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China's cumulative investment in Africa has stalled since peaking at $46.1bn in 2018
  • China's FDI stock in Africa rose 94-fold, from $491 million in 2003 to $46.1 billion in 2018.
  • By 2024, the stock had recovered to $43.8 billion, still 5% below its 2018 peak.
  • Africa accounted for just 1.4% of China's $3.14 trillion global FDI stock in 2024.
  • Nigeria's Chinese FDI stock fell from a 2017 peak of $2.86 billion to $2.72 billion in 2024.
  • African countries recorded a net $2.31 billion decline in Chinese FDI stock between 2018 and 2024.
  • Niger recorded the largest increase, from $758 million in 2018 to $2.45 billion in 2024.
  • Zambia recorded the largest decline, from $3.52 billion in 2018 to $1.70 billion in 2024.

Holding companies accounted for nearly 68% of Nigeria’s US direct investment balance in 2025
  • Nigeria held Africa’s fourth-largest US direct investment balance in 2025, at $4.56 billion.
  • The balance fell by $1.98 billion from $6.54 billion in 2024, a decline of 30.3%.
  • Nonbank holding companies accounted for $3.08 billion, or 67.7% of Nigeria’s total balance.
  • Manufacturing represented $552 million, or 12.1%, while other industries accounted for $921 million.
  • Holding-company assets may ultimately be deployed in other sectors, so the classification does not show their final use.

US direct investment balance in Africa fell to $37.9 billion in 2025, its lowest since 2008
  • US direct investment in Africa peaked at $69 billion in 2014 after expanding rapidly from the mid-2000s.
  • By 2025, the balance had fallen 45.1% from its peak to $37.9 billion, its lowest since 2008.
  • Mining drove the cycle, accounting for 88% of the 2010–2014 increase and 97% of the subsequent decline.
  • Africa’s share of the global US direct investment balance remained below 3% throughout 1985–2025.
  • The post-2014 decline was interrupted by brief recoveries in 2017 and 2021–2022.

The top ten countries held 98% of Africa’s US direct investment balance in 2025
  • Mauritius held Africa’s largest US direct investment balance in 2025, at $8.4 billion.
  • South Africa followed with $7.9 billion, ahead of Egypt’s $6.7 billion and Nigeria’s $4.6 billion.
  • Africa’s total balance fell by 8.4% to $37.91 billion, its third consecutive annual decline.
  • The top ten countries held 98% of Africa’s total, leaving only $0.7 billion across the rest.
  • Manufacturing led South Africa’s balance, mining dominated Egypt’s, and holding companies accounted for most of Nigeria’s.

Kenya and Nigeria accounted for nearly half ($2.45bn) of Africa’s top 10 outward FDI in 2025
  • Kenya led Africa’s outward FDI in 2025, recording $1.26bn.
  • Nigeria followed closely with $1.19bn, after a 191% increase.
  • Together, Kenya and Nigeria accounted for $2.45bn of the top 10 total.
  • Morocco and Egypt completed the top four, with $812.8m and $695.9m.
  • Angola recorded the fastest growth among the top 10, rising 278%.
  • Africa’s total outflow was lower because negative outflows offset gains elsewhere.

Nigeria’s FDI inflow crossed $4bn for the first time since 2014
  • Nigeria’s FDI inflows rose to $4.01 billion in 2025, the highest level since 2014.
  • The 2025 figure represents a 148% increase from the revised $1.61 billion recorded in 2024.
  • Despite the rebound, Nigeria remains far below its 2011 peak of $8.91 billion.
  • Nigeria’s strongest FDI period was 2005 to 2014, when inflows stayed above $4 billion every year.

Nigeria’s FDI inflows rose to 4th in Africa after a 148% increase, while Egypt remained the continent’s top destination
Egypt remained Africa’s top FDI destination with $15.45bn. Nigeria ranked 4th after FDI inflows rose 148% to $4.01bn. Guinea had the biggest top-10 jump, rising 454% to $7.76bn. Africa’s top 10 accounted for 73% of total FDI inflows.

Europe, Asia, and the Americas have attracted a combined 94% of global foreign investment since 1990, leaving Africa and Oceania with just 6%
  • Europe ($12.58 trillion), Asia ($11.88 trillion), and the Americas ($11.49 trillion) are nearly tied after 35 years, each capturing roughly a third of global FDI
  • Asia grew from just $25 billion annually in 1990 to consistently attracting $600-700 billion per year, showing the most stable growth pattern
  • Major crises (2001, 2008-09, 2020, and 2022) caused dramatic swings, with Europe even recording negative flows in 2022
  • Africa and Oceania combined received just 6% of total FDI, remaining far behind despite Africa's recent acceleration to $97 billion in 2024

North Africa was the primary destination for FDI in 2024, attracting 52% of Africa's total FDI inflow
  • Africa attracted $97 billion in total FDI inflows in 2024.
  • North Africa dominated with $51 billion (52%), remaining the continent’s top foreign investment hub.
  • West Africa ranked second with $15 billion (15.3%).
  • East Africa secured $13 billion (13.3%).
  • Central Africa remained the least favoured, with only $8 billion (8.2%) in FDI inflows.

Nigeria’s share of Africa’s FDI collapsed from ~38% in 1994 to barely 1.1% in 2024
  • Nigeria’s FDI share plunged from 35% in 1990 to 1.1% in 2024.
  • Africa’s FDI surged over the same period, leaving Nigeria behind.
  • Q1 2025 inflow was only $126.3 million, showing persistent weakness.
  • Decline mirrors structural hurdles — unstable policies, forex issues, and weak infrastructure.

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