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Nigeria Makes List of Top 10 Foreign Direct Investment in Africa (See List)
The most populus black nation in Africa, Nigeria, has been listed among the the top 10 countries in Africa with the highest foreign direct investment (FDI) in the year 2023.
Foreign Direct Investment (FDI) involves investment made by countries into business interests in another, typically through establishing new operations, acquiring assets, or owning stakes in foreign companies.
According to the World Investment Report 2024 by the United Nations Conference on Trade and Development (UNCTAD), global FDI dropped by 2% to $1.3 trillion in 2023 amidst an economic slowdown and rising geopolitical tensions.
Several factors contributed to these disruptions, including crises, protectionist policies, and regional realignments, affecting economies worldwide. Despite these challenges, the distribution of investment varies significantly across countries, with some emerging as favored destinations due to specific advantages.
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In Africa, Egypt attracted the highest FDI in 2023 with $9.841 billion, though this was a decrease from $11.4 billion in 2022. South Africa also saw a drop, with $5.2 billion in 2023 compared to $9.2 billion in 2022, while Nigeria received $1.873 billion. European investors are the largest holders of FDI stock in Africa, led by the United Kingdom at $60 billion, followed by France and the Netherlands with $54 billion each.
Below is a list of the top 10 countries in Africa with the highest foreign direct investments (FDI).
Top 10 Countries in Africa by Foreign Direct Investment in 2023
- Egypt – $9.841 billion
- South Africa – $5.2 billion
- Ethiopia – $3.263 billion
- Uganda – $2.886 billion
- Senegal – $2.641 billion
- Mozambique – $2.509 billion
- Namibia – $2.345 billion
- Nigeria – $1.873 billion
- Côte d’Ivoire – $1.753 billion
- Democratic Republic of the Congo – $1.635 billion
