Africa; what is the real story of this vast, multicultural, and verdant continent? You may only think about poverty and security issues. You may also be aware that there are many diverse and rich cultures on the continent. There are beautiful landscapes and abundant wildlife, but did you also know that Africa has the fastest growing economy in the world? Did you know that its economy is the only one that’s set to improve by double digits in the next ten years? Did you know that Africa is home to the largest number of entrepreneurs? You may be surprised to hear all of this, but Africa is actually brimming with investment opportunities in virtually any area of business.
In 2019, Africa’s economy grew at a rate 2x faster than the worldwide average, and 5 African companies made up the top 5 fastest-growing global economies. Africa has become so appealing that even big tech companies are taking note and investing big money into this burgeoning economy. Google is contributing to the African economy with its AI lab located in Accra, Ghana. They’re focused on using AI to meet local challenges, diversifying AI datasets, and improving Google Translate’s ability to translate African languages.
Microsoft is also investing in Africa with the Microsoft Africa Development Center (ADC) and the Microsoft Africa Research Institute (MARI) in Nairobi, Kenya. The ADC is planning to invest $100 million in new tech within the first five years, while MARI uses AI cloud tech to improve productivity.
Facebook is another big tech company taking a big interest in Africa. Facebook plans to open up new tech hubs in Lagos, Nigeria. They also plan to encircle the entire continent with 37,000 km of underwater internet cable.
Africa makes up 16% of the world’s population and only 3% of the global GDP, but those numbers quickly change. With Africa’s GDP expected to reach $4.5 trillion by 2025, investing in this thriving economy is a sure win.
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Last Updated on April 14, 2021.