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Clear Blue and BRCK partner to connect more people to the...

Special Correspondent - November 22, 2018

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Special Correspondent - November 15, 2018

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Equity, KCB make the list for African Banker nominees

May 5, 2018

African economies have been challenged to boost their investment in research to power the continent’s industrial transformation by accelerating development of homegrown innovations that reinforce autonomy, sustainability, and technological sovereignty. Speaking during the official launch of the African Research and Innovation Hub (ARIH) on the sidelines of the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers, the Group Chief Economist and Managing Director for Research at the African Export-Import Bank (Afreximbank) Dr. Yemi Kale noted that while Africa accounts for less than 3% of global research output, it bears a disproportionately higher share of global challenges. “Even more concerning, our research and development spending averages under 0.5% of GDP, far below the global average of 2.2% and far less than the over 4% invested in countries such as South Korea and Israel. However, history shows us that deliberate investment in research ecosystems has been the foundation of industrial transformation. Sustained competitiveness requires research, innovation, and the industrial capacity to transform ideas into products and services that can stand at the frontier of global markets,” Dr Kale said. The hub is a joint initiative of Afreximbank, the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat that aims to promote and commercialise African research and innovation. It provides a platform for academics, researchers, and students to contribute their knowledge and expertise towards advancing Intra-African trade and industrialisation. “ARIH’s mission is to transform intellectual capital into industrial competitiveness and trade-led growth. Studies indicate that if Africa merely doubles its R&D spending to 1% of GDP by 2030, we could unlock an estimated $60–70 billion annually in additional value across agriculture, digital technology, and manufacturing. This would boost productivity, reduce import dependence, and expand Africa’s share of global trade,” Dr Kale argued. Throughout IATF2025, ARIH is running sessions bringing together participants from academia, enterprise, policymakers and investors. Besides the co-convenors, Algeria's Ministry of Higher Education is providing technical coordination for the sessions that include roundtables and pitch sessions for innovative projects and startups. University lecturers and students, as well as scientists and researchers affiliated with National Research Institutions from Africa, and the Diaspora including the Caribbean, have the opportunity to showcase their innovative research and scientific prototypes. Hosted by the People’s Democratic Republic of Algeria, IATF2025 is co-convened by Afreximbank, the African Union Commission and the AfCFTA Secretariat, and is projected to facilitate trade and investment deals worth over US$44 billion. IATF is a platform for businesses to showcase their goods and services to visitors and buyers while exploring opportunities and exchanging information. IATF aims to tap into opportunities from AfCFTA’s single market of over 1.4 billion people and GDP of over US$3.5 trillion. The ongoing IATF2025 is in its fourth edition with the last three editions of IATF cumulatively generating over $118 billion in trade and investment deals and attracting more than 70,000 visitors and 4,500 exhibitors.

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Special Correspondent

Clear Blue and BRCK partner to connect more people to the...

Tuskys Win-a-Car Christmas promo shores up M-PESA payments

Tuskys predicts a 30% festive season growth this year with local...

Bluemoon Coconut hits the market as government crackdown fuels market growth

Africa’s health Paradox: Pneumonia is preventable but still kills 16% of...

Co-op Bank Profits Up

APA Insurance partners with Azuri to boost insurance penetration

EY honours Southern African entrepreneurs who redefine convention and inspire change

Triple win for African rugby on the global stage

Merck Foundation announces the winners for their “Merck Diabetes Award” to...

MOST POPULAR

Equity, KCB make the list for African Banker nominees

African economies urged to invest in research for industrial transformation

Bold visions and solid pledges

NAKURU TOPS AS A FAVOURITE INVESTMENT DESTINATION IN KENYA

HOT NEWS

USERNAME INVESTMENTS EMPLOYEE OF THE YEAR WINS A BRAND NEW CAR...

Kenyan Universities Strive to be “Greenest in the World”

5 Reasons to Consider Payroll Outsourcing

In the Age of Artificial Intelligence (AI) Slop, Trust is a...

EDITOR PICKS

A NEW LAYER OF PRIVACY FIVE YEARS IN THE MAKING

Jambojet Awarded for Most Compelling Story at The Aviation Challenge in...

Zaria Court Kigali Now Open as Part of Tapestry Collection by...

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Third Africa Islamic Finance Forum Confirmed for Nigeria March 2018

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