Yemisi Izuora
There are prospects of Africa taking prominent position in global digital economy as the continents leaders converged in Nigeria for the second annual Moonshot by TechCabal conference.
At the conference they called for more strategic partnerships with the private sector to enhance Africa’s role in the global digital economy.
The delegates from Nigeria, Ghana, Sierra Leone and Mauritania, made the call at a high-level pan-African Ministerial panel session held on Wednesday, 9th of September – Day 1 of the technology conference organised by TechCabal the leading ecosystem convener in Africa.
Speaking at the panel session were Kashifu Inuwa Abdullah, Director General of Nigeria’s National Information Technology Development Agency (NITDA); Dr Augustina Odame, CEO, Ghana Chamber of Technology; David Manley, Chief Advisor Technology, Sierra Leone; and Marieme Kane, Director of Innovation, Ministry of Digital Transformation, Mauritania.
The topic of the discussion was, ‘Building Digital Economies for the World: How African countries are shaping their tech economies to compete across the continent and globally.’
The discussion examined ways that Africa could go beyond policies to strengthen her position in the global digital economy.
In addition to policies which are essential to drive Africa’s digital economy, policymakers identified strategic partnerships and improved infrastructure as other critical factors capable of accelerating the continent’s impact on the global stage. By bridging existing infrastructural gaps, governments can directly support businesses across economic sectors, driving the digital economy.
Speaking on partnerships, Dr Augustina Odame, CEO, of the Ghana Chamber of Technology advocated for collaborations with the private sector and development partners to leverage their resources and create investment vehicles. “We’ve seen a lot of private-public sector partnerships go south, but we need it. It’s a key way that we are going to finance some of this huge capital infrastructure necessary for development,” she said.
The consensus reached by the panel is that governments have a key role to play in equipping innovators with the skills necessary to contribute better to Africa’s digital economy projected to reach $180 billion by 2025.
Holding at the Eko Convention Centre, Lagos, the annual two-day event that brings together the most audacious tech and government leaders hosted a fireside chat with Dr Bosun Tijani, Nigeria’s Federal Minister of Communications, Innovation and Digital Economy, and Tomiwa Aladekomo, CEO of Big Cabal Media. As part of a new content track, ‘Government, Policy & Regulation,’ the chat provided a platform to discuss pressing industry challenges and allowed participants to engage directly with the Minister about his plans and the progress in his first year in office.
The Minister spoke about the ministry’s strategic plans which include creating a pipeline of technical talent through the Three Million Technical Talents (3MTT) programme. “If technology is to truly help drive growth in Nigeria, the government must invest in talent very early,” he said.
In his opening remarks, Tomiwa Aladekomo, CEO, Big Cabal Media said this year’s conference reflects the direction Africa’s tech ecosystem is headed which is building for the world. He highlighted the challenges of building in Africa and the need for technology founders and operators to become even more ambitious:
“The world is moving, and technology is evolving rapidly. If we’re not going to be left behind, and if our companies are to find the growth rates and total addressable markets that make for viable and VC-pleasing exits, we must go further afield. While the continent has been the foundation of our innovation and entrepreneurial spirit, the challenges we face here have made it clear that we must now build for the world if we are to truly thrive,” Tomiwa said.
Also speaking at a panel discussion on scaling cross-border payment solutions in Africa, experts spoke on the challenges including complex regulatory frameworks and settlement delays. Regulation is considered an even greater challenge for payment solution startups. The consensus is the need for developing a better relationship with regulators.
“Fintechs have to keep up with changing regulations in every market they operate in. The regulatory landscape is constantly evolving, so maintaining a close relationship with regulators is crucial,” said Moyo Sodipo, co-founder and COO of Busha.
Sponsored by Sabi, Africa’s leading provider of digital commerce infrastructure, Moonshot by TechCabal 2024 welcomed over 3,000 delegates from across Africa and beyond. Notable names in attendance included Kola Aina, founding partner Ventures Platform; Olumide Soyombo, Founder of Voltron Capital; and Babajide Duroshola, General Manager, M-KOPA.
The event concluded with a call for continued collaboration between governments, investors, and innovators to ensure that Africa’s digital transformation is both sustainable and inclusive.
Every year, Moonshot by TechCabal brings together tech investors, telecom companies, big tech firms, startups, and key stakeholders in Africa’s tech ecosystem.