The top 10 African nations with the most foreign investment are listed by Business Insider Africa.
The World Investment Report 2023 by UNCTAD, which was released on July 5th, is the source of this list.
According to the statistics, there were 766 new Greenfield project announcements, a 39% increase.
Foreign Direct Investments (FDIs) are steadily rising in popularity in Africa, which is frequently referred to as the “next frontier” for economic growth and development. This continent is drawing an increasing number of foreign investors thanks to its abundant natural resources, youthful population, and undiscovered markets.
However, a report titled “World Investment Report 2023” published by the United Nations Conference on Trade and Development (UNCTAD) on July 5, 2023 indicates that the value of FDIs destined for the developing continent of Africa has sharply decreased.
A record $80 billion in FDI flows were made to Africa in 2021, but that number dropped to $45 billion in 2022, according to the research. They made up 3.5% of all FDI globally.
See the stark contrast between the FDI figures for 2021 and those indicated below for context.
The number of greenfield project announcements rose by 39% to 766. Six of the top 15 greenfield mega projects (those costing more than $10 billion), which were announced, were located in Africa.
The deficit has grown from $2.5 trillion in 2015, the year the SDGs were adopted, to around $4 trillion yearly, according to the research.