Africa achieved a historic milestone in 2024, attracting $97 billion in Foreign Direct Investment (FDI)—a record-breaking 75% increase compared to the previous year.

This surge occurred despite a global decline in capital flows, positioning Africa as the fastest-growing FDI destination worldwide.

From Egypt’s mega-deal with the UAE to growing interest in digital, green energy, and logistics sectors across West, East, and Southern Africa, the continent is asserting its role as a future-ready investment frontier.

This article explores the top 10 African countries that attracted the most FDI in 2024, using data from UNCTAD’s World Investment Report and expert insights. We examine the value of inflows, year-over-year growth, strategic sectors, and the macroeconomic reforms that helped attract capital.

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Africa’s Total FDI Snapshot in 2024

• Total FDI: $97 billion
• Growth: +75% year-on-year
• Share of Global FDI: 6% (up from 4% in 2023)
• Drivers: Mega-deals (e.g., Ras El-Hekma), energy and infrastructure finance, digital economy, and reform-based policies
• Top Subregion: North Africa (+277%)
• Top Source Regions: Europe, United States, and China

Even without Egypt’s $35 billion Ras El-Hekma deal, Africa still saw a 12% growth in FDI, reaching $62 billion in “core” investments.

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Top 10 African Countries by FDI Inflows in 2024

1. Egypt – $46.58 billion

YoY Growth: +373%

Egypt alone accounted for nearly half of Africa’s total FDI, largely driven by the $35 billion Ras El-Hekma deal, a smart coastal city being developed with the UAE’s ADQ. This landmark project was complemented by robust growth in infrastructure financing, doubling its project finance activity and expanding into renewable energy.

Key Sectors:

• Urban development
• Infrastructure (energy, logistics)
• Greenfield renewables

Why it matters: Egypt’s aggressive liberalization and project-scale vision demonstrate how large, reform-ready markets can dominate FDI flows.

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2. Ethiopia – $3.98 billion

YoY Growth: +22%

Ethiopia maintained strong momentum with nearly $4 billion in FDI, buoyed by logistics reforms, industrial parks, and digital economy developments. The government’s public-private partnership (PPP) approach and emphasis on investor facilitation are winning confidence amid structural reforms.

Key Sectors:

• Agro-processing
• Infrastructure & logistics
• Tech startups

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3. Côte d’Ivoire – $3.80 billion

YoY Growth: +53%

Côte d’Ivoire remained one of West Africa’s leading investment hubs, with inflows surging by over 50%. Strategic interest focused on agribusiness processing, cross-border logistics, and energy transition, supported by AfCFTA incentives and regional economic stability.

Key Sectors:

• Agribusiness & logistics
• Energy
• Urban infrastructure

Highlight: Côte d’Ivoire was praised for macro-stability and a predictable policy environment that reduces investor risk.

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4. Mozambique – $3.55 billion

YoY Growth: +42%

Mozambique’s FDI climbed significantly, propelled by gas projects, mineral exploration, and increased foreign participation in renewable energy and infrastructure, especially around the Rovuma Basin and port developments.

Key Sectors:

• Natural gas (LNG)
• Infrastructure
• Renewable energy

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5. Uganda – $3.30 billion

YoY Growth: +10%

Uganda continues to attract steady inflows, underpinned by its oil pipeline projects, power sector reforms, and expanding digital payments ecosystem. Reforms in the regulatory framework also contributed to its appeal.

Key Sectors:

• Oil and energy infrastructure
• ICT and fintech
• Manufacturing

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6. Democratic Republic of Congo – $3.11 billion

YoY Growth: +21%

DR Congo saw a 21% rise in FDI, mainly focused on mining (cobalt, copper) and energy infrastructure. The country remains central to the global clean energy supply chain due to its strategic reserves of battery minerals.

Key Sectors:

• Mining
• Energy infrastructure
• Industrial zones

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7. South Africa – $2.47 billion

YoY Growth: -29%

Despite being one of Africa’s largest economies, South Africa experienced a notable decline of 29% in FDI inflows. Investor caution amid power supply instability, policy uncertainty, and greenfield investment slowdown were key issues.

Key Sectors:

• Automotive
• Financial services
• Green economy (slowing)

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8. Namibia – $2.06 billion

YoY Growth: -10%

Namibia’s FDI dipped by 10% but still reached over $2 billion. The country has attracted significant investment in green hydrogen and renewables, particularly from Germany and other European investors. Challenges persist around project timelines and regulation.

Key Sectors:

• Green hydrogen
• Mining
• Infrastructure

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9. Senegal – $2.02 billion

YoY Growth: -58%

Senegal’s FDI dropped sharply despite continued interest in port logistics, agriculture processing, and infrastructure. The decline reflects delayed project implementation and political uncertainty during election periods.

Key Sectors:

• Logistics
• Agribusiness
• Urban infrastructure

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10. Guinea – $1.83 billion

YoY Growth: +105%

Guinea doubled its FDI inflows in 2024 thanks to new bauxite mining deals, port upgrades, and increasing Chinese interest in infrastructure investment. The government’s reform push in the extractives sector also played a role.

Key Sectors:

• Mining (bauxite, gold)
• Ports and logistics
• Energy

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What About Nigeria?

Despite being Africa’s largest economy by GDP, Nigeria only attracted $1.08 billion, a 42% decline from 2023 levels. The drop was attributed to:

• Investor concern over currency volatility
• Sluggish progress on oil sector reforms
• Lack of project bankability

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Summary Table: Top 10 FDI Recipients in Africa (2024)

Rank	Country	FDI Inflows ($ Billion)	YoY Change (%)
1	Egypt	46.58	+373%
2	Ethiopia	3.98	+22%
3	Côte d’Ivoire	3.80	+53%
4	Mozambique	3.55	+42%
5	Uganda	3.30	+10%
6	DR Congo	3.11	+21%
7	South Africa	2.47	-29%
8	Namibia	2.06	-10%
9	Senegal	2.02	-58%
10	Guinea	1.83	+105%

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Key Takeaways for Investors

1. Reform Pays Off: Countries with digitized investor services, streamlined approvals, and sovereign credit upgrades attracted the most FDI.
2. North Africa Surges: North Africa was the star performer, driven by megaprojects, renewable energy, and infrastructure.
3. Green & Digital Are Hot: Investors are shifting toward climate-aligned infrastructure, fintech, and value-added logistics.
4. Volatility Hurts: Economies like Nigeria and South Africa illustrate how instability and policy inertia can deter capital.
5. China & Gulf States Grow: China’s $42 billion FDI stock is diversifying beyond ports to include social infrastructure, while the Gulf nations are increasing tourism and agro-industrial investments.

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Africa’s FDI Outlook

As the UNCTAD report highlights, Africa’s FDI performance marks a strategic shift—from being viewed as a commodity source to a platform for value creation. To sustain momentum, countries must invest in:

• Energy reliability
• Digital infrastructure
• Policy coherence

The next frontier is unlocking FDI into SMEs, climate adaptation, and cross-border digital infrastructure. As capital becomes more risk-sensitive, investor-friendly reforms and regional integration will determine who leads in the years ahead.

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Conclusion

Africa’s $97 billion FDI boom in 2024 showcases a continent in transformation. With bold reforms, diversified partnerships, and a maturing investment landscape, Africa is no longer the periphery—it is rapidly becoming a strategic core for global capital. For investors seeking growth in emerging markets, the message is clear: the future is African.