More than 100 million venture capital was invested in start-ups related to the Internet of Things in Africa for the year 2019.
This makes it by far the most attractive technology for investors in the continent. According to the African Development Bank, the Internet of Things market is expected to reach $12.6 billion by 2021 in Africa and the Middle East.
While Nigeria, like Tanzania, attracted facebook and Uber investments in addition to sustained Chinese investment in the industry, Microsoft and Oracle have contributed to the increase in ICT investments in Kenya. But more needs to be done according to the CEO of Trade and development bank, Admassu Tadesse.
“It is true that we have been advocating for a long time for more investment in Africa, but the good news is that over the past 10 or 15 years the investment rates in Africa have increased, something we had not seen in the last 30 years. he said. ‘‘So there is something positive but the level of investments is not yet up to expectations “ he added.
During the second edition of the Africa Investment Forum held in Johannesburg, the African Development Bank recorded 56 transactions, 52 of which guaranteed investment interests.
These projects covered twenty-five countries and the fifty-six contracts are estimated at $67.6 billion.