Innovation, entrepreneurship and Africa’s digital economy: Driving AfCFTA delivery through digital innovations and technology (Dynamics Impact Advisory)
6 Dec 2023 15:00h - 16:30h UTC
Knowledge Graph of Debate
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Full session report
Stephen Akintayo
Stephen Akintayo, a highly successful entrepreneur and advocate, emphasises the importance of job creation and making a positive impact through business. With extensive experience in the field, Akintayo started a digital marketing agency 15 years ago, which included a bulk SMS business. He also owns over 30 estates, each ranging from 50 to 500 acres, showcasing his entrepreneurial success.
In addition to his business achievements, Akintayo is a passionate advocate for reforms in land use and ownership in Africa. He plans to launch real estate projects in Lagos and KT while having already acquired a 40-acre property in Houston. However, he also highlights the challenges faced by individuals attempting to own 100% of the land in African countries like Tanzania and Kenya. By advocating for land use and ownership reforms, Akintayo aims to promote sustainable and thriving communities in African cities.
Furthermore, Akintayo emphasises the need for digital transformation in various sectors, such as banking and trade agreements, to stimulate economic growth and reduce inequalities. He highlights the challenges faced by the banking sector, including the requirement to obtain different licences for operating in various African countries. Akintayo proposes the implementation of an African e-visa to facilitate free movement across the continent and enhance economic integration. By embracing digital advancements in key sectors, Africa can unlock significant potential for innovation and development.
Akintayo also stresses the importance of leveraging the diaspora community to support Africa’s development. He mentions that despite their success in the African estate business, they only received notable attention when they expanded to the United States. Akintayo proposes harnessing diaspora remittance to foster local development in Africa. By raising awareness of successful African companies and providing financial support, the diaspora can play a crucial role in driving economic growth and progress in Africa.
Moreover, Akintayo firmly believes that Africa’s problems can be solved by its own people and the private sector, not solely relying on the government. He cites the example of how the American economy was built by entrepreneurs like Andrew Carnegie, John D. Rockefeller, and JP Morgan, rather than the government. Akintayo believes that African entrepreneurs and consumers possess the power to instigate change by supporting innovative businesses and solutions. He commends the progress made by African music and movie industries as positive examples of the continent’s potential.
Additionally, Akintayo recognises the immense potential of renewable energy sources in transforming Africa. His estates already utilise solar energy, and he aims to combine solar with biogas and wind energy in future housing projects. By embracing affordable and clean energy, Africa can address climate change, improve access to energy, and foster sustainable development.
Furthermore, Akintayo encourages the acceptance and adoption of advanced technology for Africa’s development. He highlights Africa’s rapid adoption of GSM technology, which has enabled the continent to progress rapidly in telecommunications. Notably, Akintayo mentions his partnership with Elon Musk to utilise Musk’s internet in their estates.
In recognition of the importance of supporting innovation and small businesses, Akintayo plans to allocate a portion of a $5 million grant to support small businesses associated with the ACL lab. This grant typically offers $5,000 to innovative small businesses, showcasing Akintayo’s commitment to nurturing entrepreneurship and fostering economic growth.
Moreover, Akintayo expresses his appreciation for the initiative taken by the ACL (presumably the organization hosting the event or initiatives mentioned). He values the courses offered at Stephen Akintayo University, where over 1,000 courses are available from Akintayo and other key leaders globally. These courses will be made accessible to members of the lab, further demonstrating Akintayo’s dedication to knowledge-sharing and skill development.
In conclusion, Stephen Akintayo’s insights showcase the immense potential for positive growth and progress in Africa. From job creation to land reforms, digital transformation, diaspora support, private sector development, renewable energy, and technology adoption, Akintayo presents a comprehensive vision for Africa’s future. With his success as an entrepreneur and his passion for driving change, Akintayo is a prominent figure driving Africa’s economic development and transformation.
Gbemisola Osadua
Africa is ripe for explosive innovation in the digital economy due to factors such as increased smartphone penetration, improved internet access, and better policy frameworks. The continent’s young and tech-savvy population presents a significant opportunity for digital growth. The contribution of the digital economy to Africa’s GDP has seen significant growth of 283.3% over the past decade, with projections indicating further growth to 5.2% ($180 billion) by 2025 and 8.5% ($712 billion) by 2050.
Addressing gaps and potentials in Africa’s digital economy is crucial for successful growth. While 33% of the population has internet access, there is a need to bridge the gap in high-speed broadband connections. Studies show that increasing mobile broadband penetration can have a positive impact on GDP, with a 10% increase resulting in a 2% increase in low-income economies and a likely 2.5% increase in sub-Saharan Africa.
