Report Predicts Africa’s Internet economy could be worth $180 bn by 2025

A new report called e-Conomy Africa 2020, released in South Africa by Google and the International Finance Corporation (IFC), estimates that Africa’s Internet economy has the potential to reach 5.2 percent of the continent’s gross domestic product (GDP) by 2025, contributing nearly One hundred and eighty billion US dollar or two point eight trillion rand to its economy.

The projected potential contribution could reach seven hundred and twelve billion US dollar by 2050.

Driving this growth is a combination of increased access to faster and better quality Internet connectivity, a rapidly expanding urban population, a growing tech talent pool, a vibrant startup ecosystem, and Africa’s commitment to creating the world’s largest single market under the African Continental Free Trade Area.

Your Friends Also Read:  COVID-19: Skyrocketing Food Prices May Cause Hunger In Nigeria

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.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.


Previous Article

AfDB Postpones 2020 Africa Investment Forum to 2021

Next Article

Kenyan Micro-Insurtech Startup Raises $2 Million in Seed Funding

Related Posts

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.