China's cumulative investment in Africa has stalled since peaking at $46.1bn in 2018

Key Takeaways

  • 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.

China's stock of foreign direct investment in Africa rose from $491 million in 2003 to $46.1 billion in 2018, a 94-fold increase.

The stock fell to $40.9 billion in 2022, 11% below the peak, and recovered to $43.8 billion in 2024, which is still about 5% below 2018 and only 1.2% above its 2017 level.

Africa also accounts for a small share of China's overseas holdings, about 1.4% of its $3.14 trillion global FDI stock. Nigeria's stock peaked at $2.86 billion in 2017 and stood at $2.72 billion in 2024.

Between 2018 and 2024, 19 African countries increased their stock of Chinese FD, and gains of $6.02 billion were outweighed by losses of $8.32 billion, a net decline of $2.31 billion.

Niger grew the most, from $758 million to $2.45 billion, rising every year, while Mauritius went from $998 million to $2.11 billion. The biggest falls were in Zambia (from $3.52 billion to $1.70 billion), Zimbabwe (from $1.77 billion to $759 million) and Ghana (from $1.80 billion to $1.20 billion).

Source:

CARI, Johns Hopkins SAIS

Period:

2003-2024
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