Investment, commitment, and concrete action plans are essential for digital transformation in Africa. The African Digital Prosperity Fund has been established to support digital entrepreneurship and invest in the future of the African digital economy. Creating an enabling environment for digital innovation through effective policies, regulations, and cross-sectoral collaboration is crucial. Private sector involvement plays a vital role in driving Africa’s digital economy, and sectors like digital infrastructure and real estate are key in the continent’s transformation.
The ASEALE AFTA project aims to drive Africa’s digital economies’ transformation through innovation and youth engagement. The project involves 1,000 talented African youths in problem framing and developing technology solutions to address challenges. Encouraging stakeholders to be part of the project and emphasizing practical outcomes from multilateral conversations are important for achieving digital transformation in Africa.
In summary, Africa’s digital economy has enormous potential for growth and innovation. Investment, commitment, and concrete action plans, supported by initiatives like the African Digital Prosperity Fund, are essential. An enabling environment, cross-sectoral collaboration, and private sector involvement are crucial for successful digital transformation. The ASEALE AFTA project provides a platform to drive Africa’s digital agenda and engage youth in innovation.
Audience
The analysis of the speeches highlighted key points about the digital economy and infrastructure in Africa. It was noted that the private sector could drive the African digital economy and digital infrastructure. This understanding came from discussions at the WTO, where it was recognised that the private sector would play a crucial role in shaping the Africa agenda.
Examples from Stephen Akitayo’s presentation were used to support this argument, specifically focusing on digital infrastructure and real estate. These examples demonstrated the potential and importance of the private sector in driving the growth and development of the African digital economy.
However, there are significant challenges and delays in creating an enabling environment for digital advancement across Africa. One issue raised was the bottlenecks in free movement, which hinder entrepreneurs looking to operate and expand their businesses across different African countries. Additionally, network connectivity issues were reported, further hindering the widespread adoption of digital technologies and the development of robust digital infrastructure on the continent. The importance of energy as a crucial enabler for entrepreneurship and digitalisation was also noted, but it was highlighted that this aspect was not being adequately discussed.
Another observation from the analysis is the inconsistency between proposals and implementation of digital advancement in African countries. While many promises have been made regarding technological progress, there has been limited significant progress. The analysis highlighted issues with cross-border transactions and a delay since 2018 in implementing an ECOWAS agreement related to building a verification ecosystem. These inconsistencies and delays highlight the challenges in effectively implementing policies and initiatives aimed at driving the digital economy in Africa.
Lastly, the analysis emphasised the need for intergenerational linkages to drive digital entrepreneurship. There is a push to involve the youth in the digital economy, recognising their potential to contribute to growth and innovation. It was also highlighted that inclusivity is crucial in achieving the sustainable development goals, ensuring that no group is left behind. This underscores the importance of considering diverse demographics and interests of different generations.
Overall, the analysis provides valuable insights into the state of the digital economy and infrastructure in Africa. While the private sector has the potential to drive growth, challenges and delays exist in creating an enabling environment. Inconsistent implementation of policies and initiatives was also noted, and the importance of intergenerational linkages and inclusivity in driving digital entrepreneurship and achieving sustainable development goals was highlighted. These findings shed light on the areas that require attention and action to foster the growth and development of the digital economy in Africa.
Aissatou Diallo
The International Trade Centre (ITC) is a joint technical cooperation agency of the United Nations and the World Trade Organization. It is actively supporting the operationalisation of the African Continental Free Trade Area (AFCFTA) with the aim of creating job opportunities. The ITC aims to improve the competitiveness of micro, small, and medium-sized companies, as well as youth and women entrepreneurs.
The ITC believes that the AFCFTA, through its protocol, will significantly improve the business ecosystem and facilitate business growth. The protocol covers areas such as e-commerce, data protection, consumer protection, payment systems, and intellectual property rights. By addressing these aspects, the AFCFTA aims to create a more enabling environment for businesses in Africa.
However, despite the potential benefits brought about by the AFCFTA, there are still challenges that need to be addressed. Access to finance and market intelligence remains a major obstacle for youth entrepreneurs. To tackle this issue, the ITC provides training to young entrepreneurs in countries such as The Gambia on how to promote their products online and connect with potential buyers. Furthermore, the ITC helps entrepreneurs create business plans and advocates with commercial banks for financing opportunities.
The ITC recognises the importance of strong public-private partnerships in driving digital innovation. It has formed partnerships with organisations such as Microsoft, Visa, the MasterCard Foundation, DHL, and Facebook to promote innovation in the digital trade sector. The ITC also highlights the actions of Nigeria’s ICT head, Bosun Tijani, as a positive example of promoting digital innovation through public-private partnerships.
In addition to working with private sector associations, the ITC supports business support organisations in advocating for specific topics. This collaboration aims to amplify the voices and concerns of these organisations within the context of the AFCFTA. By connecting with the AFCFTA National Coordination Task Force, these organisations can effectively convey their messages and contribute to policy discussions.
