Nigeria, Global Leaders Target $29 trn to Advance African Economy by 2050

In a significant push for economic growth, Nigeria’s Vice President Kashim Shettima has joined forces with global leaders to champion the African Continental Free Trade Area (AfCFTA).

The ambitious goal is set to trigger Africa’s economy to a staggering $29 trillion by 2050.

Speaking at the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Shettima reaffirmed Nigeria’s commitment to AfCFTA, noting its potential to drive digital transformation and economic integration across the continent.

“Africa stands in a unique position to take advantage of global talent deficits,” Shettima noted, citing a Korn Ferry study that projects a global human talent shortage of over 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,” he said.

Shettima also highlighted Africa’s growing digital landscape, pointing out that Nigeria alone boasts 220 million telecom subscribers and 163 million internet users.

The AfCFTA, according to Shettima, is “not only an economic arrangement but a bold statement of our shared destiny.”

He acknowledged that while Africa may have missed the agricultural and industrial ages, it is now poised to thrive in the post-industrial knowledge age.

World Economic Forum President, Børge Brende, echoed Shettima’s sentiments, pointing out Africa’s demographic advantage and its potential for unprecedented growth.

Brende said if the AfCFTA is fully implemented, intra-African trade could increase by a staggering 50%.

Persecondnews recalls that the first shipment from Nigeria under AfCFTA successfully arrived at the Mombasa Port in Kenya.

This announcement was contained in a press release signed by Olusegun Olutayo, Senior Trade Expert at the Nigeria AfCFTA Coordination Office on Sunday.

With reference to the Decision of the AU Assembly at its 31st Ordinary Session of the Assembly, the Nigeria AfCFTA Coordination Office in line with its mandate under the leadership of Mr Olusegun Awolowo coordinated the landmark event which marks a significant milestone for Nigeria in realizing the vision of increased intra-African trade and economic integration championed by the AfCFTA.

This first consignment which is a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.

Olutayo also applauded the bold economic reforms of President Bola Tinubu, emphasizing their catalytic role in enabling Nigeria’s active participation in AfCFTA, fostering continental economic integration and industrialization goals.

Other notable leaders who spoke at the World Economic Forum (WEF) in Davos, included the Presidents of South Africa, Botswana, DR Congo, Somalia, and Egypt, as well as the Confederation of African Football President, Patrice Motsepe, and former British Prime Minister, Tony Blair.

With a unified vision for Africa’s economic future, these leaders are firm in their resolve to drive growth and prosperity across the continent.

As VP Shettima aptly put it, “The African Continental Free Trade Area is a vehicle for shared prosperity, and we must seize this opportunity to create a brighter future for all Africans.”