WEF 2026: Shettima calls for homegrown economic solutions

…says Africa must shift from aid to investment

By Kunle Sanni –

Vice President Kashim Shettima has called on African countries to pursue homegrown solutions to their economic challenges, urging the continent to move away from import dependence and foreign aid towards local production and investment-driven growth.

Shettima made the call 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.

Addressing participants, the Vice President said Africa’s long-term prosperity depends on building domestic productive capacity, stressing that wealth created internally is more resilient than prosperity driven by external assistance. He noted that Africa now represents the pulse of the world’s demographic and economic future and must reposition itself as a producer rather than a consumer of value.

Using Nigeria as an example, Shettima said the Dangote Refinery in Lagos is positioning the country to become a net exporter of refined fuel after decades of dependence on imports.

He described the development as proof that African-led capital and industrial ambition can transform economies when supported by infrastructure and clear policies.

According to him, Africa’s decline in manufacturing—from 16 per cent of GDP in 1980 to under 10 per cent by 2016—should not discourage the continent, noting that new technologies such as modular factories, artificial intelligence and robotics provide opportunities for faster industrialisation in the 21st century.

Shettima also highlighted the role of human capital and mobility in driving growth, pointing out that Africans in the diaspora sent home about $95 billion in remittances in 2024—an amount roughly equivalent to total foreign direct investment into the continent.

He said Nigeria is championing freer movement of skills across Africa to allow talent and ideas to circulate and multiply.