Nigeria’s Vice President, Kashim Shettima, has called upon African leaders to collaborate in elevating the combined Gross Domestic Product (GDP) of African nations to address the current $3.1 trillion, representing just three percent of the global GDP.
During the African Economy of Scale Plenary at the World Economic Forum (WEF) in Davos, Switzerland, VP Shettima expressed concern that African trade remains confined to merely three percent of global trade. He emphasised the need to reverse these figures and amplify Africa’s economic standing, marking it as a key focus for the Africa Economy of Scale.
Highlighting that many African economies are primarily reliant on raw materials and basic exports, Shettima stressed the imperative to transition towards value addition and engage in secondary and tertiary product manufacturing. He acknowledged the continent’s recognition as a growing economy in need of investments and infrastructure.
Shettima urged African leaders to leverage economies of scale, emphasising that uniting as a formidable entity would provide a more influential voice and stronger negotiating capabilities. He underscored the importance of African nations enhancing productivity to eradicate poverty and becoming significant contributors to global productivity.
The Vice President emphasised that size matters in negotiations and scalability and encouraged pooling resources to cut costs in producing necessities for the people. Shettima praised the timely concept of an economy of scale for Africa, citing it as an opportunity for development on a continent viewed as the last frontier.
While acknowledging Africa’s infrastructure deficit in trillions of US dollars, he outlined the pressing need for new housing units, schools, infrastructure, and technology interventions. Shettima commended African youths for their contributions in the technological and creative sectors, recognising their impact on the continent and beyond.
In conclusion, the Vice President acknowledged the evolving landscape, particularly in technology-driven sectors, and highlighted the redefinition of the terrain by African youths.