The ITC emphasises the need for the implementation of the Africa industrialisation agenda, as it is crucial in addressing energy-related challenges and closing the digital divide. It recognises that energy is a significant obstacle in closing the digital divide and highlights that the Africa industrialisation agenda, adopted in Niamey, aims to build solid infrastructure to help Africa overcome these obstacles.
As a technical cooperation agency, the ITC plays a crucial role in facilitating connections and providing technical support. It collaborates with various stakeholders such as the AFCFTA Secretariat and the African Union Commission to ensure the smooth operationalisation of the AFCFTA.
The ITC also organises events such as the ITC Africa Day and the World Export Development Forum. These events serve as platforms to showcase key initiatives, improve the business ecosystem, and promote trade. The presence of champions and high-level guests at these events further attests to the ITC’s dedication to advancing its goals.
In conclusion, the ITC’s support for the operationalisation of the AFCFTA is focused on creating job opportunities and enhancing the competitiveness of businesses in Africa. Through its various initiatives, partnerships, and events, the ITC aims to address challenges such as access to finance, market intelligence, and energy-related obstacles. By advocating for specific topics, promoting digital innovation, and facilitating connections, the ITC plays a crucial role in promoting economic growth and sustainable development in Africa.
Speaker 1
The speakers in the discussion highlighted several important points regarding entrepreneurship, innovation, and economic growth in Africa. They emphasized that policies and the business environment play a crucial role in fostering entrepreneurship and innovation. It was argued that by creating a conducive environment, African countries can attract and nurture entrepreneurial talent, leading to economic growth and job creation. The example of a Tanzanian porter who was trained in computer-aided design by an American businessman was cited as evidence of the positive impact that support and training can have on individuals and communities.
The discussion also focused on the potential of leveraging the African diaspora to fuel the digital economy and drive innovation. It was argued that the diaspora holds substantial funds for development in Africa, and by leveraging their skills, knowledge, and financial resources, the continent can propel its digital economy forward. The speakers highlighted the importance of partnerships and collaborations between Africans in the diaspora and those on the continent, citing examples of successful partnerships between individuals based in Switzerland and tech experts in Africa.
Direct exposure to global opportunities and the implementation of strategic thinking were identified as vital factors for the success of digital entrepreneurship in Africa. The speakers, who themselves actively participate in global platforms like the World Trade Organization and Inter-African Trade Fairs, emphasized the need for African entrepreneurs to have exposure to global markets, networks, and best practices to drive innovation and growth within the digital sector.
The opening of borders in Africa was also seen as a significant step towards attracting talent and boosting economic prosperity. Examples of countries like Rwanda and Kenya, which have begun to open their borders, were cited as evidence of the potential benefits of increased mobility and trade across African nations.
However, challenges related to land ownership regulations were raised, highlighting the need for the African Continental Free Trade Zone Agreement to address issues related to land use and ownership. It was argued that land ownership regulations can hinder entrepreneurship and economic growth, particularly in sectors such as real estate, which are fundamental to economic development.
The potential of digital technologies in facilitating movement, transactions, and innovation within and across African countries was emphasized. The ability of digital technologies to ease barriers to trade and enable cross-border transactions was seen as crucial for driving economic growth and facilitating innovation in different sectors.
The speakers also addressed the importance of wealth creation for addressing issues of racism and poverty among black people. They highlighted examples of personal efforts in wealth creation, such as supporting education for thousands of children, and stressed the need for individuals and communities to generate wealth through legitimate means to combat racism and reduce poverty.
The discussion also highlighted the significant contributions that Africans in the diaspora can make to the African economy. The substantial funds held by the diaspora and their investments in real estate ventures were mentioned as evidence of their potential to contribute to economic growth and development in Africa.
Concerns were raised about the delay and capacity of the Pan-African Payment and Settlement System (PAPSA) in addressing cross-border payment issues. It was noted that while the launch of PAPSA raised hopes for addressing these issues, there is a need for further progress and implementation to ensure its effectiveness.
The role of both individual and private sector resilience in coping with infrastructure challenges was advocated. The speakers highlighted examples of individuals seeking sustainable energy solutions and possible fintech alternative solutions, such as an API from WhatsApp, as innovative ways to address infrastructure challenges.
Calls were made for increased government investment in infrastructure to support economic growth and development. The examples were cited where government investment has led to stable access to electricity, and it was suggested that this model should be shared and implemented across African countries.
Overall, the speakers expressed a positive outlook for Africa’s potential in overcoming infrastructural difficulties by leveraging private sector solutions. They drew attention to emerging digital solutions, such as APIs for cross-border transactions and the rise of fintech solutions, as evidence of the continent’s progress and promise. They believed that Africa is ready for investment and development, particularly in the digital sector, with significant commitments being made towards developing digital infrastructure in the region.
