Key Takeaways:
- Urgent Investment Needed: The World Bank emphasizes the necessity of a $400 billion investment to achieve universal broadband access by 2030.
- Public-Private Collaboration: Achieving this goal requires strategic partnerships between governments and the private sector.
- Addressing Digital Inequality: The lack of internet connectivity leaves billions excluded from the digital economy, widening the global digital divide.
The World Bank has issued a critical call for a $400 billion investment to ensure universal broadband access by 2030, highlighting the urgent need to bridge the widening global digital divide. The organization warns that billions of people are currently excluded from the digital economy due to a lack of connectivity.
According to the World Bank, this substantial investment necessitates strategic collaboration between public and private sectors, as neither can bear the financial burden alone. In a recent blog post shared on their official X account, the global lender underscored the gravity of the situation, noting that 2.6 billion people remained offline in 2023.
“Achieving universal access to broadband will require over $400bn by 2030, and neither the public nor the private sector can do this alone. Governments need to make bold reforms, and the private sector can reduce costs and risks and increase efficiency and innovation,” the statement explained.
The World Bank’s Digital Transformation team is actively working with governments in developing countries, including Nigeria, to strengthen digital economies and governance. Nigeria, for example, is currently undertaking a project to expand its fibre-optic cable network by 90,000 kilometers, with financial support from the World Bank and other financiers. This project, set to commence early next year, aims to connect millions of currently offline Nigerians.
Beyond infrastructure, the World Bank stressed that digital skills, data protection, and cybersecurity are essential for creating an inclusive and secure digital future. Strong public-private partnerships are crucial to accelerate internet adoption and create opportunities for businesses and individuals in developing economies.
The World Bank’s call for increased investment comes at a time when artificial intelligence and data-driven technologies are reshaping global economies. There are growing concerns that millions without internet access or digital skills will be left behind. The organization emphasized that boosting digital inclusion requires not only expanding broadband networks but also making internet access affordable and reliable.
As global demand for connectivity continues to rise, the World Bank cautioned that inaction could exacerbate inequality and limit economic opportunities for millions. They urged policymakers and investors to prioritize digital infrastructure and policy frameworks that will enable universal broadband access in the coming years.
