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Telecoms -Africa’s fastest growing industry over next five years?

By , ITWeb
Africa , 06 Jul 2022

Improvements in internet connectivity will be crucial to driving expansion in the wider economy.

Telecommunications will be the fastest-growing industry in Africa over the next five years as internet connectivity improves, according to tech professionals from eight countries in Africa.

This is based on a survey conducted by blockchain-based MNO World Mobile with companies that have combined annual revenues of more than US$6.75-billion based in Angola, Botswana, Cameroon, Ethiopia, Ghana, Nigeria, South Africa and Tanzania.

According to the survey, 75% of respondents said telecommunications will see the strongest growth over the next three-to-five years.

Healthcare was the second choice by 61% of respondents, with 44% naming tourism as a third choice. Other industries featured include financial services, retail, manufacturing and education.

Improvement in internet connectivity was identified as central to growth in the economy and across all sectors. Around two-thirds (66%) say it is important while 20% believe it is very important.

Micky Watkins, CEO of World Mobile said: “The expansion of telecoms across the African continent is central to driving economic growth and senior business executives clearly agree as they rank it well ahead of other major sectors of the economy.”

“To a great extent, growth in telecoms spurs growth in other sectors as societies become more digital and technology focused and that applies very much to financial services, healthcare, retail and education.”

“Not all parts of Africa however have strong internet connectivity and we want to help by providing a service which is affordable and reliable and look forward to working with governments across the continent.”

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