By Esosa Aihie
Africa’s Internet economy has the potential to reach 5.2% of its gross domestic product (GDP) by 2025, contributing nearly $180 billion to its economy and a projected potential contribution could reach $712 billion by 2050 – Google IFC report.
The digital economy can change the course of Africa’s history. Covid-19 presents further opportunities for Africa’s digital startups to drive innovation in fast growing economic sectors – fintech, edtech, telemedicine, e-healthcare, e-media and entertainment, e-commerce, e-mobility, logistics, research and development.
The future is bright for Africa’s digital economy, increasing access to bigger & better digital services post COVID-19.
Analysis from Google IFC report paints a very bright and promising picture for Africa based on tapping into what has been achieved by tech startups to drive much-needed solutions and increase access to bigger and better digital services, making Africa a world leader in digital economy post COVID-19.
⁃ increased access to faster and better quality Internet connectivity
⁃ a rapidly expanding urban population ⁃ a growing tech talent pool ⁃ a vibrant startup ecosystem
⁃ Africa’s commitment to creating the world’s largest single market under the African Continental Free Trade Area.
⁃ Africa is home to 700,000 developers ⁃ from $99.7 billion (3.9% of total GDP) in 2019,
⁃ venture capital funding for startups has increased year-on-year for the past five years, with a record $2.02 billion in equity funding raised in 2019
⁃ Africa’s iGDP may contribute approximately $115 billion to it’s $2.554 trillion GDP (4.5% of total GDP).
⁃ Internet economy has the potential to reach 5.2% if its GDP by 2025 contributing nearly $180 billion to its economy
⁃ Projected potential contribution could reach $712 billion by 2050
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