Africa’s internet economy is growing FAST! It looks like we are a few steps away from reaching the Africa we want. The new report by Google and the World Bank’s IFC has just foretold that.
According to the report titled e-Conomy Africa 2020, Africa’s internet economy is expected to reach $180 billion by 2025. Which will account for 5.2% of the continent’s GDP.
The booming population, urbanization, improved internet infrastructures, and a growing number of tech talent are among the factors for the promising internet economy in Africa.
Currently, Africa is home to 700 000 developers and venture capital funding for startups has increased year on year for the past five years, with a record $2.02bn in equity funding raised in 2019, according to Partech Ventures Africa.
“The digital economy can and should change the course of Africa’s history. This is an opportune moment to tap into the power of the continent’s tech startups for much-needed solutions to increase access to education, healthcare, and finance, and ensure a more resilient recovery, making Africa a world leader in digital innovation and beyond,” said Stephanie von Friedeburg, interim managing director, executive vice president, and chief operating officer of IFC.
Africa’s Internet economy is transforming development on the continent by fostering economic opportunities, creating jobs, and providing innovative solutions to complex challenges, like access to healthcare, education, and finance.