By Sodeinde Temidayo David
Global technology company, Google LLC, is set to invest $1 billion in Nigeria and other African countries in the next 5 years to support the continent’s digital transformation.
Google said the investment will also include landing a subsea cable into the continent to enable faster internet speeds, low-interest loans for small businesses, equity investments into African startups, skills training and more.
This is in a bid to enable fast, affordable internet access for more Africans, building helpful products, supporting entrepreneurship and small business, and helping nonprofits to improve lives across Africa.
The Chief Executive Officer (CEO) of Google and Alphabet, Mr Sundar Pichai, who confirmed this investment drive, noted that the company was building global infrastructure to help bring faster internet to more people and lower connectivity costs.
He added that through a Black Founders Fund, Google will invest in Black-led startups in Africa by providing cash awards and hands-on support.
According to him, this is in addition to Google’s existing support through the Google for Startups Accelerator Africa, which has helped more than 80 African startups with equity-free finance, working space and access to expert advisors over the last three years.
The subsea cable is set to cut across South Africa, Namibia, Nigeria and St Helena, connecting Africa and Europe.
According to the managing director for Google in Africa, Mr Nitin Gajria, it will provide approximately 20 times more network capacity than the last cable built to serve Africa.
It is projected to create about 1.7 million jobs in Nigeria and South Africa by 2025 as the digital economy grows.
“This will lead to a 21 per cent reduction in internet prices and increase internet speed in Nigeria and almost triple in South Africa,” said Mr Gajria.
Google also announced the launch of the Africa Investment Fund, where it will invest $50 million in start-ups across the continent providing them with access to Google’s employees, network, and technologies to help them build meaningful products for their communities.
The company added that it will additionally disburse $10 million in low-interest loans to small businesses in Nigeria, Ghana, Kenya and South Africa, to alleviate hardships brought about by the Covid pandemic.
This will be done in partnership with Kiva, a San-Francisco based non-profit lending organization, as it pledged $40 million to non-profits improving lives in Africa.Africa with partners like Airtel, MTN, Orange.
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Adedapo Adesanya