Top 10 Countries in Africa with the Largest Foreign Capital Inflows in 2025

In Summary

• Africa attracted $97 billion in FDI in 2024, a 75% year-on-year increase, largely driven by Egypt’s $46.58 billion Ras El-Hekma mega-deal.
• Côte d’Ivoire ($3.80bn), Mozambique ($3.55bn), Uganda ($3.31bn), DRC ($3.11bn), and South Africa ($2.48bn) followed, reflecting strong inflows into energy, infrastructure, and minerals.
• Investment momentum centered on urban development, oil & gas, renewables, agribusiness, and manufacturing, showing Africa’s dual push into traditional extractives and new green growth opportunities.

Deep Dive!!

Foreign capital inflows into Africa reached historic levels in 2024//20025, with investment volumes rising by an unprecedented 75% year-on-year to $97 billion, according to the latest World Investment Report 2025 published by the United Nations Conference on Trade and Development (UNCTAD). This surge represents the highest annual total ever recorded for the continent, and while it was heavily influenced by a single mega-deal in Egypt, the Ras El-Hekma urban development agreement with the UAE’s ADQ sovereign fund; the underlying trend also shows steady growth across a range of African economies.

The distribution of investment across the continent reveals both concentration and diversification. While Egypt dominated the rankings with an extraordinary $46.58 billion in inflows, several other economies, such as Côte d’Ivoire, Mozambique, Uganda, the Democratic Republic of the Congo, and South Africa, secured multi-billion-dollar inflows tied to sectors ranging from energy and minerals to infrastructure, manufacturing, and services. These figures reflect a shifting investment landscape where African states are not just competing for capital, but actively positioning themselves in global energy transitions, infrastructure modernization, and industrial value chains.

The top 10 country-by-country ranking presented in this article draws directly from UNCTAD’s regional breakdown for Africa, offering the most authoritative and up-to-date account of FDI distribution across the continent. By highlighting the top ten recipients of foreign investment in 2024/2025, the analysis sheds light on which countries are emerging as major hubs of international capital, what sectors are driving inflows, and the challenges that could influence sustainability. Together, the data underscore both Africa’s rising appeal for global investors and the structural reforms still required to transform inflows into long-term development outcomes.

10. Morocco

Morocco’s $1.64 billion in foreign direct investment (FDI) in 2024 (a 55 % increase over 2023) is a notable rebound and underscores the country’s ambition to reassert itself as an appealing destination for capital in North Africa. This inflow surge contributed to boosting Morocco’s inward FDI stock to approximately $61.5 billion by the end of 2024, reflecting growing investor confidence in its macroeconomic stability and policy reforms.

A significant portion of Morocco’s appeal lies in its diversified industrial base. The country has made deliberate strides in positioning itself as a manufacturing hub, especially in the automotive value chain, electronics, and components. Its geographic proximity to Europe gives it logistical advantages, while preferential trade agreements allow access to larger markets. These structural advantages have made Morocco more competitive amid a region where large deals tend to cluster in energy or infrastructure sectors.

Renewables and energy transition projects also account for a share of Morocco’s FDI appeal. The UNCTAD report highlights that renewable energy projects; e.g, solar, wind, and associated grid infrastructure, continued to attract international project finance to North Africa, including Morocco. In a climate of increasing global emphasis on green investment, Morocco benefits from its earlier adoption of renewable targets and regulatory frameworks for clean energy, which help channel capital into sustainable infrastructure investments.

Nevertheless, Morocco’s 2024 FDI remains well below its historical peaks (for instance, it once reached over $3 billion). The 2024 figure, while strong in growth rate, reflects a long climb back. To maintain momentum, Morocco must continuously deepen reforms in regulatory clarity, streamline administrative procedures, and strengthen connectivity across its regions. Its success in climbing the FDI ranking for Africa hinges on turning one-time gains into sustained foreign capital inflows.

9. Ghana

Ghana’s reported FDI inflows of $1.67 billion in 2024 mark a notable rebound after previous years of fluctuation, positioning it as the 9th largest recipient in Africa for that year. According to the UNCTAD World Investment Report 2025, Ghana’s inward flows rose from about $1.308 billion in 2023 to $1.669 billion, reflecting a growth rate of 27.5 %. This resurgence signals renewed investor confidence as structural reforms and stabilization efforts begin to bear fruit.

The mining sector remains at the heart of Ghana’s FDI story. Gold remains Ghana’s flagship export and foreign investment draw; mining firms like Newmont, Gold Fields, and AngloGold Ashanti continue expanding their operations and exploring further opportunities, especially given the favorable global prices for precious metals. The government’s recent institutional reform in the gold sector (via the newly created GoldBod) is also anticipated to formalize the artisanal mining segment, reduce smuggling, and improve revenue capture, which may enhance investor confidence in that subsector.

