Thriving technology hubs around the world did not wait for laws to catch up with innovation, giving companies such as Twitter, Uber, facebook and AirBnB the freedom to be created and thrive
Africa needs to look for a way to move from the agrarian and industrial into the services sector, and ICT is a way to do that.
If Africa nations must move forward they must invest aggressively in technology, improve local production, and cut cost of governance.
Investing aggressively in digital technology is the only way Africa can preserve its growth and continue to lift people out of poverty. countries must invest in the digital because henceforth, every sector of governance and living will depend on the digital.
Today, Africa’s digital generation has direct access to advanced technologies and are embracing its uses born out of a deep desire to find solutions to socioeconomic challenges.
Investment in technology was the best way to get Africa youths to take advantage of global opportunities without migrating to other countries in search of greener pasture.
Lessons from the COVID-19 pandemic was the need for Africa to embrace technological advancement so that her citizen’s could benefit from the numerous opportunities that came with it; and pointed at the recent decision to crash right of way charges as the first way to go.
Unless infrastructural developments are shaped and directed towards business developments, Africa nations will continue to invest in infrastructure which have no benefits.
“You don’t shape infrastructure as how you think it makes sense. you do it in a way that follows the money because ultimately that is where prosperity comes for everybody,” Chairman of Citibank Nigeria limited, Yemi Cardoso said.
African technology startups are scalable, make smart use of technology and aim for disruption in their application of a business model. Total invested capital more than doubled compared to last year’s research: from USD $12 million to USD $26.9 million. The average amount invested per venture increased from USD $130,000 last year to over USD $200,000 this year, according to vc4africa.
The global terrain continues to change and afrcan’s must develop a framework to align its growth strategy with the changes, identifying and eliminating bottlenecks as we go forward.
If Africa countries is to join the richer continent of the world, she must invest aggressively in technology, improve local production, and cut cost of governance.
The question is – how can Africa leverage its growing innovative and digital space to address several of its remaining development challenges?