In conclusion, the discussion highlighted the importance of policies, environment, and partnerships in fostering entrepreneurship and innovation in Africa. Leveraging the diaspora, opening borders, addressing land ownership issues, and embracing digital technologies were identified as crucial steps towards driving economic growth and prosperity in the region. Additionally, wealth creation, individual and private sector resilience, government investment in infrastructure, and international collaboration were emphasized as key elements for Africa’s development and progress. The discussion ended with a positive outlook for Africa’s potential, and the belief that with the right strategies and investments, the continent can overcome its infrastructural challenges and achieve significant growth and innovation.
Muhammadou Kah
The analysis highlights several key points regarding digital transformation and innovation. Firstly, it emphasises the need for a change in mindsets to successfully harness digital opportunities and transformation. This entails a shift in thinking and embracing new technologies and digital processes. The argument is supported by the observation that innovative companies and creations are often initiated by youth, emphasizing their crucial role in driving digital innovation.
Furthermore, the analysis underscores the significance of youth potential in driving digital innovation and entrepreneurship. Successful companies like Google and Facebook were started by young, creative individuals. This highlights the importance of harnessing and nurturing the talents of young people to foster digital innovation and drive economic growth. The argument is further reinforced by the observation that quality education, particularly in STEM fields, plays a critical role in the birth of innovation. Google, for instance, was created by two PhD students, indicating the role of quality education in fostering innovative ideas and solutions.
The analysis also emphasises that government alone cannot drive digital transformation. While governments play a vital role in creating policies and providing an enabling environment, the private sector and young people also contribute significantly to driving digitalisation. This highlights the importance of partnerships and collaboration between different stakeholders for the successful implementation of digital transformation initiatives. The sentiment expressed towards this point is positive.
Investment in the research ecosystem is considered key to fostering innovation. By investing in research and development, new ideas and technologies can be developed, leading to breakthrough innovations. While no specific evidence is provided in the analysis, the concept of research as a driver of innovation is universally accepted.
The African Continental Free Trade Agreement (AfCFTA) is seen as an opportunity to enhance intra-Africa trade and drive economic growth. This agreement has the potential to facilitate increased trade between African countries, leading to economic development and prosperity. However, no specific evidence is provided to support this argument.
Digital infrastructure and data governance are highlighted as vital components for a successful digital economy. It is argued that digital transformation cannot be achieved without a robust digital infrastructure and effective data governance policies. The observation is made that Artificial Intelligence (AI) is meaningless without quality data. The sentiment expressed towards this point is positive.
The analysis further highlights the importance of action in digital transformation projects. It is argued that digital transformation is all about doing, trying, failing, and moving forward. Too much talk and excessive presentations are considered to be hindrances to digital advancements. The sentiment expressed towards this point is positive.
The creative industry, intellectual property (IP), and development for Small and Medium-sized Enterprises (SMEs) and Micro-sized Enterprises (MSEs) are considered essential for trade and the digital economy. The analysis emphasises that the World Intellectual Property Organization (WIPO) is pushing the centrality of IP and development for SMEs and MSEs, as well as the creatives. It is also noted that indigenous knowledge contributes significantly to health and food security. These aspects are seen as important for trade and the growth of the digital economy.
Finally, the analysis points out that while there are abundant resources available to support projects for achieving the Sustainable Development Goals (SDGs), the challenge lies in drafting projects convincingly and creating trusted mechanisms to support them. This implies that there is a need for robust project planning and implementation strategies to effectively utilise the available resources for achieving the SDGs.
In conclusion, the analysis highlights the need for a change in mindsets to harness digital opportunities and transformation. It emphasises the importance of youth potential and quality education in driving digital innovation. Additionally, partnerships between government, the private sector, and young people are vital for successful digital transformation. Investment in research, digital infrastructure, and data governance are also essential for fostering innovation and a thriving digital economy. The analysis further emphasises the significance of action, the creative industry, intellectual property, and development for SMEs and MSEs in trade and the digital economy. However, it also acknowledges the challenges of convincingly preparing projects and creating trusted mechanisms for implementation. These insights provide valuable considerations for policymakers and other stakeholders involved in digital transformation and innovation initiatives.
Speakers
A
Audience
Speech speed
151 words per minute
Speech length
993 words
Speech time
395 secs
AD
Aissatou Diallo
Speech speed
162 words per minute
Speech length
3815 words
Speech time
1410 secs
GO
Gbemisola Osadua
Speech speed
168 words per minute
Speech length
6091 words
Speech time
2171 secs
MK
Muhammadou Kah
Speech speed
115 words per minute
Speech length
3192 words
Speech time
1659 secs
S1
Speaker 1
Speech speed
142 words per minute
Speech length
4695 words
Speech time
1990 secs
SA
Stephen Akintayo
Speech speed
164 words per minute
Speech length
3186 words
Speech time
1165 secs
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