Silicon (Valley) is Africa’s hot new commodity

The titans of Silicon Valley are undeterred by the economic slump afflicting much of Africa.

Facebook Inc., Google, Oracle Corp. and Uber Technologies Inc. are at the leading edge of turning the world’s frontier markets digital. As the commodity crash buffets the continent’s biggest economies, the interest and investments couldn’t come at a better time.

Almost half of foreign direct investment projects in Africa last year were in technology, telecommunications, financial services and consumer products.

The amount dedicated to oil, gas and mining dropped to 6%—from almost a quarter in 2005 —according to EY, a consultancy firm. Read more…