Investing in Africa's knowledge economy

Africa is making significant strides in positioning itself as a global leader in science, technology, and innovation. Governments across the continent are increasing their investments in STEM education, research commercialization, and workforce development to drive economic growth and shape the future of the continent. CNBC Africa recently interviewed Neil Turok, the Founder of the African Institute for Mathematical Sciences (AIMS), to discuss the transformative impact of these efforts on Africa's knowledge economy. Turok emphasized the importance of thinking outside the box at AIMS and looking for opportunities in emerging markets and addressing the big challenges that governments aim to solve. He highlighted the versatility of skills such as computing, data science, critical thinking, and analytical thinking, which are in high demand across various sectors including banking, investment firms, government, and high-tech start-ups. AIMS plays a crucial role in demonstrating the value of mathematics to society by equipping students with the necessary skills to apply mathematical concepts creatively to real-world applications. Turok underscored the significance of mathematical skills in driving industries forward and emphasized the shift from relying solely on raw materials to adding value through mathematical modeling and quantitative understanding. According to Turok, the ability to create value-added products, develop marketing strategies, and enhance productivity requires profound quantitative understanding and the capacity to model and extrapolate data effectively. Modern businesses and economies thrive on mathematical modeling, enabling them to make informed decisions based on quantitative assessments. Turok highlighted the critical role of mathematical skills in ensuring competitiveness in the global economy, stating that Africa has the opportunity to leapfrog traditional methods and embrace innovative approaches to economic growth. When addressing the funding challenges faced by institutions like AIMS in promoting STEM education and research, Turok emphasized the importance of innovative financing models and strategic partnerships. While maintaining close partnerships with governments, AIMS focuses on creative fundraising strategies to ensure long-term sustainability. Turok highlighted the institution's low administrative overheads of eight percent, allowing the majority of funds to be invested directly in programs, people, and training. One of the innovative financing models implemented by AIMS involves supporting the progression of its alumni to the PhD level and beyond. Drawing parallels with Korea's investment in education leading to the creation of tech giant Samsung, Turok emphasized the importance of cultivating a pool of highly skilled PhD experts to drive scientific advancements. He highlighted the success of countries like China, which generate substantial numbers of PhD graduates annually, contributing to advancements in science and technology. Turok emphasized that Africa can leverage its abundant human talent pool to fill the gap for highly motivated PhD students in Europe, North America, and other regions, thereby driving continuous investment in technology and innovation. In conclusion, Africa's focus on STEM education, research, and innovation is pivotal in unlocking the continent's economic potential and fostering sustainable growth. By equipping the next generation with essential skills and fostering a culture of creativity and innovation, Africa is poised to lead the way in the global knowledge economy and drive future advancements across various industries.