Afreximbank launches African Research and Innovation Hub to drive $70 billion growth
The African Export-Import Bank (Afreximbank) has launched the African Research and Innovation Hub (ARIH), a new platform expected to unlock up to $70 billion in annual economic gains by driving innovation-led growth across the continent.
ARIH is designed to boost Africa’s technological sovereignty, expand intra-African trade, and accelerate structural transformation. The initiative links academia, industry, and policymakers to foster research, innovation, and commercialization of homegrown technologies. By doubling Africa’s R&D spending, the hub aims to reverse low research output and strengthen competitiveness.
Speaking at the Intra-African Trade Fair (IATF2025), Afreximbank’s Group Chief Economist Dr. Yemi Kale said the hub underscores the bank’s commitment to turning intellectual capital into industrial competitiveness and sustainable development. Africa currently contributes less than 3 percent of global research output, highlighting the urgency of accelerating innovation for growth and trade diversification.
Showcasing groundbreaking projects at IATF2025
ARIH’s debut included awards to 12 innovative projects selected from over 200 applications across Africa and the Caribbean. Winners received recognition and cash prizes, presented by Afreximbank’s Executive Vice President for Intra-African Trade Mrs. Kanayo Awani. Afreximbank leaders urged innovators to sustain momentum and leverage the platform to close technology gaps and drive intra-African trade.
The launch drew participation from ministers of higher education, trade, and entrepreneurship from Algeria, Lesotho, and the Central African Republic. IATF2025 itself concluded with $48.3 billion in signed trade and investment deals, attracting more than 112,000 visitors and 2,148 exhibitors from 132 countries.
