Nigeria Joins Global Leaders to Boost African Economy to $29 Trillion by 2050
By Chief Editor
Vice President Kashim Shettima has reaffirmed Nigeria’s commitment to leading the implementation of the African Continental Free Trade Area (AfCFTA), aiming to boost Africa’s economy to $29 trillion by 2050. This declaration was made at the World Economic Forum (WEF) in Davos, Switzerland, where global leaders convened to discuss the AfCFTA’s potential to transform the continent’s economy.
The AfCFTA is poised to become a game-changer for Africa’s economy, with the potential to increase intra-African trade by 50%. The agreement is expected to create new opportunities for businesses, foster economic integration, and promote digital transformation across the continent.
According to VP Shettima, Africa is uniquely positioned to take advantage of global talent deficits, with Nigeria’s population projected to surpass that of the United States by 2050. The Vice President highlighted Nigeria’s growing digital landscape, with 220 million telecom subscribers and 163 million internet users, presenting immense opportunities for empowerment and economic growth.
The WEF President, Børge Brende, emphasized the importance of supporting the AfCFTA, citing Africa’s demographic advantage as a key driver of economic growth. Other global leaders, including the Presidents of South Africa, Botswana, and DR Congo, also expressed their commitment to the AfCFTA and its potential to transform the African economy.
What’s Next? As Nigeria and global leaders continue to champion the AfCFTA, the focus will shift to implementing the agreement and unlocking its full potential. With the target of boosting Africa’s economy to $29 trillion by 2050, the stakes are high, but the rewards could be transformative for the continent.
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