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

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

The vice president also restated Nigeria’s readiness to spearhead the AfCFTA and take advantage of the market potential of the sector for digital transformation and economic integration of the African continent.

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

Shettima and the global leaders declared their nations’ positions on Wednesday during a forum of Friends of AfCFTA on the sidelines of the ongoing 2025 WEF annual meeting in Davos, Switzerland.

• Nigeria’s public debt rises by N8.02trn to N142.3trn in Q3 2024
• FG signs $10m contract with WIOCC to link internet to 3m homes

The vice president, while addressing the forum tagged, ‘Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa’, reaffirmed Nigeria’s commitment to AfCFTA as a vehicle for shared prosperity.

He said Africa stands in a unique position to take advantage of global talent deficits, citing a Korn Ferry study that projects a global human talent shortage of more than 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 at 440 million people.”

Citing Africa’s growing digital landscape, the VP 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,” adding that while Africa may have missed the agricultural and industrial ages; it is positioned to thrive in the post-industrial knowledge age.

On his part, the WEF President, Brende, while welcoming Vice President Shettima 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%.

“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 at the event 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; and former British PM, Tony Blair; among other global CEOs.