Research has shown that Africa is the fastest growing mobile phone market globally and that amongst the ten fastest growing internet populations in the world seven of them are from Africa. The technological innovation within Africa is higher now compared to the previous years. The growth in technology has attracted interest from some of the technology giants like Google, Launchpad Accelerator, which are to locate a physical hub in Lagos Nigeria early 2018.
African Technology Ventures investment went up by 33% in 2006 with $33.8 coming from startups, and 30% was directed to the Nigerian startups. The African digital growth is on the rise. However, there is still a wide gap in the African internet market that offers a huge opportunity for investors who might have interest in the market. Several sectors like education, health, finance, retail, agriculture, and transport have greatly benefited from the tech innovations that have taken place within Africa.
The education sector has played an important role in the realization of the tech growth in Africa. Governments in most countries have been supportive in encouraging and funding the tech ideas from various individuals making sure that the idea is later on changed to practical. More employment opportunities have been created making the youths not to rely only on government employment. Funding from different Non-Governmental Organizations (NGO’s) also is not an issue to be taken lightly since it has been essential in helping the tech innovations.
The African economy has been boosted after the improvement in technology. The tech innovation has opened space for investors both local and international giving them a very good and fair working ground.