Beyond mining, manufacturing and services also play a key role in Ghana’s appeal to foreign capital. In 2024, output in the manufacturing and mining sector expanded by 9.3 %, while services grew by 5.8 %. The manufacturing investments include agro-processing (especially cocoa and agricultural value chains), light manufacturing, and assembly of goods for both local and export markets. In services, Ghana’s financial sector, telecoms, and digital services attract cross-border capital with growing demand for mobile money, fintech, infrastructure, and connectivity.

Still, Ghana’s FDI record is somewhat volatile. Past macroeconomic instability like high inflation, currency depreciation, and fiscal fragility has deterred sustained inflows. To maintain upward momentum, Ghana will need to deepen structural reforms: simplifying regulatory frameworks, reducing administrative delays, protecting investor rights, and ensuring macroeconomic stability. If successful, Ghana could move beyond sporadic upside and see more consistent, higher inflows in years to come.

8. Senegal

Senegal’s position as the 8th largest recipient of foreign capital in Africa in 2024, with inflows of approximately $2.02 billion, speaks to its strategic role as an emerging investment hub in West Africa, particularly in energy and infrastructure. While this level represents a moderation compared to peak inflow years (e.g. around $2.64 billion in 2023), it still places Senegal firmly in the league of top FDI destinations. The broader continent’s inflows surged to a record $97 billion in 2024, and although that surge was largely driven by a single mega deal in Egypt, Senegal’s retention in the top ten underscores durable investor interest beyond one-off projects.

Energy and infrastructure remain the backbone of Senegal’s FDI profile. In 2024, the Sangomar offshore oil project began producing first oil under the leadership of Woodside Energy and Petrosen, marking a landmark shift in the country’s extractive sector capabilities. Likewise, the Greater Tortue Ahmeyim (GTA) gas-to-liquids / LNG development, straddling Senegal and Mauritania, further bolsters energy sector prospects. On the infrastructure front, major initiatives such as the Port of Ndayane (backed by DP World) aim to upgrade Dakar’s port capacity and regional trade connectivity, helping to lock in long-term logistics and transport investments.

Senegal’s clean energy programs also help diversify its FDI base. For example, the Taïba N’Diaye wind farm, a 158.7 MW project, already plays a notable role in the national power mix and demonstrates the country’s capacity to host utility-scale renewable infrastructure. Additionally, solar power projects and distributed energy initiatives, alongside grid upgrades are beginning to attract climate finance and commercial capital, even as some financing flows into clean energy slowed in parts of the region in 2023–2024.

Yet challenges persist. The year-on-year decline in inflows (from 2023) suggests susceptibility to volatility, especially given dependency on large energy deals. Institutional constraints—such as procedural delays, regulatory uncertainties, and public sector capacity—still challenge faster scaling of FDI in non-extractive sectors. Further, while Senegal benefits from political stability relative to some peers, issues like limited access to finance for local firms and sometimes opaque licensing remain impediments. To sustain or grow FDI, Senegal must continue prioritizing investment facilitation, transparently aligning contract frameworks in energy and mining, and accelerating infrastructure development in secondary cities and logistics corridors.

7. Namibia

Namibia’s FDI inflows of approximately $2.06 billion in 2024 reflect its rising status as a frontier destination for investment in green energy and mineral value chains. While precise UNCTAD country-level breakdowns are less frequently published in press summaries, Namibia’s inclusion among Africa’s top 10 recipients underscores its success in attracting capital. The country has embarked on an ambitious vision to become a regional hub for renewable energy, green hydrogen, and clean industrialization, leveraging its abundant solar and wind resources. (IEA notes Namibia’s excellent solar and wind endowment).

At the core of Namibia’s appeal is the green hydrogen strategy. The government has laid out the Namibia Green Hydrogen and Derivatives Strategy, and international partnerships and investment commitments are beginning to flow. For example, Namibia’s Nam-H2 Fund Managers secured €25 million in 2024 from the European Union to support its flagship green hydrogen facility, SDG Namibia One. Several green hydrogen production projects have also secured formal commitments and are being promoted under the Global Gateway and EU-Namibia cooperation frameworks. The country is targeting very large investments over the medium term: estimates suggest that US$190 billion may be necessary by 2040 to build out upstream, midstream, and derivative capacity in green hydrogen and associated infrastructure.

