Nigeria’s Vice President Kashim Shettima has challenged African leaders to increase the continent’s share of the global GDP and trade, which currently stand at a meagre three percent each. He made the call at the African Economy of Scale Plenary, a side event of the World Economic Forum (WEF) in Davos, Switzerland.
Shettima said that Africa needs to diversify its economy from primary and basic sectors, such as raw materials, minerals and food crops, to more value-added and advanced sectors, such as manufacturing and services.
He said that this would require more investments and infrastructure, as well as greater integration and cooperation among African countries.
He cited the African Continental Free Trade Agreement (AfCFTA), which aims to create a single market for goods and services across the continent, as an example of how economies of scale can benefit Africa.
He said that the AfCFTA is expected to increase Africa’s GDP by $450 billion in the next decade, and enhance its competitiveness and productivity in the global arena.
He urged African leaders to act fast and decisively to eradicate poverty and catch up with the rest of the world, especially in the age of artificial intelligence and machine learning, which are transforming human interactions and existence.
He said that Africa has the potential to be a major player in the global economy, if it can leverage its population, resources and opportunities.