The United Nations Economic Commission for Africa (UNECA) has projected Africa’s economy to reach $1,977.6 billion by 2030 through the continent’s use of renewable energy.
Antonio Pedro, the acting executive secretary of the UNECA, made this statement yesterday in Niamey, Niger Republic, at the fifth African Science, Technology, and Innovation Forum.
Accelerating Emerging Technology Development and Adoption for a Green, Inclusive, and Resilient Africa is the forum’s theme.
“One key opportunity for us lies in the renewable energy market. The value of this market in 2020 was estimated at $881.7 billion and is projected to reach $1.977.6 trillion by 2030.
“A 10 percent share can easily add $200 billion to Africa’s economy,” Pedro said.
The UNECA chief said another opportunity Africa should not miss out on was the global digital economy.
He said the global digital economy was estimated at about 14.5 trillion dollars, with about 60 percent of the global Gross Domestic Product (GDP) now depending on digital technologies.
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“Initiatives, such as the African Trade Exchange (ATEX), which have been conceptualized by ECA and are now fully operational under Afreximbank, can connect African entrepreneurs to the global marketplace more effectively.
“It can also link them to sources of finance, and accelerate the implementation of the AfCFTA,” Pedro said.
The acting executive secretary urged Africa to invest in research and development (R&D) to deliver sustainable industrialization and economic diversification.
He said most African countries currently have less than 100 researchers per million inhabitants and 0.5 percent of gross domestic product (GDP) allocated to research and development (R&D).
The UNECA chief gave examples of sustainable development through the Sustainable Development Goals (SDGs) in which several African countries were involved to develop their economies.
Pedro noted that Africa needs to strengthen the enabling environment through informed policies, increase investment in the research and development process, and harness the support of the private sector more effectively.
He said Africa should be at the forefront of a green transformation to accelerate growth, diversify economies and deliver on the SDGs and Agenda 2063.
Pedro also said UNECA was committed to supporting the transformation of Africa in its development process.
Story adapted from The Nation