Renewable power deployment (solar and wind) and minerals also form a critical part of Namibia’s inflow mix. Namibia is pushing several large-scale solar and wind projects (including the planned 100 MW solar plant by NamPower in Rosh Pinah) that are intended to reduce reliance on electricity imports and enable local industrialization. Coupled with strategic development of “green molecules” such as ammonia, green iron, and synthetic fuels, Namibia has designed a blueprint for integrated renewable-mineral industrialization to capture greater value locally. Meanwhile, FDI continues flowing into exploration, mining, and hydrocarbons, which remain important until the green transition scales fully.

Yet Namibia also faces risks and constraints in converting opportunity into sustained inflows. Large projects such as the Hyphen green hydrogen initiative have been subject to land disputes and investor caution about offtake guarantees, which can stall timelines. The scale, capital intensity, and long payoff horizons of hydrogen and derivatives demand strong policy consistency, risk mitigation instruments, and infrastructure readiness (ports, grids, transmission). Some projects have withdrawn or paused (e.g. RWE’s exit from the Hyphen deal) signaling how fragile investor confidence can be in nascent sectors. in momentum, Namibia must strengthen its regulatory frameworks, offer de-risking mechanisms, accelerate grid and logistic infrastructure, and ensure local capacity to support downstream value chains.

6. South Africa

South Africa’s foreign capital inflow of $2.48 billion in 2024 places it 6th among African nations, reflecting a moderately resilient performance in a continent-wide investment surge. While this figure is well below peaks achieved in earlier years, especially in 2021 when FDI into South Africa soared—it suggests that the country’s diversified economy still commands attention from global investors. (Historical quarterly data confirm that South Africa has seen large swings in FDI flows, as seen in recent quarters).

A key strength for South Africa lies in its broad investment base. Unlike many peers whose inflows depend heavily on energy or extractives, South Africa draws foreign capital across mining, manufacturing, financial services, telecommunications, and green infrastructure. Its sophisticated domestic markets, deep capital markets, and established regulatory institutions help anchor investor confidence, even when macro risks increase.

However, South Africa’s FDI is not without headwinds. Infrastructure bottlenecks (notably in power supply), policy uncertainty, labor market rigidities, and regulatory complexity have dampened potential inflows. In addition, portfolio investors have lately shown sensitivity to global risk sentiment shifts, sometimes reversing course faster than long-term strategic investors.

For South Africa to strengthen its competitive edge, maintaining macro stability is vital, but not sufficient. It must push reforms to reduce red tape, ensure consistency in energy and transport policy, and actively promote sectors aligned with global megatrends, such as renewable energy, digital services, and clean manufacturing. If it can align infrastructure upgrades with investor needs, it may reclaim higher FDI levels and solidify its role as a gateway for foreign capital in sub-Saharan Africa.

5. Democratic Republic of the Congo

The DRC’s $3.11 billion in foreign direct investment inflows in 2024 (as per the latest UNCTAD country ranking) reinforces its place among Africa’s top recipients of foreign capital. While this remains below what one might expect given its vast resource base, it underscores the complex balance between opportunity and risk that defines investment in the DRC. In UNCTAD’s Annex Table 1: FDI inflows, by region and economy, 1990–2024, the DRC features in the upper tier of African economies in 2024.

What makes the DRC especially attractive to foreign capital is its nearly unmatched endowment of critical minerals. Copper, cobalt, lithium, and rare earths draw enormous global interest—particularly given the transition toward electric vehicles, batteries, and renewable energy systems. In 2024 alone, exploration investments in the DRC totaled $130.7 million, the highest on the continent, surpassing other peer countries. This trend underscores that not only existing mines but prospective greenfield projects in underexplored regions are fueling inbound capital.

Beyond exploration, recent moves toward domestic processing and mineral value addition are reshaping how FDI is structured in the DRC. For instance, a notable announcement in mid-2025 involved Dowstone Technology planning a $165 million hydrometallurgical copper cathode smelter with a 30,000-tonne annual capacity, intended to deepen local beneficiation rather than simply export raw ore. The DRC’s strategic policy direction is increasingly looking to capture more downstream value, via refining, smelting, and battery precursor facilities, rather than being a passive supplier of raw inputs.

Yet risks in the DRC remain acute. Political instability, conflict (especially in eastern regions), weak infrastructure, and challenges in regulatory certainty often deter more cautious investors. For example, rebel activity (such as M23 advances) in mineral-rich zones has threatened mining operations, supply chains, and investor confidence. Moreover, governance concerns, over tax incentives granted to foreign firms, contract renegotiations, and resource sovereignty debates can pose sudden shocks to project viability. To more reliably climb the FDI rankings, the DRC must combine the magnetism of its mineral wealth with stronger institutional certainty, security, and integrated infrastructure to support scaling of value-chain investments.

