Business
IATF2025: Africa, Diaspora push for unity, innovation and sub-sovereign partnerships to drive trade
The Intra-African Trade Fair (IATF2025) in Algiers, Algeria, witnessed a flurry of landmark initiatives aimed at deepening economic integration, strengthening ties with the African Diaspora and accelerating industrial transformation through research and innovation.
At the Global Africa Diaspora Day, prominent leaders, including former Nigerian President Olusegun Obasanjo, Afreximbank President Prof. Benedict Oramah, and Prime Minister of Barbados Mia Amor Mottley, rallied for unity and economic sovereignty among Africa and its Diaspora communities.
Delivering the keynote address, Prof. Oramah underscored the need for a cohesive Global African market of nearly two billion people.
“We must produce within our communities, sell within our communities, and take pride in consuming what is produced within our communities,” he said, adding that the vision of Global Africa is “Pan-Africanism underpinned by markets and by the capital we own and control.”
Caribbean leaders, including Dr. Terrance Drew, Prime Minister of St. Kitts and Nevis, echoed this sentiment, describing the movement as a continuation of a historic journey to mend the past and secure a future rooted in unity and sovereignty.
The event featured cultural showcases, creative industry panels, and discussions on “The Global Africa We Want: Business Collaboration Without Borders,” highlighting practical steps for fostering partnerships across continents.
Africa urged to boost research for industrial competitiveness
On the sidelines of the fair, Afreximbank launched the African Research and Innovation Hub (ARIH) to position research as a catalyst for industrial transformation.
Dr. Yemi Kale, Afreximbank’s Group Chief Economist, lamented that Africa contributes less than 3% of global research output while facing a disproportionately high share of global challenges.
“Our research and development spending averages under 0.5% of GDP, far below the global average of 2.2% and the 4% invested in countries like South Korea and Israel,” Kale noted. “If Africa merely doubles its R&D spending to 1% by 2030, we could unlock $60–70 billion annually in additional value across agriculture, digital technology and manufacturing.”
The hub, a joint initiative of Afreximbank, the African Union and the AfCFTA Secretariat, will provide a platform for researchers, innovators and investors to commercialise homegrown technologies and drive trade-led growth.
Cross River to host AfSNET 2026 in Calabar
In another milestone, Afreximbank and the Government of Cross River State signed a hosting agreement for the 6th African Sub-Sovereign Governments Network (AfSNET) Investment Conference scheduled for 2026 in Calabar, Nigeria.
Speaking at the signing ceremony, Prof. Oramah said AfSNET was launched to amplify the role of sub-sovereign governments in driving development.
“Development must be decentralised, originating where the needs are most pronounced in our cities, provinces, counties and regions,” he said.
Cross River State Governor, Prince Bassey Otu, described the hosting rights as a unique opportunity to position the state as a gateway to investment in Nigeria and West Africa.
“This event will catalyse economic growth, foster partnerships, and elevate our state’s profile on the continental stage,” he said.
The 2026 AfSNET will feature plenary sessions, B2B meetings, exhibitions and cultural showcases to promote trade and investment at sub-national levels.
Hosted by the People’s Democratic Republic of Algeria, IATF2025, co-convened by Afreximbank, the African Union Commission and the AfCFTA Secretariat, is projected to facilitate over $44 billion in trade and investment deals. The fair runs in its fourth edition, with previous events cumulatively generating $118 billion in trade deals and attracting over 70,000 visitors and 4,500 exhibitors.
