Shettima Envisions Robust GDP Surge for Africa through AfCFTA

By Iyojo Ameh

Vice-President Kashim Shettima of Nigeria delivered a positive outlook on Africa’s economic future, foreseeing substantial Gross Domestic Product (GDP) growth across the continent through the African Continental Free Trade Area (AfCFTA).

Speaking at a breakfast meeting with African Heads of State at the World Economic Forum (WEF) in Davos, Shettima highlighted the potential for AfCFTA to contribute a staggering $450 billion increase in Africa’s GDP by 2035, accompanied by an 81% surge in exports.

Citing World Bank projections, Shettima emphasized the current intra-Africa trade standing at 15% and stressed the need to overcome obstacles for the success of the AfCFTA agreement.

“African trade is set to surge by 52.3% by 2025. The imperative is to expedite agreements, optimize information sharing with the private sector, and prioritize a smooth trade environment,” remarked Shettima.

Addressing challenges such as slow negotiations and clashes between national and continental priorities, Shettima urged African nations to prioritize unity. Drawing parallels with successful trade unions in other regions, he emphasized empowering African countries to independently resolve their issues.

In a separate forum targeting investors, Shettima assured foreign investors of Nigeria’s attractiveness under President Bola Tinubu’s administration. He highlighted Nigeria’s diversified economic approach, moving away from crude oil dominance into technology, arts, culture, creativity, and industrialization.

Shettima showcased Nigeria’s commitment to global best practices, citing Dr. Ngozi Okonjo-Iweala’s leadership at the World Trade Organization. The removal of foreign exchange bans on 43 trade items and liberalization of the downstream petroleum sector were emphasized as bold moves signaling full trade liberalization.

The Vice-President outlined key priorities, including repositioning the energy sector, major infrastructure investments, and engagement in global value chains. He expressed confidence in achieving a $1 trillion economy within eight years, underscoring a new era of accountability and productivity under President Tinubu’s guidance.

Shettima concluded by spotlighting emerging sectors like the Blue Economy, Digital Economy, Steel sector, Gas Subsector, and Alternative Energy.