Rwanda’s FDI has never crossed $1B in any year, peaking at $820M in 2024, with a 35-year total of $6.28B

Key Takeaways

  • Rwanda attracted a total of $6.28 billion in foreign direct investment (FDI) over 35 years, from 1990 to 2024.
  • The highest annual inflow recorded was $820 million in 2024, making it the country’s strongest FDI year yet.
  • Between 2020 and 2024, Rwanda pulled in $2.70 billion, accounting for over 40 percent of its total investment since 1990.
  • From 1990 to 2004, annual FDI barely exceeded $100 million, with several years recording zero inflows.
  • Even during its best-performing years, Rwanda’s FDI never hit the $1 billion threshold.

Rwanda’s FDI record is a story of quiet resilience and gradual progress. In the 1990s and early 2000s, the country averaged only a few million dollars in investment each year, and some years recorded virtually nothing. It wasn’t until the mid-2010s that Rwanda began to consistently attract over $250 million annually, thanks in part to improving governance, stability, and strategic initiatives like the Visit Rwanda campaign.

Still, even as inflows increased, no year crossed the $1 billion mark. In 2024, Rwanda reached a record high of $820 million, showing a clear upward momentum. Over $2.7 billion came in during just the last five years.

Source:

UNCTAD

Period:

1990 - 2024
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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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