Nigeria, Global Leaders Target $29trn African Economy By 2050

Vice President Kashim Shettima has 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.

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

According to a statement by his spokesman, Stanley Nkwocha, Senator 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 annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.

While addressing the forum tagged “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,” the Vice President reaffirmed Nigeria’s commitment to AfCFTA as a vehicle for shared prosperity.

According to Shettima, Africa is uniquely positioned to exploit 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 world’s third most populous nation at 440 million people,” he stated.

Citing Africa’s growing digital landscape, the VP said Nigeria’s technological strength propels 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 earned about $120 billion last year 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.

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 vast 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%.

“Currently, $29 trillion represents one-third of the global GDP. Africa is 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; Former British Prime Minister, Tony Blair; amongst numerous  global CEOs.