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Innovative approaches for unlocking R&D funding in Africa

Thursday, November 9, 2023

Africa needs to find innovative ways of unlocking government and industry funding.

Source: we forum

Holding vast resources and potential, Africa stands at a pivotal moment in its development. Collaborative efforts between African scientists and global peers have led to significant progress in various sectors, driving scientific innovation tailored to Africa's needs and sustainable development. One crucial area that requires attention, however, is Africa's research and development (R&D) environment.

Data from the World Bank indicates that African countries spend an average of only 0.45% of their GDP on R&D, falling well below the global average of 1.7%. Correspondingly, Africa's share of global patents remains disproportionately low, implying insufficient innovation and technological advancements originating from the continent.

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