Monday, September 21, 2020
Business Tech

Facebook to boost Africa’s economy by $57 billion

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With intensions of investing, global technology company Facebook is looking into infrastructure and connectivity across the African region. The results are expected to cost over $57 billion in the next five years.

Facebook released findings conducted by Analysts Mason that highlighted a massive growth for the global technology company.

The study conducted by the economist intelligence unit revealed that over 800 million people in Sub-Saharan Africa are unconnected to the internet. Barriers to connectivity as researched include lack of availability in infrastructure, affordability, relevance and readiness to get online.

Facebook is also investing in submarine cables, edge networks and backhaul fiber investments through Open Transport Networks (OTNs). The company has engaged in projects that cover several countries across the African continent.

More people are expected to go online as the project includes the enhancement of operators’ ability to extend the coverage of broad networks. The company will also be supporting mobile operators through facilitation initiatives covering express Wi-Fi, rural access partnership among other telecom infrastructure projects.

The project aims to benefit the society by creating jobs for the unemployed. It will also create benefits for individuals through improved health and welfare outcomes, skills and education.

Commenting on these developments, Facebook’s Africa public policy director, Kojo Boakye, said: “At Facebook we’re committed to Africa and the role that we can play in improving the continent’s global competitiveness.

“Over the last three years we’ve heavily invested in infrastructure and connectivity initiatives that aim to affordably connect people on this continent and create tangible social-economic benefits,” commented further Kojo.

Facebook hopes to improve the interaction between people as there will be increase in take-up and internet traffic. This improvement will enable people to trade online and perform online transactions.

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