Inflows of foreign direct investment into Africa decreased by 44% from 2021 to 2022

Global inflows of foreign direct investment fell by 12% in 2022, and Africa saw a 44% decline from $80 billion in 2021 to $45 billion. According to UNCTAD data, only two of Africa's five major regions — North and East Africa — saw a rise in FDI in 2022.

Source:

United Nations Conference on Trade and Development

Period:

2021 - 2022
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South Africa led Africa with $6.25bn of Chinese FDI stock in 2024, over 14% of the continent's total
  • South Africa held the largest Chinese FDI stock in Africa at $6.25 billion in 2024.
  • South Africa, DR Congo and Nigeria held 30% of Africa’s Chinese FDI stock.
  • The top 10 countries accounted for 64% of the continent’s total Chinese FDI stock.
  • Niger led the remaining top 10 countries with $2.45 billion, followed by Mozambique at $2.28 billion.
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.
Six Nigerian states raised more revenue through MDAs than taxes in 2025
  • Six states generated about ₦656 billion through MDAs in 2025, nearly half of all MDA revenue.
  • The number of states where MDAs accounted for over half of IGR fell from seven in 2024 to six in 2025.
  • Enugu’s MDA share rose from 82.9% in 2024 to 87.3% in 2025, widening its lead.
  • Kwara, Katsina and Osun recorded MDA shares of 61.6%, 60.1% and 58.5%, respectively.
Lagos, Rivers and the FCT generated 63.5% of state-level PAYE in 2025
  • Lagos, Rivers and the FCT collected 63.5% of state-level PAYE in 2025.
  • Lagos collected ₦993.3 billion in PAYE, more than the next five jurisdictions combined.
  • The top 10 jurisdictions accounted for 81.5% of ₦2.636 trillion in total PAYE.
  • The bottom five jurisdictions collected ₦47.0 billion combined, less than 2% of the total.
  • Delta collected ₦139.7 billion, less than half of the FCT’s ₦320.1 billion.
Arts & entertainment recorded the highest GDP growth in H1 2026
  • Nigeria’s economy grew 4.16% in H1 2026, but growth was uneven across sectors.
  • Arts and entertainment grew fastest at 11.5%, followed by water and waste management (10.9%) and information and communication (10.3%).
  • Agriculture, which accounts for about a quarter of GDP, grew 3.8%, below the headline rate.
  • Trade and real estate also lagged, growing 2.2% and 3.0%, respectively.
  • Electricity and gas was the biggest drag, contracting 11.6%, while Other Services fell 1.4%.
Year-on-year change in Nigeria's electricity, gas, steam and air conditioning supply GDP
  • Electricity, gas and related supply was Nigeria’s worst-performing broad economic activity in H1 2026.
  • Sector GDP fell 11.6% year-on-year, from ₦800.2bn to ₦707.1bn.
  • Output fell below H1 2024 levels, when the sector recorded ₦708.5bn.
  • Only one other broad activity contracted: Other Services, which fell 1.4%.
  • The sector contributed just 0.7% of Nigeria’s real GDP on average over the period shown.
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