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WEF 2025: Nigeria, Global Leaders Target $29trn African Economy By 2050
WEF 2025: Nigeria, Global Leaders Target $29trn African Economy By 2050
** As VP Shettima reaffirms Nigeria’s resolve to champion AfCFTA
By: Our Reporter
Vice President Kashim Shettima has joined other world leaders to push for the full implementation of the African Continental Free Trade Area (AfCFTA) with a target to boost Africa’s economy to $29 trillion by 2050.
He restated Nigeria’s readiness to spearhead the AfCFTA and take advantage of the market potential of the sector for digital transformation and economic integration of the African continent.
This is just as the President of the World Economic Forum (WEF), Børge Brende, pointed out the transformative potential of the AfCFTA, projecting that its full implementation could boost Africa’s economy to $29 trillion by 2050.
Senator Shettima and the global leaders declared their nations’ positions on Wednesday during a forum of Friends of AfCFTA on the sidelines of the ongoing 2025 annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.
The Vice President, while addressing the forum tagged, “Forum Friends of AfCFTA: Turning Digital Trade into a Catalyst for Growth in Africa,” reaffirmed Nigeria’s commitment to AfCFTA as a vehicle for shared prosperity.
According to VP Shettima, 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,” he stated.
Citing Africa’s growing digital landscape, the VP said Nigeria’s technological strength is propelling it into the knowledge age.
“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,” VP Shettima stated, adding that while Africa may have missed the agricultural and industrial ages, it is positioned to thrive in the post-industrial knowledge age.
On his part, the WEF President, Brende, while welcoming Vice President Shettima and other African leaders to the “Forum Friends of AfCFTA,” said Africa’s demographic advantage presents huge economic opportunities for the continent.
He noted that while most nations face workforce challenges, Africa’s young population positions it for unprecedented growth.
“If the Secretary General of the AfCFTA is given all the support he deserves, we can boost intra-African trade by a staggering 50%.
“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,” he stated.
Others who spoke at the event included the Presidents of South Africa, Cyril Ramaphosa; Botswana, Duma Boko; DR Congo, Felix Tshisekedi; Somalia, Hassan Sheikh Mohamud; Prime Minister of Egypt, Mostafa Madbouly; Confederation of African Football President, Patrice Motsepe; Former British Prime Minister, Tony Blair; amongst numerous global CEOs.
WEF 2025: Nigeria, Global Leaders Target $29trn African Economy By 2050
Breaking: Kanu fails to open defence, cites former counsel’s retention of case file
By: Zagazola Makama
The detained leader of the proscribed separatist group, Indigenous People of Biafra (IPOB), Nnamdi Kanu, on Friday failed to open his defence in his ongoing terrorism trial before a Federal High Court in Abuja.
Kanu attributed his inability to present his defence to the failure of his former legal team, led by former Attorney General of the Federation (AGF) Kanu Agabi, to hand over his case file, preventing him from adequately preparing.
The defendant was initially slated to open his defence on Thursday but instead announced the sacking of his legal team and requested a short adjournment until Friday.
On Friday, the prosecuting counsel, Adegboyega Awomolo (SAN), informed the court that the case was scheduled for Kanu to open his defence. When called, Kanu informed the court he could not proceed as those responsible for delivering his case file to the Department of State Services (DSS) facility, where he is being held, had failed to do so.
Kanu prayed for an adjournment until Monday, October 27, to access the case file and familiarise himself with its contents. He further stated he was expecting witnesses from the United Kingdom, the United States, Kenya, and Ethiopia, and requested an order allowing him to meet with them over the weekend for preparation.
The court granted his request, instructing the DSS to allow Kanu receive visitors on Saturday and Sunday. Justice James Omotosho adjourned the trial till October 27 for Kanu to open his defence, warning that the six days initially granted for his defence, which began on October 23, will not be extended.
Breaking: Kanu fails to open defence, cites former counsel’s retention of case file
Farmer injured in herders’ attack in Konduga
By: Zagazola Makama
A farmer has been hospitalized after sustaining severe machete wounds in an attack by suspected herders at Jakana Village, Konduga Local Government Area of Borno State.
The incident occurred on Wednesday when a group of herders reportedly led their cattle into a beans farm belonging to locals and grazed on the crops.
During an attempt by Mohammad Ali Fantami, 30, of Kadamari Lamboa bush, to drive the cattle away, one of the herders allegedly attacked him with a machete, severing his left hand and inflicting deep cuts on his neck before escaping.
The victim was evacuated to the University of Maiduguri Teaching Hospital (UMTH), where he is said to be responding to treatment.
Efforts are ongoing to trace and apprehend the perpetrators as investigations continue into the incident.
End
Troops repel another ISWAP ambush, recover arms, motorcycles in Magumeri
By: Zagazola Makama
Troops of the Nigerian Army under Operation Hadin Kai have foiled a series of ambush attacks by Boko Haram and Islamic State West Africa Province (ISWAP) terrorists along the Damasak–Gubio road in Magumeri axis of Borno State.
Zagazola Makama gathered that the troops, who were on a fighting patrol as part of Operation Desert Sanity IV, came under fire from suspected terrorists on arrival at Binduldul.
Sources stated that the troops responded with superior firepower, forcing the terrorists to flee in disarray. Reinforcements led by the Commanding Officer of the Battalion later exploited the scene, recovering two motorcycles, one AK-47 rifle, five blankets, three praying mats, a spare motorcycle tyre and two gallons of engine oil.
The sources added that one terrorist was neutralised during the encounter.
Furthermore, at about 3:05 p.m. on the same day, while withdrawing from the area, the troops encountered another ambush involving an Improvised Explosive Device (IED) attack followed by heavy gunfire from ISWAP fighters near Kardio village.
The soldiers successfully repelled the assault, safely detonated another IED along their main supply route, and returned to base without any casualty.
Photographs from the operation indicated successful recovery of items and neutralisation of threats in the area.
Troops repel another ISWAP ambush, recover arms, motorcycles in Magumeri
Breaking: Kanu fails to open defence, cites former counsel’s retention of case file
Decomposed body of kidnapped man found in mining pond in Jos South
Man abducted after delivering ransom for kidnapped child in Kogi
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