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7 - The New Oil

Published online by Cambridge University Press:  23 May 2022

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Summary

Sub-Saharan Africa has seen an extraordinary technological take-up. As recently as a decade ago, fewer than 5 per cent of sub-Saharan Africans had access to the Internet but by December 2020, approximately 85 per cent of Kenyans and 73 per cent of Nigerians had internet access. Growing connectivity is empowering a generation with opportunities that would have been unthinkable a little as 10 years ago. Young sub-Saharan Africans are using tech-based solutions across agriculture, education, finance, healthcare and infrastructure, to develop African economies at lower cost and faster speed. The use of smartphones, which enable greater use of mobile technology, is also growing. Nigeria’s mobile economy is set to grow by 19 per cent between 2019 and 2025 – the highest rate in Sub-Saharan Africa, which is the fastest-growing mobile technology region in the world. Mobile technologies and services generated 9 per cent of GDP in sub-Saharan Africa in 2019 – a contribution that amounted to more than US$155 billion of economic value and supported almost 3.8 million jobs. This reflects the fact that in some areas – such as the mobile financial sector – sub-Saharan Africa has become a global leader.

Type
Chapter
Information
Soro Soke
The Young Disruptors of an African Megacity
, pp. 87 - 97
Publisher: Cambridge University Press
Print publication year: 2022
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This content is Open Access and distributed under the terms of the Creative Commons Attribution licence CC-BY-NC-ND 4.0 https://creativecommons.org/cclicenses/

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  • The New Oil
  • Trish Lorenz
  • Book: Soro Soke
  • Online publication: 23 May 2022
  • Chapter DOI: https://doi.org/10.1017/9781009211840.013
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  • The New Oil
  • Trish Lorenz
  • Book: Soro Soke
  • Online publication: 23 May 2022
  • Chapter DOI: https://doi.org/10.1017/9781009211840.013
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • The New Oil
  • Trish Lorenz
  • Book: Soro Soke
  • Online publication: 23 May 2022
  • Chapter DOI: https://doi.org/10.1017/9781009211840.013
Available formats
×