WEF 2025: Nigeria, Global Leaders Target $29 Trillion African Economy by 2050

As VP Shettima Reaffirms Nigeria’s Resolve to Champion AfCFTA

 

 

At the ongoing 2025 World Economic Forum (WEF) annual meeting in Davos, Switzerland, Vice President Kashim Shettima joined global leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA), with a goal of propelling Africa’s economy to a remarkable $29 trillion by 2050.

Shettima emphasized Nigeria’s commitment to spearheading the AfCFTA, highlighting the tremendous market potential it holds for digital transformation and the overall economic integration of Africa. This vision aligns with projections from the President of the WEF, Børge Brende, who described the AfCFTA as a transformative force that could unlock enormous economic growth for the continent, lifting Africa’s economy to $29 trillion by 2050.

In a statement issued by the Vice President’s spokesman, Stanley Nkwocha, Shettima and other world leaders made their positions clear during the Forum of Friends of AfCFTA at the WEF gathering. This forum focused on turning digital trade into a key catalyst for Africa’s economic growth.

Nigeria’s Digital Potential

In his address, Vice President Shettima reaffirmed Nigeria’s readiness to lead Africa’s digital economic transformation. He pointed to Africa’s unique opportunity to leverage its young and growing population to address global talent shortages. A Korn Ferry study projects a global human talent deficit of more than 85 million people by 2030—an opportunity that Africa, particularly Nigeria, could tap into.

“By 2050, Nigeria’s population will surpass that of the United States, becoming the third most populous nation on earth, with 440 million people,” Shettima stated. “This provides us with immense opportunities to empower our people.”

With a growing tech ecosystem, Nigeria is rapidly entering the knowledge economy. Shettima highlighted the country’s telecom strength, with 220 million telecom subscribers and 163 million internet users. He pointed out that while Nigeria’s peak oil export earnings reached $35 billion in 2011, India earned $120 billion last year from outsourcing alone—a sector where Africa could thrive if properly harnessed.

“The African Continental Free Trade Area is not only an economic arrangement but a bold statement of our shared destiny,” Shettima declared, adding that while Africa may have missed opportunities during the agricultural and industrial ages, the continent is poised to thrive in the knowledge age.

AfCFTA’s Promise for Africa

Børge Brende, President of the WEF, echoed Shettima’s remarks, underscoring Africa’s demographic advantage as a powerful engine for economic growth. Brende noted that while many nations globally are facing workforce shortages, Africa’s youthful population presents a tremendous opportunity for growth and innovation.

“If we provide the AfCFTA Secretariat with the support it needs, we can increase intra-African trade by an astounding 50%,” Brende said. “Currently, $29 trillion represents one-third of the global GDP. Africa’s potential for growth is unmatched, and one of its most significant assets is its demographics. The challenge now is creating new jobs for Africa’s young population.”

Regional Leadership and Global Support

Other notable leaders who spoke at the event included Presidents Cyril Ramaphosa of South Africa, Duma Boko of Botswana, Felix Tshisekedi of the Democratic Republic of Congo, and Hassan Sheikh Mohamud of Somalia. Also present were Egyptian Prime Minister Mostafa Madbouly, Confederation of African Football President Patrice Motsepe, and former British Prime Minister Tony Blair, alongside global CEOs and key business figures.

These leaders shared their perspectives on the transformative power of the AfCFTA, stressing the need for cooperation and the implementation of policies that would allow Africa to capitalize on its demographic advantages and technological potential.

As discussions at the WEF continue, there is a strong collective drive to implement AfCFTA fully, aiming to integrate Africa’s diverse economies and turn the continent into a global economic powerhouse. For Nigeria, this marks a pivotal moment in its ambition to lead the charge towards a prosperous and interconnected African future.