Nigeria

Africa’s Internet economy to hit $180bn by 2025 —Report

A search engine and internet-related services provider, Google and the International Finance Corporation (IFC), have estimated Africa’s Internet economy in a report to potentially reach 5.2 per cent of the continent’s gross domestic product (GDP) by 2025, contributing about $180 billion to its economy.

“Google and IFC have created this report to highlight the role the digital startup sector is playing and other factors driving the continent’s growth, in order to showcase and support the opportunities the continent presents,” said Google Africa’s Director, Nitin Gajria.

The report also showcased Africa as a home to 700,000 developers and venture capital funding for startups. It was also reviewed that the increment has been for the past five years with a record of $2.02 billion 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, finance and ensure a more resilient recovery, making Africa a world leader in digital innovation and beyond,” said Mr Stephanie von Friedeburg, Interim Managing Director, Executive Vice President and Chief Operating Officer of IFC.

The report further stated that Digital startups in Africa are driving innovation in fast-growing sectors, including fintech, healthtech, media and entertainment, e-commerce, e-mobility, and e-logistics, contributing to Africa’s growing Internet gross domestic product (GDP)— defined as the Internet’s contributions to the GDP.

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