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Young Africans are Driving a New Economy

A new report estimates that gaming revenue in Africa grew by 8.7% last year and is set to grow by 16% this year — and will break the $1 billion revenue mark in 2024. The report by games market data provider Newzoo and Cape Town-based Carry1st, a games publisher, says the growth is driven by mobile gaming which dominates on the continent growing faster than gaming revenue on personal computers or consoles such as Playstations and the Xbox. In broad terms, the ranking of countries generally tracks with the number of connected devices estimated to be in each market. The analysts said Ethiopia was the fastest growing market last year at a rate of 13%. Ethiopia, which has Africa’s second largest population, has also recently opened up its telecoms market to foreign competition after years with a state-owned monopoly.