PwC Nigeria Chief Economist elaborates on the future of Blockchain in Africa

Speaking at a Technology Conference held in Lagos, Chief Economist at PwC Nigeria Andrew Nevin has elucidated the value of Blockchain in the future of Africa’s economy. Nevin also touched upon a range of other valuable technologies, including artificial intelligence and 3D printing.

Nigeria is touted as the driver of economic growth for Africa, as the region continues to grow into a prominent economic centre. As one of the largest economies on the continent, Nigeria has been attributed the responsibility of leading the region in adopting practices from across the world.

Digitalisation is high upon this list of imported best practices, particularly as the population across Africa continues to gain digital access. A number of businesses in the country have consequently embarked on the digitalisation process, prioritising the benefits over the substantial costs involved.

However, the digitalisation drive is not restricted to Nigeria. Ghana, among a number of other countries, have also displayed conducive factors to a digital environment, which paints a promising scenario for the future of the regional economy. Andrew Nevin has listed some technologies that could be of particular importance in this regard.

The Big Four accounting and advisory executive was speaking at a tech event that was themed “Blockchain, AI Digital Virtual Financial Assets and Other Technologies of the Fourth Industrial Revolution,” with a focus on how these domains could drive economic development across Africa. 

Nevin touted Blockchain as a crucial part of this growth story, given its potential role in trade as well as politics. The decentralised and highly transparent data management could not only allow for a more efficient trade system across Africa, but could also ensure greater transparency in the election process.

The technology also goes a long way in cutting costs, which is a boon for smaller domestic businesses across the continent. Another technology that is set to take a central role in Africa’s development, according to Nevin, is that of 3D printing, which has become more affordable in recent years.

“In the past, the cost of 3D printing was expensive, and the technology was available only to large corporations, but the development of desktop 3D printers has made the technology more accessible to small and mid-sized businesses and home users,” said Nevin.