Vice President KASHIM SHETTIMA says African economies need to graduate from basic production to manufacturing

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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