Foreign Aid Not the Solution to Africa’s Economic Challenges – Shettima

• Shettima asserts foreign aid isn’t the solution for Africa’s economic challenges, emphasizing strategic investments and partnerships for development
• He highlights the need for education, gender empowerment, and innovation to transform African societies and foster sustainable growth

Vice President Kashim Shettima has asserted that foreign aid is not the answer to the economic challenges confronting African nations and other countries in the Global South.

Speaking at the World Economic Forum (WEF) 2025 in Davos-Klosters, Switzerland, the Vice President emphasized the importance of partnerships over aid and called for strategic investments in key sectors to drive development.

Themed ‘Collaboration for the Intelligent Age’, the WEF serves as a global platform where leaders from government, business, academia, and civil society convene to address critical global challenges.

During a panel discussion, Shettima stressed the need for African countries to focus on education, gender empowerment, and innovation as tools for societal transformation.

“While challenges abound, these challenges also present opportunities to re-engineer our society and build a solid foundation for sustainable development,” he said.

Shettima highlighted the economic crisis in Nigeria as an opportunity to foster transformative change through strategic investments.

“The crisis has given us a unique opportunity to invest in people—especially in education, gender empowerment initiatives, and smart agriculture—to leapfrog our economies into the post-industrial revolution,” he said.

Rejecting the reliance on foreign aid, Shettima advocated for equality in international relationships.

“I don’t believe in aid but in partnership. I would rather carry my poverty with dignity and engage with nations and companies on a pedestal of equality, not a master-servant relationship,” he stated.

The Vice President underscored Africa’s vast resource wealth and its critical role in global economic growth, declaring, “My continent is the richest in the world, and the trajectory of global growth is facing Africa. Nigeria will play a pivotal role in this transition.”

He expressed confidence in Africa’s future, adding, “The youth of Africa are the drivers of change, and they give me hope for a better tomorrow.”

On January 22, Shettima joined other global leaders in advocating for the full implementation of the African Continental Free Trade Area (AfCFTA) agreement during the WEF.

He reiterated Nigeria’s readiness to lead the initiative, emphasizing its potential to foster digital transformation and economic integration across the continent.

Shettima’s remarks highlight Africa’s potential to address its economic challenges through self-reliance, strategic investments, and partnerships rooted in equality.