Davos: Vice-President Kashim Shettima says Nigeria is ready to spearhead the African Continental Free Trade Area (AfCFTA). Shettima made this announcement at a forum of Friends of AfCFTA on the sidelines of the ongoing 2025 World Economic Forum (WEF) in Davos, Switzerland. Addressing the forum tagged, ‘Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,’ Shettima emphasized Nigeria’s commitment to AfCFTA as a vehicle for shared prosperity. He highlighted Africa’s unique position to capitalize on global talent deficits.
According to News Agency of Nigeria, Shettima referenced a Korn Ferry study projecting a global human talent shortage of more than 85 million people by 2030. He added that by 2050, Nigeria’s population would surpass that of the U.S., becoming the third most populous nation on earth with 440 million people. Shettima underscored Nigeria’s technological advancements, noting that the country has 220 million telecom subscribers and 163 million internet users, which provide opportunities to empower its population. He contrasted Nigeria’s highest oil export earnings of 35 billion dollars in 2011 with India’s 120 billion dollars earned from outsourcing last year, illustrating the potential benefits of digital trade.
Aligning with Shettima’s views, Mr. Borge Brende, the WEF President, remarked on Africa’s demographic advantage, which presents significant economic opportunities for the continent. He noted that while many nations face workforce challenges, Africa’s youthful population positions it for remarkable growth. Brende emphasized the importance of supporting the Secretary General of the AfCFTA, suggesting that with adequate backing, intra-African trade could increase by 50 percent. He further stated that 29 trillion dollars currently represents one-third of the global Gross Domestic Product (GDP), and Africa’s growth potential is strongly tied to its demographic profile. The key challenge, he noted, is creating new jobs for the youth population.