Egypt, South Africa, and Nigeria lead Africa’s $1.21 trillion cumulative FDI inflows since 1990, with $195B, $151B, and $111B respectively

  • Egypt leads with $195.2 billion in cumulative FDI inflows as of 2024.
  • South Africa follows with $151.0 billion, and Nigeria is third with $110.7 billion.
  • Only these three countries have crossed the $100 billion mark over the 34-year span.
  • Morocco and Mozambique are neck-and-neck, with around $58–59 billion each.
  • Ghana and Ethiopia show strong mid-tier performances, both near or above $45 billion.
  • DR Congo, Algeria, and Congo round out the top 10 — all with over $30 billion in long-term FDI.

From 1990 through 2024, Egypt has steadily built itself into the top destination for foreign direct investment in Africa, amassing $195.2 billion, thanks to its diversified economy, Suez Canal corridor, and sustained infrastructure spending. South Africa, long seen as a gateway economy, attracted $151.0 billion, while Nigeria, despite its oil wealth and population size, trails with $110.7 billion, likely due to persistent regulatory and security challenges.

Morocco and Mozambique are standout mid-tier performers, drawing nearly $60 billion each, reflecting successful mining, energy, and manufacturing policies. Ghana and Ethiopia, with $48.8 billion and $46.4 billion respectively, reflect growing investor interest in West and East African growth hubs. DR Congo, Algeria, and Congo (Brazzaville) all exceed $30 billion.

Source:

UN Trade and Development (UNCTAD)

Period:

1990-2024
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Morocco hit its $3.5B FDI peak twice, in 2014 and 2018
  • Morocco recorded a total of $54.58 billion in FDI over the past 34 years.
  • Morocco's FDI inflows peaked twice, in 2014 and 2018, both $3.5 billion.
  • The lowest FDI inflow Morocco recorded was in 1990, amounting to $0.17 billion.
  • From 2006 onward, Morocco's FDI inflows remained mostly above $1 billion, with fluctuations.
  • The most recent year, 2024, showed a modest recovery after a significant dip in 2023.
South Africa witnessed a record FDI inflow spike in 2021 with $40.22b, followed by a sharp decline in 2022
  • In 2021, there was a record-breaking spike to $40.22 billion, far exceeding all previous years.
  • This surge was temporary, as FDI dropped to $9.28B in 2022 and fell further to $2.47B in 2024.
  • Other notable peaks occurred in 2008 ($9.21B) and 2013 ($8.30B).
  • The data reflects volatile investor behaviour, influenced by constant global investors.
  • South Africa’s 2021 FDI spike came from a share swap between Naspers and its Dutch unit, Prosus.
DR Congo’s FDI inflows rose from near-zero in the 1990s to $3.11B in 2024, with its highest growth phase occurring between 2007 and 2012
  • The 1990s saw multiple years of flat or negative FDI, including -$0.02B in 1995 and -$0.04B in 1997.
  • FDI surged to $1.81B in 2007 and $2.94B in 2010, marking a turning point.
  • The all-time high was $3.31B in 2012, with 2024 following closely at $3.11B.
  • From 2015 to 2024, annual FDI remained steadily above $1B, signalling sustained investor confidence.
Algeria’s FDI peaked at $2.75B in 2009, plunged to a -$580M outflow in 2015, then jumped 476% from $250M in 2022 to $1.44B in 2024.
  • Peak FDI was in 2009 with $2.75 billion, the highest recorded in the 1990–2024 period.
  • The year 2015 saw a rare negative inflow of -$580 million, marking Algeria’s only net FDI loss in the last three decades.
  • FDI inflows rose significantly between 2005 and 2011, consistently staying above $1 billion each year.
  • After the 2015 drop, inflows recovered modestly, hovering between $1.1B and $1.6B from 2016 to 2020.
  • FDI weakened again post-2020, falling to just $250 million in 2022, before rebounding to $1.44 billion by 2024.
Egypt rebounded from a $480 million FDI loss in 2011 to $46.6 billion in 2024, an over 9,000% surge, marking its highest inflow in 30+ years
  • Egypt attracted $46.6B in FDI in 2024, the highest in 35 years and nearly quadruple 2023’s $9.8B inflow.
  • Average FDI between 1990–2023 was just $4.9B, meaning 2024’s figure is over 9× the long-term average.
  • Prior to 2024, FDI peaked at $11.6B in 2007, with only three other years, 2008, 2022, and 2023 crossing the $9B mark.
  • In 2011, Egypt recorded –$0.48B in FDI, meaning more foreign investment left the country than came in, largely due to the Arab Spring unrest.
  • The 2005–2010 period was previously Egypt’s strongest run, averaging over $8B annually before political instability triggered sharp declines.
95% of Kenya’s $27.5 billion in FDI came after 2007, with inflows peaking at $2.23 billion in 2011
  • Kenya recorded $27.5B total FDI between 1990 and 2024, with most inflows occurring after 2007.
  • From 1990 to 2006, Kenya averaged just $0.04B annually, a sign of limited foreign investor confidence in early years.
  • A major turnaround began in 2007, with FDI jumping from $0.05B to $0.90B, and peaking at $2.23B in 2011.
  • Between 2007 and 2024, Kenya received over 92% of its total FDI, a sharp shift in its investment profile.
  • FDI has stayed above $1B annually since 2009, signalling consistent investor interest in Kenya’s growing economy.
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