The African Development Bank hosted a panel of experts drawn from industry, government and the investment community to lay out key actions for Africa to deliver a transformational digital future for its people.
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A side event to the Bank’s Annual Meetings in Accra, Ghana, the session featured a discussion on building resilient digital economies in Africa. It addressed the need for resilient broadband networks as well as innovation and entrepreneurship to develop a thriving digital eco-system.
Ralph Mupita, Group CEO of MTN, Africa’s largest telecommunications operator, outlined the rapid advances in connectivity in Africa: almost half the population has their own sim card and more than 20% has access to the internet. Yet “attaining broadband for all of Africa by 2030 will cost at least $100 billion,” he cautioned, and said for mobile technology to be affordable for all, Africa needs a $20 smartphone.
The transformational impact of digital platforms could revolutionise entire sectors of the economy, particularly when applied to existing value chains, predicted Tidjane Dème, a partner at venture capital firm Partech. Investment in digital technology in Africa grew from $360 million in 2016 to $5.2 billion in 2020, he said.
In Cabo Verde, a €31 million investment from the African Development Bank is enabling the government to build a world-class technology park, giving digital entrepreneurs a place to innovate and learn, supported by superior connectivity. “Our vision is to position Cabo Verde as the leading digital hub and gateway to West Africa,” said Cabo Verde’s Minister of Finance, Olavo Correia.
Wael Elkabbany, Managing Director of the Microsoft Africa Transformation Office, recognised that more still needs to be done. Africa requires 700 new data centres to meet its growing data demand. Governments and regional economic communities could provide opportunities for large-scale investment, through the adoption of harmonised policies supporting the free movement of data.
Bringing the discussion to a close, Solomon Quaynor, Vice President, Private Sector, Infrastructure and Industrialisation at the African Development Bank Group, cited a recent $170 million investment project in Nigeria's digital and creative industries. The project aims to create up to 850,000 direct and indirect jobs, part of Nigeria’s efforts to create more sustainable jobs for the booming youth population. ■
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