Babajide Sanwo-Olu, the Governor of Lagos State, has said that the continent's IT sector has grown rapidly because of finance, investments, and a young population.
He made this statement at the GITEX One Africa Digital Summit. in Marrakech, Morocco, on Wednesday.
What's Making Africa the Next Silicon Valley Faster? was the topic of the presentation.
"The fact that this event has been brought to Africa is a testament to the continent's growing influence in the global cyber tech ecosystem", the governor stated.
He said that more than 600 firms have gotten finance, with Nigeria developing as a major hub for tech start-ups, notably in Lagos.
The Lagos State government emphasised the following while discussing the causes of the continent's technological growth.
“Africa has a population of over 1.2 billion people of which 60 per cent are under 25 years and 70-75 per cent are under 40.
“This demographic is a significant opportunity for growth and technology.
“More so, most of the tech founders are under 35 years of age", he continued.
The governor of Lagos State also noted that access has increased in the area during the previous three to four years.
The boom in mobile payments has also created new chances for financial inclusion and economic empowerment, according to Sanwo-Olu.
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