4. Uganda

Uganda’s $3.31 billion in FDI inflows for 2024, placing it 4th among African nations, underscores the growing momentum of its energy and infrastructure sectors as magnets for foreign capital. According to Uganda’s country fact sheet prepared by UNCTAD, oil and gas related investments continue to dominate the narrative of Uganda’s capital inflows and investor interest. This jump into the top tiers signals that, after years of preparatory development, the country is being seen as a serious emerging energy producer in East Africa.

A central driver is the acceleration of oil developments and associated infrastructure projects. In particular, the Tilenga and Kingfisher fields in Uganda’s Albertine Graben are central to the country’s oil ambitions, with international oil majors working alongside Uganda’s National Oil Company to bring the projects forward. The proposed East African Crude Oil Pipeline (EACOP), a 1,443 km heated pipeline transporting crude from Uganda to the Tanzanian port of Tanga remains one of the continent’s most ambitious infrastructure undertakings, combining energy and logistics into a unified cross-border project. Beyond oil, Uganda is also investing in transport and logistics corridors: for example, upgrading “oil roads” such as the Kabwoya–Buhuka route (critical for field access) and supporting the Hoima–Butiaba–Wanseko road to tie oil-region towns to processing zones and ports.

Uganda’s vision further extends into industrial backstopping around energy, via planned industrial parks and refining facilities. The Kabalega Petrochemical Industrial Park (KPCIP), situated near the oilfields in Hoima, is being designed to house refineries, petrochemical units, fertilizer production, and associated industries to deepen value chains locally. Such forward integration augments pure upstream investment by offering investors opportunities downstream in processing, logistics, and chemicals. On the renewable side, Uganda is also gradually attracting capital through solar projects, such as the Ituka Solar Power Station (24 MW), beginning construction in 2024 with planned commissioning in 2025, which expands the energy mix and strengthens the country’s appeal for diversified energy investors.

However, Uganda’s path is not without obstacles. First, the sheer scale and capital intensity of oil and pipeline infrastructure projects carry complex financing, regulatory, and environmental risk. Delays or cost overruns in EACOP could have knock-on effects on investor confidence. Moreover, the land acquisition, compensation for displaced people, and environment mandates associated with large infrastructure projects may generate social and political friction if not managed transparently. Relatedly, the country must ensure that supporting infrastructure like power grids, ports, roads, logistics networks keeps pace with the upstream projects. Finally, to sustain inflows beyond energy booms, Uganda must broaden its investment base by improving the business climate for agribusiness, value-added manufacturing, and digital services, ensuring that non-oil sectors attract stable and long-term foreign capital.

3. Mozambique

Mozambique’s foreign capital inflows of approximately $3.55 billion in 2024 underscore how gas discoveries and associated infrastructure continue to anchor investment into the country. While the UNCTAD Mozambique Factsheet for 2024 indicates notable growth in FDI, much of the momentum is clearly concentrated in the energy sector, particularly liquefied natural gas (LNG) and offshore gas fields. This outsized role of gas in the inflow mix reflects both the scale of Mozambique’s hydrocarbon potential and the willingness of international capital to back long-term, capital-intensive energy projects despite regional security risks.

Central to Mozambique’s attractiveness are its deepwater gas assets in the Rovuma Basin, which include the Coral gas fields (Area 4) and Mamba fields. The Coral South FLNG project has been operational since 2022, bringing early returns, and the government recently granted approval for Eni’s Coral North FLNG facility, which would add about 3.5 million tonnes of LNG capacity annually. Moreover, Mozambique’s policy liberalization, such as establishing a liberalization regime for capital operations in March 2024, provides improved clarity and reduces foreign exchange constraints on capital flows. These moves are intended to strengthen confidence among global energy investors.

Beyond gas production itself, much of the FDI is tied to supporting infrastructure: pipelines, onshore processing, port upgrades, and power generation. For example, the Temane 450 MW gas power project in Inhambane province exemplifies how natural gas is being used to fuel domestic electricity and industrial demand. Meanwhile, planned mega-projects like the Mphanda Nkuwa hydropower dam (about $5 billion) promise to expand Mozambique’s energy export capacity and anchor further capital into the grid and transmission sectors. Also, the government has enacted reforms facilitating foreign hire (e.g. Decree 88/2024) to ease human resources bottlenecks in large projects.

