Africa’s Lauded Digitization Drive Is Compromised By A Primal Setback
5 days ago
According to a recent report by Endeavor Nigeria, the digital opportunity in Africa is sizable and on a steady growth course. The Inflection Point: Africa’s digital economy is poised to take off, values the ecosystem at a current USD 115 B and forecasts a USD 712 B pool for 2050.
By virtue of resilient capital flow into the continent’s fledgling tech landscape, the prognostication is perceivably far from untrue. In 2021, African tech startups absorbed a record-breaking USD 4.08 B and have in 2022 [so far] managed to attract USD 2.3 B—roughly half of last year’s record—despite a global venture capital downtrend.
Be as it may, Africa’s digital transformation is beset by a league of socioeconomic shortcomings, chief of which is the lack of a foundational digital database, a means for both the public and private sectors to better access and assess data pertaining to the general consumer market. In kinship to the absence of said information, the region’s data economy is the least protected in the world.