Shettima Predicts Accelerated GDP Growth In Africa With The Implementation Of AfCFTA

Shettima Predicts Accelerated GDP Growth In Africa With The Implementation Of AfCFTA

Vice President Kashim Shettima has expressed confidence in the potential of the African Continental Free Trade Area (AfCFTA) to stimulate Gross Domestic Product (GDP) growth across the continent. During a breakfast meeting with African Heads of State on the sidelines of the World Economic Forum in Davos, Switzerland, Shettima highlighted the anticipated positive impact of AfCFTA, citing World Bank projections of a $450 billion increase in Africa’s GDP by 2035 and an 81% boost in exports…….CONTINUE READING

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Shettima emphasized the crucial need to enhance intra-African trade, currently at 15%, as a means to elevate the continent’s GDP. He underscored the urgency for African countries to swiftly address any remaining agreements and impediments hindering free and smooth trade, urging optimization and prioritization of information sharing with private sector players. Shettima asserted that trade is a private sector imperative, with governments playing a facilitating role.

Expressing concern over slow negotiations and clashes between national and continental priorities, Shettima called for increased speed and cohesion among African countries to ensure the success of AfCFTA. Drawing parallels with trade unions in Europe, the Americas, and Asia, he emphasized the need to empower African countries to solve their problems organically.

In another forum welcoming investors, Shettima conveyed Nigeria’s commitment to becoming an attractive destination for global investors. He highlighted President Bola Tinubu’s administration’s efforts to diversify the economy away from crude oil dominance and toward technology, arts, culture, creativity, and industrialization. Shettima showcased Nigeria’s progress in energy security and transition, emphasizing the country’s openness to engaging with willing nations on mutually beneficial and sustainable terms.

Speaking on the liberalization efforts by the Tinubu administration, Shettima noted the removal of trade restrictions, subsidy removal in the downstream petroleum sector, and the establishment of a market-driven foreign exchange system. He outlined Nigeria’s aspirations to participate fully in Global Value Chains (GVC) and listed priorities, including repositioning the energy sector, investing in infrastructure, and targeting a $1 trillion economy within eight years.

Shettima concluded by highlighting emerging sectors under President Tinubu, such as the blue economy, digital economy, steel sector, gas sector, and alternative energy. He emphasized ongoing efforts to reposition Nigeria’s image, address pockets of insecurity, and showcase the nation’s strength in diversity, with over 300 different languages fostering mutual learning and growth.

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