Nigeria Reaffirms Leadership in AfCFTA Implementation, Targets $29 Trillion Boost for Africa by 2050
Nigeria has reiterated its dedication to driving the full implementation of the African Continental Free Trade Area (AfCFTA), leveraging its potential to accelerate digital transformation and foster economic integration across the continent.
Vice President Kashim Shettima emphasized this commitment on Wednesday during a forum of Friends of AfCFTA held on the sidelines of the 2025 annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.
A $29 Trillion Vision
The Vice President joined global leaders in advocating for the comprehensive realization of AfCFTA, which is projected to grow Africa’s economy to an impressive $29 trillion by 2050. WEF President Børge Brende highlighted this economic potential, noting that AfCFTA’s success could significantly increase intra-African trade by 50%.
Nigeria’s Unique Advantage
Addressing the forum themed “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,” VP Shettima underscored Nigeria’s strategic position as a driver of economic transformation.
He highlighted Africa’s demographic strength and the opportunities presented by Nigeria’s expanding digital landscape:
- Demographic Growth: Nigeria’s population is projected to surpass that of the United States by 2050, reaching approximately 440 million people, making it the third most populous country globally.
- Digital Revolution: With 220 million telecom subscribers and 163 million internet users, Nigeria is poised to harness technology to empower its citizens and drive economic growth.
Shettima further pointed out that while Nigeria earned $35 billion from oil exports in 2011, other nations like India are reaping far greater rewards from digital industries, such as outsourcing, which brought India $120 billion in 2023.
“The African Continental Free Trade Area is more than an economic initiative—it’s a testament to Africa’s shared destiny,” Shettima said. He noted that while Africa may have missed opportunities in the agricultural and industrial revolutions, the continent is well-positioned to excel in the knowledge age.
A Call for Action
Brende echoed Shettima’s optimism, emphasizing that Africa’s young and growing workforce presents an unparalleled opportunity for global competitiveness. However, he stressed the importance of creating jobs to meet the demands of the continent’s burgeoning youth population.
Global leaders, including South Africa’s President Cyril Ramaphosa, DR Congo’s President Felix Tshisekedi, and Somalia’s President Hassan Sheikh Mohamud, echoed similar sentiments, emphasizing the transformative potential of AfCFTA.
Other notable attendees included Botswana’s President Duma Boko, Egypt’s Prime Minister Mostafa Madbouly, Confederation of African Football President Patrice Motsepe, former British Prime Minister Tony Blair, and various global CEOs.
A Shared Vision
The forum concluded with a shared commitment to advancing AfCFTA’s implementation, fostering economic resilience, and building a unified Africa capable of competing on the global stage. With Nigeria taking the lead, the continent looks forward to a future of unprecedented growth and prosperity.
