Nigeria, global leaders target $29trn African economy by 2050

…as VP Shettima reaffirms Nigeria’s resolve to champion AfCFTA

By Kunle Sanni

Vice President Kashim Shettima has joined other world leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA), with a vision to boost Africa’s economy to $29 trillion by 2050.

Shettima reaffirmed Nigeria’s commitment to leading the implementation of AfCFTA and leveraging its market potential to drive digital transformation and economic integration across the African continent.

The President of the World Economic Forum (WEF), Børge Brende, highlighted the transformative potential of AfCFTA, projecting that its full implementation could elevate Africa’s economy to $29 trillion by 2050.

Vice President Shettima and other global leaders expressed their nations’ support during the “Friends of AfCFTA” forum held on the sidelines of the 2025 WEF annual meeting in Davos, Switzerland.

While addressing the forum titled “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,” VP Shettima underscored Nigeria’s dedication to using AfCFTA as a tool for shared prosperity.

He pointed out Africa’s strategic advantage amid global talent shortages, referencing a Korn Ferry study that projects a global human talent shortfall exceeding 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, with 440 million people,” Shettima stated.

Highlighting Africa’s growing digital landscape, the Vice President noted that Nigeria’s technological advancements are propelling it into the knowledge-driven economy.

“Today, we have 220 million telecom subscribers and 163 million internet users in Nigeria alone. This creates immense opportunities to empower our people. While our highest oil export earnings were $35 billion in 2011, India last year earned about $120 billion from outsourcing alone.

“The African Continental Free Trade Area is not merely an economic arrangement but a bold declaration of our shared destiny,” Shettima remarked. He added that while Africa may have missed the agricultural and industrial revolutions, it is poised to thrive in the post-industrial knowledge era.

WEF President Børge Brende, in his remarks, welcomed Vice President Shettima and other African leaders to the forum, emphasizing that Africa’s demographic advantage presents significant economic opportunities.

“While many nations face workforce shortages, Africa’s youthful population positions it for exceptional growth. If the AfCFTA Secretary General receives the necessary support, intra-African trade could increase by a remarkable 50%.

“As of today, $29 trillion represents one-third of global GDP. Africa’s demographic promise is a unique opportunity, but the challenge lies in creating jobs for its growing youth population,” Brende said.

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, former British Prime Minister Tony Blair, and numerous global CEOs.

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