Vice President Kashim Shettima has called upon African leaders to collaborate in enhancing the $3.1 trillion Gross Domestic Product (GDP) of countries on the continent, constituting about three percent of the global total.
“The total Gross Domestic Product of African countries taken together is barely $3.1 trillion, which is less than three per cent of world GDP,” he remarked. Shettima acknowledged that Africa is often regarded as a growth economy requiring investments and infrastructure.
Addressing African leaders, Shettima stressed that achieving economies of scale is essential, allowing nations to unite, form a more formidable unit, and strengthen negotiating abilities. He encouraged them to expedite efforts to eliminate poverty on the continent, positioning Africa as a significant contributor to global productivity in an era dominated by Artificial Intelligence and Machine Learning.
While projecting that the African trade agreement could boost the continent’s GDP by $450 billion in the next decade, Shettima emphasized the importance of realizing a continental economy of scale, as illustrated by the African Continental Free Trade Agreement (AfCFTA).
Shettima viewed the challenges faced by Africa not as setbacks but as opportunities for engagement, productivity, and profitability. He highlighted the continent’s infrastructure deficit, estimating it to be in the trillions of dollars. During the African Economy of Scale Plenary at the World Economic Forum in Davos, Switzerland, Shettima expressed regret that Africa’s commercial activities still account for only about three percent of global trade.