Africa and the Fourth Industrial Revolution: Turning a Curse into a Resource Through the Prism of Human Capital

Abstract

This chapter illuminates how the past three industrial revolutions affected Africa’s development pace. Africa suffered from loss of human capital through slavery. The post-independence period ushered in false hopes of a brighter future for the citizens in Africa. While it was assumed that a gloomy past littered with slavery and colonialism could pave way for sustainable development, it has become increasingly realized that neo-colonialism and globalization forces have intensified Africa’s marginalization in development. It is a pity that to some degree, a class of educated elite who would have elevated Africa to greater economic heights went in the opposite direction by plundering Africa’s endowed resources through capital flight. The chapter attempts to identify opportunities and threats for Africa in the 4IR. Like many developing countries, Africa generally and Sub-Saharan Africa in particular have witnessed a catalogue of challenges ranging from poor terms of trade, poor governance, corruption, inequity, and lack of committed skilled human resources. Taken together, these problems have plunged Africa into deep rooted poverty and underdevelopment. The chapter strives to locate the position and role of Africa in the 4IR. It focuses on potential strategies that can ameliorate Africa from unemployment, poverty, and inequality. It echoes a wakeup call for African leaders to reflect and redefine their development paradigm. It signals the urgency of devising appropriate interventions to address a vicious cycle of underdevelopment. Ironically, Africa’s underdevelopment was attributed to the assertion that the continent is poor. Drawing on her diverse and rich resources, Africa may rather be described as a sleeping giant. Lessons from China and India indicate that having skilled and cheap labour can attract Foreign Direct Investment. Attainment of great economic strides is inextricably linked to revitalization of the education system to create job creators rather than job seekers.