African leaders are calling for more strategic partnerships with the private sector to enhance Africa’s role in the global digital economy.
The call to action was made in Nigeria during the second annual Moonshot by TechCabal conference.
The delegates from Nigeria, Ghana, Sierra Leone and Mauritania, made the call at a high-level pan-African Ministerial panel session held on Wednesday, September 9 – Day 1 of the technology conference organised by TechCabal.
Speaking at the panel session were Nigeria’s National Information Technology Development Agency (NITDA) DG Kashifu Inuwa Abdullah, Ghana Chamber of Technology CEO Augustina Odame, Sierra Leone Chief Advisor Technology David Manley and Mauritania Ministry of Digital Transformation Director of Innovation Marieme Kane.
The 40-minute discussion was titled ‘Building Digital Economies for the World: How African countries are shaping their tech economies to compete across the continent and globally.’
It examined ways that Africa could go beyond policies to strengthen its 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, Odame 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.
Held at the Eko Convention Centre, Lagos, the annual two-day event that brought together the most audacious tech and government leaders hosted a fireside chat with Nigeria’s Federal Minister of Communications, Innovation and Digital Economy Bosun Tijani, and Big Cabal Media CEO Tomiwa Aladekomo.
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.
Tijani 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, Aladekomo said this year’s conference reflects the direction Africa’s tech ecosystem is headed which is building for the world.
He further 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,” Aladekomo said.
“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.”
Also on scaling cross-border payment solutions in Africa, experts spoke on the challenges which included 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,” Busha co-founder and COO Moyo Sodipo said.
Moonshot by TechCabal 2024 welcomed over 3,000 delegates from across Africa and beyond.
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.
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