Advancing Africa’s position in the digital revolution

Africa's position in the global digital revolution has been a topic of discussion at the ongoing AfCFTA Digital Trade Forum in Lusaka, Zambia. The forum aims to tackle the challenges that the continent faces in leveraging digital trade to boost economic growth and expand access to new markets. CNBC Africa's Keamo Mosepele had the opportunity to interview Nigeria's Minister of Trade and Investment, Jumoke Oduwole, to gain insights into how Africa can advance its position in the digital landscape. In the interview, Minister Oduwole highlighted the importance of enabling small businesses to thrive in the digital economy. She emphasized the need for countries like Zambia to leapfrog their deficits and focus on developing the necessary infrastructure to support digital trade. Oduwole also stressed the role of the AfCFTA in facilitating cross-border digital commerce and creating opportunities for businesses across the continent. One key theme that emerged from the discussion was the significance of digital trade in transforming global commerce. While Africa's participation in the digital revolution remains low, events like the AfCFTA Digital Trade Forum serve as a platform for policymakers and industry leaders to collaborate on strategies to overcome barriers and unlock the potential of digital trade. During the interview, Minister Oduwole pointed out three key points: 1. Development of Enablements: Oduwole highlighted the importance of developing the necessary enablements to support small businesses in the digital economy. These include infrastructure, policies, and regulations that enable businesses to thrive and compete in the global market. 2. Leapfrogging Deficits: The Minister emphasized the need for countries like Zambia to leapfrog their deficits and focus on building digital infrastructure. By investing in digital technologies and innovation, African nations can bridge the digital divide and unlock new opportunities for economic growth. 3. AfCFTA as a Catalyst: Oduwole emphasized the role of the AfCFTA in promoting cross-border trade and facilitating digital commerce. The agreement creates a framework for harmonizing trade policies and regulations, making it easier for businesses to engage in digital trade across borders. In conclusion, Minister Oduwole's insights shed light on the importance of advancing Africa's position in the digital revolution. The AfCFTA Digital Trade Forum serves as a critical platform for driving collaboration and innovation to harness the potential of digital trade in boosting economic growth and expanding market access across the continent.