Friday, January 19, 2024 – Vice President Kashim Shettima has emphasized the need for African economies to start adding value to their production to step up to the secondary scale, which turns materials to manufactured goods.
Shettima, who laid the emphasis during the African Economy
of Scale Plenary on the sidelines of the ongoing World Economic Forum (WEF) in
Davos, Switzerland, regretted that African trade was still hovering around
three per cent of world trade.
He implored African leaders to work towards ramping up the total $3.1
trillion Gross Domestic Product (GDP) of countries on the continent amounting
to a paltry three per cent of the overall global GDP.
According to a statement issued by Senior Special Assistant to the
President on Media and Publicity, Office of the Vice President, Stanley
Nkwocha, Shettima said “the total Gross Domestic Product of African countries
taken together is barely $3.1 Trillion, which is less than 3% of world GDP.
“African trade still hovers at 3% of world trade. These indices must be
reversed and ramped up. I believe this is one of the key concerns of Africa
Economy of Scale.
“It must be borne in mind that African economies are still largely primary
and basic in nature, with considerable dependencies on the global economy. Most
countries on our continent are still known for their export of raw materials,
minerals and food crops.
“Also Shettima said Nigeria is on the right path to becoming their
delight, citing the country’s enviable position as Africa’s largest economy and
ongoing efforts of the Bola Tinubu administration to diversify the economy, as
outlooks.
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