That said, Mozambique’s FDI landscape is not without challenges. Security concerns in Cabo Delgado, where many energy projects are located, have periodically disrupted operations and raised insurance and risk premia. The suspension of the massive $20 billion Mozambique LNG project by TotalEnergies (since 2021) illustrates the fragility of large deals under threat of insurgent activity. Furthermore, the heavy dependence on energy and infrastructure inflows makes the country vulnerable to commodity cycles and investor sentiment shifts. To broaden its appeal, Mozambique must continue diversifying toward agriculture, manufacturing, and services, while strengthening governance, security, and institutional capacity to sustain and scale inflows over time.

2. Côte d’Ivoire

Côte d’Ivoire’s $3.80 billion in FDI inflows in 2024 reaffirms its trajectory as a rising investment destination in West Africa, though the figure represents an acceleration from earlier years rather than a sudden leap. Its inclusion among Africa’s top three FDI recipients underscores sustained investor interest, buoyed by policy reforms, regional integration, and strategic sectoral bets. The broader UNCTAD narrative for 2024, where Africa’s total inflows surged to a record $97 billion frames Côte d’Ivoire’s performance as part of a continentwide rebound in capital flows.

Infrastructure and energy are pillars of Côte d’Ivoire’s FDI appeal. The country continues to invest in power generation, transmission, and regional export capacity to function as a West African energy hub. In 2024, the government inaugurated the first phase of the Boundiali solar power plant (80 MW), financed by European partners, marking a push into distributed renewables to supplement hydropower and thermal sources. On the conventional side, exploration and production in offshore oil and gas fields, such as those in the Baleine block add another dimension, especially as Côte d’Ivoire integrates gas-to-power capacity to meet industrial demand.

Agribusiness and value-added processing also help anchor the inflow base beyond extractives. Côte d’Ivoire is the world’s largest cocoa producer, and global investors have been steadily backing downstream ventures such as cocoa processing, chocolate manufacturing, and sustainable value chain upgrades to move beyond raw export. Satellite research indicates that cocoa cultivation remains a core land use and income generator, making agribusiness an enduring magnet for agro-industry capital. In parallel, the government has encouraged foreign investment across industrial parks, infrastructure logistics, and supply chain linkages to support the agricultural backbone.

Still, Côte d’Ivoire faces headwinds that could temper its FDI momentum. While reforms have improved the investment climate (e.g. equal access guarantees under the 2024 U.S. investment climate statement), governance challenges, such as corruption in public procurement and land administration, remain a lingering risk. Moreover, execution delays in energy and infrastructure projects (for example, the slow progress of the Singrobo-Ahouaty hydroelectric scheme) highlight implementation bottlenecks. To sustain and possibly increase FDI, Côte d’Ivoire must deepen institutional transparency, accelerate project delivery, and ensure benefits of growth are broadly felt, thereby reinforcing investor confidence in long-term returns.

1. Egypt

Egypt’s staggering $46.58 billion in foreign direct investment inflows in 2024 catapulted it to the top of Africa’s FDI rankings, with nearly half of the continent’s total inflows going there. UNCTAD highlights that this exceptional spike was largely driven by a mega urban development project in Egypt, particularly the Ras El-Hekma deal backed by the UAE’s sovereign fund ADQ. That deal alone accounted for a sizable chunk of the surge, effectively reshaping the investment map of Africa in 2024.

What makes Egypt’s inflow so striking is not just the headline size, but the mix of sectors spurred to life by that capital. The Ras El-Hekma project is envisioned as a “next generation city” including zones for tourism, real estate, tech and manufacturing, effectively anchoring urban development, logistic hubs, and light industry. Moreover, Egypt has continued attracting energy sector investments, like oil and gas, petrochemical expansion, and grid modernization, leveraging its strategic location and existing infrastructure assets.

Beyond those flagship projects, Egypt’s broader reforms and strategic positioning have amplified investor confidence. The country’s liberalization of capital regimes, improvements in regulatory frameworks, and active role in regional commerce (Suez Canal, trans-African trade corridors) have combined to make it a gateway investment destination between Africa, Europe, and the Middle East. Also, UNCTAD notes that international project finance commitments in Egypt more than doubled in 2024, signaling large-scale, long-term investor bets beyond mere portfolio capital.

Still, this extraordinary 2024 figure should be viewed with caution: it is heavily front-loaded by one or two mega deals. UNCTAD itself indicates that, net of this spike, Africa’s FDI in 2024 rose by about 12 %, pointing to a more modest but steady underlying growth trend. For Egypt to sustain a trajectory near those levels, it must convert this momentum into more diversified inflows, beyond flagship urban and energy ventures, by cultivating manufacturing, agriculture, digital services, and regional value chains, while maintaining policy stability and institutional credibility.

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