Afreximbank’s Africa Research and Innovation Hub (ARIH) Seeks to Unlock US$70 Billion Annual Economic Gains for Africa

The African Research and Innovation Hub (ARIH) that was recently launched by African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is seeking to unlock up to US$70 billion annually in economic gains for Africa by boosting innovation-driven sustainable growth.

ARIH is expected to catalyse technological sovereignty, intra-African trade, sustainable growth and structural transformation of African economies by fostering scientific research, innovation and commercialisation of homegrown technologies. This is aimed at accelerating intra-African trade and structural transformation by exploiting the organic linkages among academia, industry and policymakers with scalable innovations.

The hub is structured to address the low investment in research and development (R&D) in Africa and the continent’s underperformance in research output. It will tackle this by fostering innovation commercialisation and building partnerships among academia, industry and policymakers in order to double Africa’s R&D expenditure to unlock economic benefits.

Speaking during the Intra-African Trade Fair (IATF2025), Dr. Yemi Kale, Group Chief Economist and Managing Director for Research at Afreximbank, said: “The establishment of the African Research and Innovation Hub marks a pivotal moment for Africa’s scientific and technological ecosystem. It signals Afreximbank’s commitment to harnessing Africa’s homegrown talent and transforming Africa’s intellectual capital into industrial competitiveness, trade expansion and sustainable development.”

Dr. Kale pointed out that Africa currently contributes less than three per cent of global research output, despite the urgent challenges confronting it, saying that “accelerating Africa’s innovation ecosystem to support economic growth, trade diversification and technological sovereignty is, therefore, an objective we are happy to commit to.”

He added that: “Our vision is for ARIH to be a transformational platform that seeks to convert intellectual capital into industrial competitiveness and trade-led growth, recognising that a doubling of Africa’s R&D expenditure by one per cent of GDP could unlock up to US$70 billion annually. We also see ARIH positioning itself as a vital conduit connecting academia, industry, policymakers and investors to accelerate Africa’s path to inclusive and sustainable growth.”

The ARIH activities at IATF2025 included award presentations to 12 groundbreaking research and innovative projects from across Africa and the Caribbean, demonstrating real potential to address Africa’s pressing challenges. Winners were selected from over 200 researchers, students, educators and scientists who submitted applications for a competition initiated by Afreximbank. The awards, which included both certificates and cash prizes were presented by Mrs. Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African Trade and Export Development.

Commending the winners, Dr. Anthony Coleman, Director for Development Research, Afreximbank, urged them to broaden their innovative horizons to tackle Africa’s technology gaps and development challenges effectively. He assured them of Afreximbank’s commitment to nurturing ARIH as a long-term avenue for Africa’s innovation ecosystem. Dr Coleman further challenged them to sustain the momentum by leveraging the platform as a springboard for collaborative efforts among scientists, innovators, and entrepreneurs to advance Africa’s intra-regional trade and economic transformation.

Also participating in the launch were Dr. Kamel Bidari, Minister of Higher Education and Scientific Research of Algeria; Dr. Noureddine Ouadah, Minister of Knowledge Economy, Startups, and Microenterprises of Algeria; Mr. Kamal Rezig, Minister of Foreign Trade and Export Promotion of Algeria; Mr. Tiroeaone Ntsima, Minister of Entrepreneurship and Trade of Lesotho; and Mr. Patrick Thierry Akoloza, Minister of Trade and Industry, Central African Republic.

Attended by more than 112,000 visitors from 132 countries, IATF2025, which took place from 4 to 10 September, ended on a remarkably high note with US$48.3 billion in trade and investment deals signed over the seven days of the continental exposition. It welcomed 2,148 exhibitors.