Africa is not only ready for the fourth industrial revolution. It is set to outdo the achievements of the developed world. That was one of the messages that emerged at a seminar hosted by the African Development Bank at its headquarters in Abidjan.
The event attracted Ivorian and regional ministers as well as officials, senior Bank staff and private sector executives, including those of tech giants MTN and Orange.
“Any big city in Africa is pretty much indistinguishable from the rest of the world, with its mix of fiber, 3G, 4G and even 5G,” said Stefan Nalletamby, Acting Vice President for the Private Sector, Infrastructure and Industrialization Complex at the African Development Bank.
“Our goal is not to match our peers in the developed countries but to surpass them…The African Development Bank is ready to walk the talk and lead the efforts for the digital transformation of the continent,” Nalletamby said in his keynote address.
In 2019, approximately 6,500 technology start-ups were identified on the continent, among which about 10% develop applications that characterize the fourth industrial revolution.
The foundation has been laid for the fourth industrial revolution, said Francie Sadeski, partner and lead in emerging markets at Technopolis.
The venture capital of more than $100 million was invested in African Internet of Things start-ups by 2019, making it by far the most attractive 4IR technology for investors on the continent. The market is projected to reach a value of $12.6 billion by 2021 in Africa and the Middle East.
About $47 million was invested in Additive Manufacturing in Africa by 2019, according to the report. The market is estimated to reach $1.3 billion by 2022. Other encouraging statistics include: artificial intelligence start-ups and blockchain start-ups attracting respectively $17.5 million by 2019 and $14.9 million in 2019.
The human capital is key to Africa realizing the offerings of the fourth industrial revolution, which urgently requires more graduates in science, technology, mathematics and engineering. The topic was carried through to a panel discussion on the readiness of African countries to produce the required skills.
Original source: AfDB
Published on 20 February 2020
