The expansion of Internet connectivity in Africa will be a key contributor to an anticipated increase in entrepreneurial activity over the next three years on the back of an improved environment for business and greater political stability, a study undertaken for blockchain-based mobile network operator World Mobile shows.
More than half (54%) of senior executives from Tanzania, Angola, Botswana, Cameroon, Ethiopia, Ghana, Nigeria and South Africa surveyed say dramatic improvements in Internet connectivity will help support the rise of entrepreneurs across the continent.
About 91% of respondents believe the environment for doing business in Africa will improve, while 70% are optimistic Western countries will increase their investment in the continent.
Further, nearly two-thirds, at 65%, say greater political stability on the continent is boosting entrepreneurship and 59% of the business leaders say better education will support new entrepreneurs.
The study with African business leaders, from companies with combined annual revenues of more than $6.75-billion, also found that 70% of them expect improvements in entrepreneurial activity, with 15% predicting a dramatic improvement.
“The African Development Bank has estimated that Africa is the world’s most entrepreneurial continent, with millions looking to establish businesses. The business environment and political stability are important to helping them, but crucially there is also the issue of Internet connectivity, which is vital for most new businesses,” World Mobile CEO Micky Watkins says.
“It is good to see business leaders are confident, but more needs to be done. Launching new businesses will help to unleash the potential of the continent and raise living standards,” he adds.