DAVOS, Switzerland, Jan. 23 (AGCNewsNet) – Nigeria’s Vice President, Kashim Shettima, has joined other global leaders in championing the full implementation of the African Continental Free Trade Area (AfCFTA), envisioning it as a pathway to elevate 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” session during the 2025 World Economic Forum (WEF) annual meeting in Davos, Shettima reaffirmed Nigeria’s commitment to spearheading the AfCFTA initiative. He emphasized the importance of leveraging Africa’s digital transformation and economic integration to unlock shared prosperity.

“The African Continental Free Trade Area is not only an economic arrangement but a bold statement of our shared destiny,” Shettima said, adding that Africa is uniquely positioned to address global talent shortages and thrive in the post-industrial knowledge economy.

Citing projections from Korn Ferry, Shettima highlighted a looming global talent deficit of over 85 million people by 2030 and noted that Nigeria, with its population set to surpass 440 million by 2050, is poised to become the third most populous country globally.

Shettima also underscored Nigeria’s expanding digital footprint, with 220 million telecom subscribers and 163 million internet users, as a crucial driver for economic growth. He contrasted Nigeria’s highest oil export earnings of $35 billion in 2011 with India’s $120 billion outsourcing revenue in 2024, emphasizing the need for Africa to capitalize on its digital potential.

WEF President Børge Brende, who welcomed Shettima and other African leaders, highlighted the transformative potential of AfCFTA, predicting a significant boost in intra-African trade by up to 50% with full implementation.

“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,” Brende said, stressing the need to create new jobs for Africa’s youth population to harness its demographic dividend.

Other prominent speakers at the session 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.

The leaders emphasized the urgency of operationalizing the AfCFTA as a means to promote regional trade, foster economic diversification, and address Africa’s unemployment challenges.

WEF President Brende commended AfCFTA Secretary General Wamkele Mene for his leadership and urged member states to accelerate the agreement’s implementation to unlock its full economic potential.

“While Africa may have missed the agricultural and industrial revolutions, it is well-positioned to thrive in the knowledge-driven economy,” Shettima concluded.

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