Africa Debate 2023: How African leaders can use digital platforms to improve lives of citizens
During the Africa Debate 2023 held at Guildhall, London, Alex Okosi, Managing Director, Emerging Markets, YouTube EMEA, highlighted the significance of digital platforms in promoting trade and commerce in Africa.
The event, which was held on Thursday, May 11, 2023, brought together leaders from across the continent and beyond to discuss the future of African trade and how the private sector can best support and prepare for a more integrated – and more competitive – African trade environment.
Speaking alongside a panel of experts on the importance of building a comprehensive digital trade strategy for Africa, Okosi explained that “a digital trade strategy for Africa should focus on promoting inclusive and sustainable growth while leveraging the opportunities presented by the digital economy to drive economic development and improve the lives of people across the continent.”
The International Trade Administration (ITA) submits that Africa is forecast to surpass half a billion eCommerce users by 2025, which will have shown a steady 17% compound annual growth rate (CAGR) of online consumers for the market. Although eCommerce penetration is to reach 40% by 2025, digital trade currently only accounts for 1.5% of Africa’s total trade, compared to the global average of 15%, according to a report by the United Nations Conference on Trade and Development (UNCTAD).
Additionally, there is a significant digital divide within Africa, with only 43.1% of the population having access to the internet compared to the global average of 66.2%. This creates challenges as well as opportunities for businesses looking to engage in digital trade and for individuals seeking to benefit from the opportunities presented by the digital economy.
“To address these challenges, take advantage of the obvious opportunities and promote digital trade in Africa, a comprehensive strategy is needed. This should include efforts to expand access to the internet and digital infrastructure, as well as initiatives to promote digital literacy and skills development.
In addition, governments and businesses should work to create an enabling regulatory environment that supports digital trade, including measures to protect consumer rights and data privacy. This will help to build trust in digital transactions and ensure that businesses can operate effectively in the digital economy,” Okosi said.
Okosi spoke alongside Michelle Chivunga, Digital Trade Expert for AfCFTA and Chief Executive Officer & Founder, Global Policy House; Wayne Hennessy-Barrett, Chief Executive Officer, 4G Capital; Peter Njonjo, Chief Executive Officer, Twiga Foods; Toulay Oueslati, Head of Trade Finance & Commodity Trade Finance, Bank of Africa United Kingdom; and Hardy Pemhiwa, Chief Executive Officer & Chairman, Cassava Technologies.
With a focus on the African Continental Free Trade Area (AfCFTA)’s e-commerce protocol, the panellists discussed the challenges and opportunities of building a comprehensive digital trade strategy, including the need for infrastructure development, regulatory frameworks, and digital skills training. Okosi’s insights highlighted the potential of digital trade to transform Africa’s economy and improve trade relations with the rest of the world.
The Africa Debate is an annual thought-provoking event, organised by Invest Africa, with its 2023 edition providing valuable insights and recommendations for not just building a comprehensive digital trade strategy for Africa but also catalysing the continent’s trade potential. Okosi’s emphasis on the importance of digital platforms underscored the need for collaboration and innovation to achieve this goal.
“Collaboration between governments, businesses, and financial institutions is crucial in creating an enabling environment for digital trade. This includes developing regulatory frameworks, financing solutions, and digital infrastructure,” Okosi added.
Alex Okosi is an accomplished international television, content, and tech executive with a track record of identifying and scaling new business opportunities. He is currently the Managing Director, Emerging Markets, YouTube EMEA, responsible for strategic direction, growth, and profits in Africa, Turkey, Russia, Israel, and the Middle East.
Prior to Google, Okosi was the EVP & Managing Director of BET International and ViacomCBS Africa, where he led and grew a diverse range of businesses generating multi-billion-dollar revenue streams and consistently delivering 20%+ year-on-year profits growth over 15 years.
The World Economic Forum recognized Okosi as a Young Global Leader in 2013, and he was included in the Powerlist 100 as one of the UK’s most influential black people in 2022 and 2023.
