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Big Tech Embraces Big Opportunities in the African Economy (Infographic)

image credit: Empower Africa
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Founder NowSourcing

Brian Wallace is the Founder and President of NowSourcing, an industry leading content marketing agency that makes the world's ideas simple, visual, and influential. Brian has been named a Google...

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  • Jun 10, 2021 10:44 am GMT
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In recent years, Facebook, Microsoft, and Google have all had their eyes on expansion and investment in countries that might seem obscure to the average American.  These countries may not be what come to mind when considering growth or progressive tech opportunities.  They are all located on the continent of Africa.  From an investment and financial perspective, investing in Africa might not be on the radar for many US citizens, but it’s time to take a closer look.  

 

In 2019, Africa was home to the top five fastest growing economies in the world.  African economies are expanding at a rate of 2x faster than the global economic average. Africa is the home of 16% of the world’s population, but only 3% of the global GDP, but this is changing rapidly.  By 2025, it’s estimated that 65% of the African population will be considered middle class. Nearly half of the population will live in large cities, and with a working- age population that is surpassing those of India and China, Africa’s GDP is projected to reach $4.5 trillion over the next 4 years.  

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Tech giants, Facebook, Microsoft, and Google have all taken notice and are actively investing in the African economy in various ways.  

Facebook plans to plant tech hubs for startup development in Lagos, Nigeria.  They also plan to encircle the continent with 37,000 km of underwater internet cable. 

 

Google has built an AI lab in Accra, Ghana, which uses AI to address local challenges.  They’re also diversifying datasets to train and improve AI, and they’re working to improve Google Translates ability to recognize African languages. 

 

Microsoft has two endeavors in Africa; within the next 5 years, they plan to invest $100 million in new tech through the Microsoft Development Center (ADC), and the Microsoft African Research Institute (MARI) focuses on improving productivity through AI cloud tech.  Both of these hubs are located in Nairobi, Kenya.  

 

The African economy is thriving and growing fast.  It’s time companies and investors take note and get on board to take part in empowering this new land of opportunity. 

 

investing in Africa

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