Vice President Kashim Shettima has joined world leaders at the 2025 World Economic Forum (WEF) to advocate for the full implementation of the African Continental Free Trade Area (AfCFTA), aiming to boost Africa’s economy to $29 trillion by 2050.
Speaking at the ‘Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,’ Shettima reaffirmed Nigeria’s commitment to spearheading the AfCFTA initiative, emphasising its transformative potential for digital trade and economic integration across the continent.
Highlighting the importance of Africa’s demographic and digital strengths, the Vice President stated, “By 2050, Nigeria’s population will surpass that of the United States, becoming the third most populous nation on earth at 440 million people. Today, we have 220 million telecom subscribers and 163 million internet users in Nigeria alone. These provide immense opportunities to empower our people.”
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Shettima also pointed to Africa’s potential to thrive in the post-industrial knowledge age, adding, “While our highest oil export earnings were $35 billion in 2011, India last year earned about $120 billion from outsourcing alone. The AfCFTA is not just an economic arrangement but a bold statement of our shared destiny.”
He noted that Nigeria’s leadership in the initiative aligns with its strategic focus on digital transformation and youth empowerment, positioning the nation as a key driver of Africa’s economic resurgence.
Børge Brende, President of the World Economic Forum, underscored the transformative potential of the AfCFTA, noting that its full implementation could increase intra-African trade by 50%, significantly boosting the continent’s economy.
“Africa’s young population is its greatest advantage, especially as the world faces workforce shortages. If properly harnessed, Africa’s demographic strength can drive unprecedented growth,” Brende stated.
The forum also featured remarks from key leaders, including South African President Cyril Ramaphosa, Botswana President Duma Boko, DR Congo President Felix Tshisekedi, Somali President Hassan Sheikh Mohamud, and Egyptian Prime Minister Mostafa Madbouly, alongside other prominent figures such as Confederation of African Football President Patrice Motsepe and former British Prime Minister Tony Blair.
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The AfCFTA, regarded as the world’s largest free trade area by population, seeks to unify Africa’s 1.3 billion people under a single market, fostering innovation, trade, and economic prosperity.
As Africa moves toward becoming a $29 trillion economy by mid-century, the commitment of nations like Nigeria and the collective support for AfCFTA providess a strong foundation for sustainable growth and development.
