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Sub Saharan Africa’s ICT Industry Valued at $10Bn – Ramesh
In a continent of over billion people, the ICT market in Africa, excluding South Africa is valued at only USD 10 billion. South Africa’s ICT market is valued at over USD 22 billion.
The country alone accounts for about 68 percent of the entire market in Africa which makes the continent’s figures of USD 32 billion appear skewed.
This was revealed by Ramesh Awtaney, Founder and Chairman of iSON Group during his presentation on ‘’Bringing Intellectual Property to Work: Create Onshore Model, Target Offshore Opportunities’’, at the 2017 London Business School’s Africa Business Summit.
Ramesh examined the opportunities in Africa’s ICT sector in relation to India’s industry where ICT is playing a massive role.
According to him, ICT is the propelling factor in India’s 6.5 percent average annual GDP growth for past two decades and at present commands a 10% share of the country’s GDP.
Also 38 percent of India’s export are ICT services. In the USD 2 trillion economy, the sector rakes USD 100 billion of exports. The best case of ICT export in Africa is that of Kenya where contribution is 0.06 percent of GDP.
India has been on its ICT journey since the 1990s. Globally, the country represents 55 percent of the ICT offshore market.
The USD 100 billion ICT offshore industry has capitalized on the availability of educated youths. This was achieved through the engagement of all stakeholders through training. If the domestic market is included, the sector is worth USD 200 billion.
In 2015 approximately 230,000 new jobs were added in India’s ICT sector, while sector’s current overall employment figure remains well north of 10 million.
This feat was not achieved on the back of profound innovation or sudden breakthrough. It was a collective determination to get things done by government, academia, and industry experts as a means to fuel economic growth.
Ramesh is convinced that what India did in 25 years can be achieved by Africa within 5 -10 years if India’s model can be replicated.
Like India, all Africa requires is commitment to attain this height. The youth population of India in the age group 15-34, 400 million while Africa is comparable with 300 million youth.
The ICT sector requires only one material which is educated youth which Africa seems to have in abundance. Furthermore, in Africa not only English but French, German, Spanish and Arabic are also widely spoken.
In the 1990s and early 2000, offshore was the buzzword in India as jobs moved from Europe and America to India, whereby know how of processes became the intellectual properties. As economies begin to grow in Africa, there is a need to outsource non – core functions.
This can be achieved in two ways. Either one brings work to intellectual property or knowledge (intellectual property) to work.
The Indian model is that of former in which businesses from other countries bring the work to India. This is called work to intellectual property (IP). iSON, when it was founded 6 years ago in Africa, decided to do the latter.
Elaborating further, Ramesh revealed that iSON brought the knowledge from India to Africa instead of taking work from Africa to India.
Today, iSON has created over 10,000 jobs, having employed over 20,000 people since its inception Interestingly enough, to create these 10,000 jobs, USD 20 million has been invested. In no other industry can one make an impact of 20,000 jobs with 20 million dollars.
With these 20,000 well trained and skilled employees, the ‘’Knowledge Base’’ has been created and this would help propel the growth domestically.
According to him, what will help create the skills set for the real jobs in Africa is relevant education. In today’s Africa, about 80% – 90% of what is taught in schools is irrelevant. Schools’ curricula need to change.
The youth need to be served with relevant education. If schools collaborate with industries like ICT, they can be given specifications of new jobs that are going to be made available. Africa needs to change her curricula to include what is industry relevant. This, in turn, will create the jobs, create the skills that are required, and start an offshore industry.
The ICT growth we clamor for in Africa cannot be achieved by just going after the domestic requirements.
Also as the ICT industry matures in India, they like to take on more value addition jobs. Companies have grown and evolved in their circle, and aim to move up their billable from $20,000 per employee a year to $80,000 per employee a year. Indian companies are now looking to concentrate on big data analytics. These are the opportunities available for Africa to capture in the outsourcing space of basic IT and ITes.
Offshore requirements have to be a major target and in order to achieve that, good project management is required.
There has to be collaborations between the existing technology ecosystem, academics and key industry players. The government on the other hand, need to formulate policies which encourage offshoring to Africa much like India did in 1990s and early 2000.
Africa Prudential Plc has reaffirmed its commitment to sustainable growth and digital transformation after posting another strong half-year financial performance, driven by robust growth in its core registrar business, technology-driven solutions and increased activity in Nigeria’s capital market.
