How Africa can leverage AI for economic growth
It is estimated that Artificial Intelligence will increase global GDP by 16 trillion dollars in 2030. This is expected to see agriculture benefit immensely among other sectors. CNBC Africa spoke to Osaretin Agbonavbare, COO, bbcmgtAI LLC for more.
Fri, 10 May 2024 10:46:14 GMT
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AI Generated Summary
- Africa's pivotal role in leveraging AI for economic growth, with notable advancements in agriculture, finance, manufacturing, and governance sectors.
- The projected $16 trillion increase in global GDP by 2030 through the adoption of AI, with Africa contributing significantly to this growth trajectory.
- The profound influence of AI technologies in revolutionizing agricultural practices, enhancing financial services, optimizing manufacturing processes, and improving governance mechanisms in Africa.
Africa's journey towards leveraging Artificial Intelligence (AI) for economic growth has been met with significant strides and opportunities. With a population of 1.4 billion people, the continent holds immense potential for the adoption and utilization of advanced technologies like AI. Osaretin Agbonavbare, COO of bbcmgtAI LLC, emphasized the pivotal role that AI plays in revolutionizing various sectors, ranging from agriculture to healthcare, finance, manufacturing, and governance. The burgeoning interest and utilization of AI in Africa are positioning the continent as a trailblazer in embracing innovation and driving economic development.
As projected by global estimates, AI is anticipated to boost the global GDP by a staggering $16 trillion by the year 2030. Africa's contribution to this growth is notable, particularly in the agricultural sector. The adoption of AI technologies in agriculture has resulted in significant enhancements, such as pest control using drones, precision fertilization, livestock breeding, disease identification, and streamlined data management for efficient healthcare delivery. The incorporation of AI has not only bolstered agricultural productivity but also facilitated better resource management and disease prevention.
Furthermore, the financial technology (FinTech) landscape in Africa has witnessed a remarkable transformation with the integration of AI. Startups in the FinTech sector have revolutionized payment systems, making transactions more seamless and efficient. The utilization of blockchain technology and AI algorithms has accelerated financial transactions, surpassing the speed of payment systems in the Western world. This digital evolution in finance has propelled Africa towards becoming a hub of technological innovation and inclusive financial services.
In addition to agriculture and finance, Africa's manufacturing sector has experienced a significant shift towards automation and increased efficiency through AI-driven technologies. Robotics and automation have revolutionized production processes, leading to higher productivity and cost-effectiveness. The governance realm has also witnessed the impact of AI, particularly in election management. By employing AI tools for data analysis and real-time monitoring, governments have enhanced transparency and integrity in electoral processes, ensuring prompt and accurate dissemination of election results.
Osaretin highlighted that Africa's proactive stance in embracing AI technologies positions the continent as a key player in the global AI landscape, with vast opportunities for economic growth and innovation. The continent's commitment to advancing AI applications across various sectors underscores its readiness to harness the transformative potential of technology for sustainable development and prosperity. As Africa continues to pioneer advancements in AI utilization, it is poised to unlock new realms of economic growth and technological progress, shaping a future where innovation drives prosperity and inclusivity across the continent.
