•Shettima reaffirms country’s resolve to champion AfCFTA
From Juliana Taiwo-Obalonye, Abuja
Vice President Kashim Shettima joined global leaders at the World Economic Forum (WEF) in Davos to advocate for the full implementation of the African Continental Free Trade Area (AfCFTA), aiming to elevate Africa’s economy to $29 trillion by 2050.
This ambitious target was discussed during the “Forum Friends of AfCFTA” meeting, where Shettima emphasized Nigeria’s readiness to lead in harnessing digital transformation for economic integration.
The AfCFTA, which encompasses 55 African countries and aims to create a single market for 1.7 billion people, has the potential to significantly boost intra-African trade and develop local value chains.
The Vice President pointed out Africa’s unique position in addressing global talent shortages, citing a Korn Ferry study projecting a deficit of over 85 million skilled workers by 2030. He noted that Nigeria’s population is expected to surpass that of the United States by 2050, further emphasising the continent’s demographic advantage.
The forum also showcased an action plan developed by the WEF and AfCFTA stakeholders, focusing on four high-potential sectors: automotive, agriculture, pharmaceuticals, and transport. These sectors are projected to see rapid growth under the AfCFTA framework, which aims to reduce reliance on imports and enhance local production capabilities.
As discussions unfolded, leaders from various countries, including South Africa and Egypt, echoed Shettima’s sentiments regarding the transformative potential of the AfCFTA. They underscored the importance of public-private partnerships in facilitating investment and addressing challenges related to workforce development.
With Africa poised for unprecedented growth through initiatives like the AfCFTA, global leaders are increasingly recognizing the continent as a vital player in the future of international trade and investment.
“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 stated.
Citing Africa’s growing digital landscape, he said Nigeria’s technological strength is propelling it into the knowledge age.
“Today, we have 220 million telecom subscribers and 163 million internet users in Nigeria alone. This provides us with 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 only an economic arrangement but a bold statement of our shared destiny,” VP Shettima stated, adding that while Africa may have missed the agricultural and industrial ages, it is positioned to thrive in the post-industrial knowledge age.
WEF President, Brende, while welcoming Vice President and other African leaders to the “Forum Friends of AfCFTA,” said Africa’s demographic advantage presents huge economic opportunities for the continent.
He noted that while most nations face workforce challenges, Africa’s young population positions it for unprecedented growth.
“If the Secretary General of the AfCFTA is given all the support he deserves, we can boost intra-African trade by a staggering 50 percent.
“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. The challenge now is creating new jobs for the youth population,” he stated.
Others who spoke included the Presidents of South Africa, Cyril Ramaphosa; Botswana, Duma Boko; DR Congo, Felix Tshisekedi; Somalia, Hassan Sheikh Mohamud; Prime Minister of Egypt, Mostafa Madbouly; Confederation of African Football President, Patrice Motsepe; former British Prime Minister, Tony Blair; amongst numerous global CEOs.