Jumia Technologies AG (NYSE:JMIA) saw its stock climb 2% after Google announced substantial investments aimed at expanding internet connectivity across Africa, a key region for Jumia’s e-commerce operations.
Google revealed that it has surpassed its 2021 commitment of $1 billion to enhance African internet infrastructure ahead of schedule, planning to establish four strategic subsea cable hubs across the continent. This expansion is expected to create new digital corridors within Africa and connect the continent more efficiently to global networks.
The tech giant’s initiatives have already enabled 100 million Africans to access the internet for the first time. The Equiano cable alone is projected to boost real GDP this year by approximately $11.1 billion in Nigeria, $5.8 billion in South Africa, and $290 million in Namibia.
Additionally, Google plans to provide free one-year subscriptions to its Gemini AI Pro plan for college students in eight African nations, aiming to train another 3 million students, young professionals, and educators by 2030, complementing the 7 million Africans it has already trained.
As the largest e-commerce platform in Africa, Jumia stands to benefit from enhanced connectivity and a digitally skilled population across its markets. The stock’s increase reflects investor confidence in the potential growth opportunities driven by Google’s ongoing commitment to the continent’s digital ecosystem.
Jumia Technologies stock price
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