Kathy Gibson reports from the AI Everything Summit in Nairobi – Africa is open for business – and it is an increasingly attractive investment destination.
This is the word from Ambassador Philip Thigo, special envoy on technology in the office of the president, Kenya, who points out that Kenya, which was a leading player in the mobile and fintech revolutions, has also embraced artificial intelligence (AI).
But the country – and the continent as a whole – has the opportunity to use AI to address some of the pressing challenges facing Africa.
“The role of AI must be articulated as an investment agenda,” he says.
Because the continent still lags in many areas that are critical for AI adoption, investment is critical.
Africa still lags in AI infrastructure, Thigo says. And it still lags in many of the required capabilities – not necessarily talent, but connectivity and energy.
But Africa has a big role to play on the world stage, he adds. “By 2050, 25% of the global population will be African. And we possess everything around what is needed for AI.”
These assets include critical minerals, growing infrastructure, and a vast pool of youthful talent.
“These are all opportunities for investment,” Thigo points out.
He says that East Africa has proved its ability to seize technology opportunities – and to sustain them – as evidenced by its leadership in mobile and fintechs.
Big financial companies have recognises the potential and are investing in the region, along with some of the world’s biggest technology vendors.
In addition, the region has a healthy and growing start-up sector that attracted $950-million in venture capital funding last year.
And the region boasts a regulatory environment that is among the best in the world, Thigo adds.
“This is a great place to invest,” he says. “We are open for business and we are open for investment.”