcing success, Shettima remarked, “While our highest oil export earnings were $35 billion in 2011, India last year earned about $120 billion from outsourcing alone.”
The President of the World Economic Forum, Børge Brende, also expressed optimism about Africa’s economic future. “Africa’s demographic advantage presents immense opportunities. If the Secretary General of the AfCFTA is given all the support he deserves, we can boost intra-African trade by a staggering 50%. Africa’s young population is key to unprecedented growth,” he stated.
Other notable speakers at the event included South African President Cyril Ramaphosa, DR Congo President Felix Tshisekedi, Somali President Hassan Sheikh Mohamud, and former British Prime Minister Tony Blair. Discussions focused on AfCFTA’s potential to drive intra-African trade, create jobs, and position the continent as a global economic powerhouse.
The forum highlighted the urgency of addressing Africa’s youth unemployment challenge while capitalising on its growing digital economy to achieve shared prosperity through AfCFTA.