Shettima at World Economic Forum: ‘Africa has woken up, Nigeria ready for business’

Vice President Kashim Shettima has issued a rallying call to global investors, declaring that Nigeria and Africa are open for business and ready to defy narratives of doom and gloom often painted about the continent.

Speaking on Tuesday at the ongoing World Economic Forum (WEF) in Davos, Switzerland, Shettima emphasized Nigeria’s growing investment potentials and the transformative steps being taken to modernize the country’s economy.

Addressing a session titled “Roadmap to Co-create Investment Opportunities for Africa’s Frontier Markets,” co-chaired by Mirek Dusek, Managing Director at the WEF, and Marie-Laure Akin Olugbade, Senior Vice President at the African Development Bank (AfDB), Shettima made a compelling case for Africa as a rising economic powerhouse.

“The tales you hear about Africa are not all doom and gloom,” Shettima said. “From the Democratic Republic of Congo to Ethiopia, from South Africa to Ghana, Africa is waking up from its slumber. The youngest continent is ready to take its rightful place in the comity of nations.”

Highlighting Nigeria’s strategic positioning, Shettima described the country as an emerging hub for robust and modernized investments under the leadership of President Bola Ahmed Tinubu. He highlighted Tinubu’s experience as a seasoned chartered accountant and the administration’s commitment to creating an investor-friendly environment.

“For 20 years, I was part of Nigeria’s banking ecosystem, rising to the level of general manager in the nation’s largest bank, Zenith Bank. I can tell you firsthand that Nigeria is ready for business. The President himself is a seasoned chartered accountant who understands the intricacies of investment and modernization,” he said.

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The Vice President pointed to key infrastructure projects aimed at driving Nigeria’s economic growth, including the coastal highway connecting Calabar to Lagos, the West African gas pipeline, and partnerships with 14 African countries to expand gas infrastructure to Morocco. These initiatives, he noted, are part of a broader strategy to position Nigeria as a major player in global commerce, akin to China’s transformative Belt and Road Initiative.

Shettima also highlighted the African Continental Free Trade Area (AfCFTA) as a pivotal opportunity for Nigeria and Africa at large to address infrastructure deficits and unlock economic growth. “The AfCFTA offers a chance to reimagine trade and collaboration across the continent, creating corridors of prosperity and fostering resilience in frontier markets,” he said.

In an impassioned moment, Shettima drew inspiration from historical figures to challenge perceptions of Africa. Quoting Napoleon Bonaparte, he likened Africa to a “sleeping giant” that is now awakening. He also referenced the late Nigerian military leader Gen. Murtala Mohammed’s declaration that Africa has come of age: “Africa is no longer under the orbit of any extra-continental power and shall no longer take orders from any country, however powerful.”

Shettima’s remarks were a bold assertion of Africa’s readiness to redefine its global standing—not as a region of perpetual need but as a hub of opportunity, innovation, and growth.

Data backs the Vice President’s optimism. Nigeria’s GDP is projected to grow by 3.2% in 2025, driven by increased foreign investments and strategic infrastructure development. With a median age of just 18.1 years, Africa’s young and dynamic population presents a significant labor and consumer market for investors. Additionally, the AfCFTA could boost intra-African trade by 52% by 2030, unlocking an estimated $450 billion in economic value.

However, challenges persist. Infrastructure gaps, bureaucratic inefficiencies, and insecurity remain barriers to achieving the continent’s full potential. Shettima acknowledged these hurdles but emphasized the government’s commitment to addressing them through strategic partnerships and forward-thinking policies.

Vice President Shettima’s message from Davos was clear: the time to invest in Africa is now. By showcasing Nigeria’s determination to modernize, innovate, and embrace global investment, he painted a picture of a continent on the cusp of transformation.

“Africa has woken up,” he declared, “and the trajectory of global growth is facing us.” For investors willing to look beyond outdated stereotypes, Nigeria offers a gateway to limitless opportunities in the heart of Africa’s frontier markets.

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