Thursday, May 30, 2024

Africa Investment Forum: Investors and Entrepreneurs Discuss the Impact of Digital Disruption and AI

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By: Dawda Baldeh

The 4th Africa Investment Forum in Marrakech, Morocco brought together participants from the African continent and beyond to delve into the effects of digital disruptions and the development of Artificial Intelligence (AI) in driving economic growth.

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One of the focal points of the forum was the establishment of centers for efficient data storage and processing, aimed at promoting digital transformation.

During his address, Femi Adeagbo, the CEO of COMNAVIG, underscored the pivotal role of technology in shaping the future. He urged Africa to embrace innovation and transition from traditional to digital systems. Adeagbo emphasized that technology cannot be disregarded in the modern world; rather, it should be embraced and utilized for improvement while setting clear boundaries.

Adeagbo highlighted the enormous potential of AI and stressed the importance of understanding its applications in transforming analog systems into digital.

Other panelists discussed the progress made in North Africa and the Mediterranean in creating a supportive digital ecosystem for entrepreneurship and innovation. They highlighted the collaboration with governments and the private sector in developing regulations and fostering an environment conducive to digital growth.

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Liz Mcareavey, CEO of the Edinburgh Chamber of Commerce, underscored the significance of Africa’s involvement in the global digital revolution. She emphasized the need to shift towards higher-paying jobs and recognized the role of AI in enabling businesses to perform multiple tasks simultaneously.

Meanwhile, Samuel Alemayehu, an investor from Next Billion, highlighted the importance of infrastructure for digital transformation, particularly in terms of data storage and processing. He emphasized the low percentage of local data stored in Africa and called for a focus on handling data locally to fully experience the benefits of the digital era. Alemayehu shared the example of decentralized centers in Senegal being utilized for secure government data storage and digital advancements.

In summary, digital disruption is an effect that changes the fundamental expectations and behaviors in a culture, market, industry, or process that is caused by or expressed through digital capabilities, channels, or assets.

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