Speaking during the company’s H1 2026 Investor Call on Tuesday, the management outlined plans to deepen revenue diversification and accelerate innovation as part of efforts to reduce reliance on interest income and strengthen long-term profitability.
The company reported gross earnings of ₦4.28 billion for the first half of 2026, representing a 27 per cent increase from ₦3.34 billion recorded in the corresponding period of 2025.
Profit before tax rose by 22 per cent to ₦2.41 billion, while profit after tax climbed 18 per cent to ₦1.59 billion.
Net operating income also increased by 27 per cent to ₦4.21 billion, while total assets grew by 13 per cent to ₦46.53 billion. Shareholders’ funds similarly rose by 13 per cent to ₦12.52 billion.
According to the company, the impressive performance was driven by sustained growth in its registrar business, increased corporate actions across the Nigerian capital market, stronger treasury earnings supported by the prevailing interest rate environment and rising adoption of its technology-enabled products and services.African Mineral Wealth
Managing Director and Chief Executive Officer, Dr. Catherine Nwosu, said Africa Prudential is steadily evolving from a traditional share registrar into a diversified technology and business solutions provider serving the broader capital market ecosystem.
Addressing concerns from investors about the sustainability of earnings if interest rates decline, Nwosu said the company was deliberately expanding its non-interest income sources.
“Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, Know Your Customer (KYC) services, AGM technology, probate services and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix,” she said.
She noted that increasing activity in the Nigerian capital market presents fresh opportunities for technology-driven solutions.
“With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency and stronger compliance standards continues to grow. We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders,” she added.
Looking ahead, the company identified five strategic priorities for the second half of 2026, including driving sustainable growth through its core registrar business and new revenue streams, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and reinforcing corporate governance.
The investor call attracted institutional investors, shareholders, analysts, regulators and other capital market stakeholders, reflecting strong interest in Africa Prudential’s earnings outlook, revenue diversification strategy and long-term growth plans.
News
IHS Nigeria Donates Business-Support Equipment to Empower People with Disabilities in Abuja Community
Communications infrastructure company, IHS Nigeria, has donated business support equipment to empower people with disabilities within the Karonmajiji community in the Federal Capital Territory, Abuja. This is part of the company’s commitment to drive inclusive community development and sustainable livelihood support under its Project Empower initiative.
The equipment was distributed to beneficiaries during a ceremony held in the community on Monday, July 27. The initiative was conceived following a community needs assessment and is designed to empower active traders by providing them with business tools rather than cash grants, thereby strengthening their businesses and ensuring long-term economic impact and accountability.
Speaking at the event, Director, Sustainability, IHS Nigeria, Titilope Oguntuga, described the initiative as a reflection of the company’s commitment to advancing inclusive development by equipping persons with disabilities with the tools and opportunities needed to build resilient livelihoods.
She explained that rather than providing short-term financial assistance, IHS Nigeria adopted an asset-based approach by donating 50 pieces of business support equipment, including sewing machines, freezers, generators and hairdressing kits, to the selected beneficiaries.
According to her, the intervention is designed to create lasting value by supporting entrepreneurship, promoting self-reliance and strengthening household incomes, while contributing to the achievement of the United Nations Sustainable Development Goals, particularly SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities).
In his opening remarks, the Chief of the Karonmajiji Disabled Community, Alhaji Sulaiman Muhammed Katsina, represented by the Secretary of the Community, Alhaji Mohammed Dantani commended IHS Nigeria for its commitment to empowering persons with disabilities through practical and sustainable interventions.
He described the initiative as a demonstration of genuine partnership with the community and expressed appreciation for the company’s continued engagement with the Association, noting that the donation of the equipment was a significant investment in improving the livelihoods of persons with disabilities and would create meaningful economic opportunities for the beneficiaries and their families.
The event brought together traditional rulers, government representatives, leaders and members of the Karonmajiji Disabled Community Association, implementing partners, including Field of Skills and Dreams Vocational Technical and Entrepreneurship (FSD VTE) Training Institute and other community stakeholders, reaffirming a shared commitment to promoting inclusion and sustainable community development.
Project Empower reinforces IHS Nigeria’s commitment to advancing sustainable development through strategic partnerships that promote economic inclusion, strengthen community resilience and create opportunities for underserved communities.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
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