Global Tech giant, Google, has disclosed plans to invest $1billion over five years to support digital transformation in Nigeria and other African countries.
This was disclosed by the CEO of Google and Alphabet, Sundar Pichai, on Wednesday at the first Google for Africa event.
According to the Google CEO, the planned $1billion investment will include enabling affordable internet access and building helpful products across the continent.
He further stated that Google was building a global infrastructure to help bring faster internet to more people and lower connectivity costs.
The subsea cable Equiano will run through South Africa, Namibia, Nigeria, and St Helena and connect the continent with Europe.
Announcing the investment plan at the virtual event, Pichai said: “We’ve made huge strides together over the past decade — but there’s more work to do to make the internet accessible, affordable, and useful for every African.
“Today I’m excited to reaffirm our commitment to the continent through an investment of $1B over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups.”
Through a Black Founders Fund, Google will invest in Black-led startups in Africa by providing cash awards and hands-on support.
This is in addition to Google’s existing support through the Google for Startups Accelerator Africa, which has helped more than 80 African startups with equity-free finance, working space, and access to expert advisors over the last three years.
Google also announced the launch of an Africa Investment Fund. Through this fund, the company will invest $50m in startups and provide them with access to Google’s employees, network, and technologies to help them build meaningful products for their communities.
