Expert Roundup — What To Expect in the Next 5 Years (Part 3)
Here is the third part of our Expert Roundup with Austine Abolusoro, Co-Founder P2vest.
From the perspective of your industry, what would Africa’s/Nigeria’s digital economy look like in 2025, and what role would digital identity play?
Austine Abolusoro, Co-Founder P2vest.
Africa’s economy is projected to grow to a GDP of $4.5trillion by 2025. The internet alone will contribute $180billion to this, as over 60% of the population will be accessing the internet through mobile devices.
I believe it will be a mobile economy, driven by free trade within the ECOWAS sub-region and between South African Development Community (SADC), Common Market for Eastern and Southern Africa (COMESA), and East African Community (EAC).
The increased use of the internet will come with increased digital services and commerce. And that, in turn, will make the need for digital identity greater. Because the ability to identify people with some level certainty, while they transact across the region, is a key prerequisite for digital businesses.
We will also see many more digital identity projects, with common interfaces & APIs between governments and between government and businesses.
Lastly, I believe blockchain will also play a huge role in managing identity in this phase of Africa’s growth.
