- Vice President Kashim Shettima and other world leaders have called for the full implementation of the African Continental Free Trade Area
- Shettima reiterated Nigeria’s commitment to lead the AfCFTA initiatives
- The president of the WEF also showed support for the full implementation of the AfCFTA
Nigeria’s Vice President, Kashim Shettima, and other world leaders have called for the full implementation of the African Continental Free Trade Area (AfCFTA), which aims to grow Africa’s economy to $29 trillion by 2050.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, Shettima and the leaders called for this at the ongoing World Economic Forum (WEF) in Davos, Switzerland.
Shettima noted that Nigeria is committed to leading the AfCFTA initiative by leveraging its market potential for digital transformation and economic integration across the continent.
The Vice President alongside other leaders reiterated their support to the AfCFTA during the “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa” session of the forum.
At the forum, Shettima emphasised that Nigeria is dedicated to the AfCFTA as a means of achieving shared prosperity for the continent.
The Vice President further highlighted Nigeria’s technological advancements, with 220 million telecom subscribers and 163 million internet users, adding that Nigeria has the potential for digital empowerment and economic growth.
He said, “Africa stands in a unique position to take advantage of global talent deficits, citing a Korn Ferry study that projects a global human talent shortage of more than 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.
“Today, we have 220 million telecom subscribers and 163 million internet users in Nigeria alone. This provides us with immense opportunities to empower our people. While our highest oil export earnings were $35 billion in 2011, India last year earned about $120 billion from outsourcing alone.
“The African Continental Free Trade Area is not only an economic arrangement but a bold statement of our shared destiny.
“While Africa may have missed the agricultural and industrial ages, it is positioned to thrive in the post-industrial knowledge age.”
WEF president reiterates commitment to the AfCFTA
On his part, the WEF President, Børge Brende, stressed the potential of the AfCFTA to Africa’s economy, noting that its full implementation portends a boost to the continent’s economy by 2050.
Brende highlighted Africa’s demographic advantage and its potential for growth in the coming years.
He added that supporting AfCFTA Secretary General Mene Wamkele could boost intra-African trade by 50 per cent.
Brende said, “If the secretary-general of AfCFTA, Wamkele Mene, is given all the support he deserves, we can boost intra-African trade by a staggering 50 per cent.
“As of today, $29 trillion represents one-third of the global GDP. Africa is such a growing continent, and one of its key promises is demography. The challenge now is creating new jobs for the youth population.”
Other speakers at the event included South African President, Cyril Ramaphosa; Botswana President, Duma Boko; DR Congo, President Felix Tshisekedi; Somali President, Hassan Sheikh Mohamud; Egyptian Prime Minister, Mostafa Madbouly; Confederation of African Football President, Patrice Motsepe, and former British Prime Minister, Tony Blair, among others.
AfCFTA: Africa needs to enhance intra-country trade to harness $3 trillion opportunity – Umoren
Meanwhile, TheRadar earlier reported that the Secretary General of the Memorandum of Understanding on Port State Control for West and Central African Region (Abuja MoU), Captain Sunday Umoren, said Africa needs to improve intra-country trade to harness the $3 trillion Gross Domestic Product (GDP) opportunity created by the African Continental Free Trade Area (AfCFTA) agreement.
Umoren stated this at the weekend during the third quarterly paper presentation of the Nigerian Association of Master Mariners (NAMM).
