African nations must work together and mobilize their resources to fully capitalize on the $2.9 trillion opportunity that artificial intelligence (AI) presents to the region. This was the consensus at the Global AI Summit on Africa, held recently in Kigali, Rwanda.
The Summit was the biggest of its kind, bringing together over 2,000 investors, policymakers, political and state leaders, innovators, founders, and other stakeholders from Africa and beyond.
In his speech, newly elected African Union Commission Chair Mahamoud Ali Youssouf called for African nations to harness their collective resources.
“The African continent must move forward in adopting development policies, particularly regarding AI, with the resources available,” he stated.
Youssouf revealed that the Commission is pushing a two-phased approach to AI development. The first, scheduled for this year and next, will focus on mobilizing resources across the continent and harmonizing policies. The second phase, in 2028-2030, will focus on implementing region-wide AI projects.
Education and upskilling were among the areas most leaders called attention to. While Africa has the world’s fastest-growing population, a majority of whom are below 35, most still lack the skills to fully capitalize on AI opportunities.
“Our youth must be able to develop AI startups, acquire the necessary skills, and build enterprises,” Youssouf commented.
As most speakers referenced, AI could be a defining technology for Africa. According to experts, it could contribute nearly $3 trillion to the region’s economy by 2030, generate half a million jobs annually, and enable 11 million Africans to escape poverty.
However, the continent will only reap these benefits if its leaders position its people to be better equipped to build AI solutions.
The region must “go back to the drawing board and build a strong foundation for connectivity,” Rwandan President Paul Kagame told the attendees.
“Let’s continue working together and driving AI to reduce inequality, allowing more of our citizens to benefit from the good AI can deliver to all of us.”
One of the region’s main impediments is a lack of infrastructure, from computing power to reliable Internet. The United Nations estimates that only 5% of Africa’s AI talent has access to the computing power it requires to maximize the technology’s potential. This risks widening the gap between Africa and the developed economies as resources—both human and capital—flow from the region to these economies. The UN recently warned that AI could further widen the disparities for Africa and other regions in the Global South.
One of the proposed solutions at the event was the establishment of the Africa AI Fund, a $60 billion war chest dedicated to AI solutions that propel Africa forward and solve some of its perennial challenges. It will be backed by African governments, the private sector, and philanthropists and will fund research institutions, innovative startups, and public infrastructure development.
Some of the world’s largest companies pledged to invest millions of dollars to support Africa’s AI vision. For instance, Microsoft (NASDAQ: MSFT) announced a three-year $7.5 million initiative to scale AI projects in Rwanda on the sidelines of the event.
AI to spur a $180 billion digital economy in Africa
Elsewhere, experts say that AI will be among the foundational technologies that spur the growth of a thriving digital economy in Africa.
The organizers of the upcoming African Digital Economy & Inclusivity Conference (AFDEIC) stated that while emerging technologies could solve many of Africa’s challenges, significant infrastructural gaps threaten to derail the progress.
“Many rural Africans lack Internet access, with millions still unable to benefit from digital financial services and e-learning platforms. This disparity hinders the equitable distribution of opportunities associated with the digital economy and draws attention to the urgency for targeted interventions,” stated the organizers, whose event is to be held in Abuja in August.
Despite the challenges, the experts say that emerging technologies will underpin a digital economy on the continent worth $180 billion this year, growing to $712 billion by 2050.
Beyond AI, other emerging technologies like blockchain and mobile payments are also set to better the lives of Africans, commented AFDEIC’s Adetoun Tade.
“The African digital landscape is evolving rapidly, with AI, mobile payments, and blockchain technology reshaping industries from banking to healthcare,” she said.
African nations have been among the most aggressive adopters of blockchain and digital assets, and unlike the West, have gone beyond speculation and are exploring the tech in cross-border remittances, day-to-day payments, food security, certificate authentication, and more.
In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.
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