Diop: Africa must seize opportunities in tech revolution

The 11th annual Africa CEO Forum has brought the spotlight on critical issues such as climate change, artificial intelligence, and food security. Among the key discussions is the potential for Africa to leverage the ongoing technological revolution to drive growth in various sectors while navigating the regulatory landscape. Makhtar Diop, the Managing Director at the International Finance Corporation, emphasized the need for domestic lenders to step up and fund technology initiatives. Diop highlighted that Africa cannot rely solely on Silicon Valley investors and must ensure a robust funding pool to remain competitive in the global AI race. One of the areas of focus is renewable energy, with Diop pointing out the increasing demand for investment in this sector. He highlighted a significant investment in Egypt by a company from the UAE, underscoring the importance of bringing knowledge and technology to Africa. Diop urged African nations to move beyond being mere consumers of renewable energy equipment and explore opportunities to be part of the supply chain by manufacturing essential components. This shift towards value addition presents a promising avenue for economic development and job creation on the continent. As the conversation delved into artificial intelligence (AI), Diop emphasized the potential of AI to drive productivity growth globally. He acknowledged concerns around AI disrupting job markets and financial systems but highlighted its role in addressing critical challenges, such as vaccine production. Diop shared an example of an African startup from Tunisia that contributed to AI advancements in biotechnology, showcasing the continent's talent pool. He stressed the importance of nurturing AI expertise and addressing governance issues surrounding data, emphasizing the need for careful consideration of data management and privacy. Looking towards the future, Diop discussed the significance of the Africa Continental Free Trade Agreement (AfCFTA) and the opportunities it presents for accelerating trade on the continent. He stressed the need for extensive dialogue and collaboration between the public and private sectors at a continental level to build value and supply chains across Africa. Additionally, Diop highlighted the importance of facilitating the free movement of people to drive talent mobility and seize emerging opportunities. In conclusion, Africa stands at a critical juncture where embracing technology, fostering innovation, and enhancing regional cooperation are vital for sustainable economic growth. As the continent navigates the complexities of the global tech revolution, strategic investments, regulatory frameworks, and talent development will play a pivotal role in realizing Africa's potential in the digital age.