Title page
Contents
Acknowledgements 3
Acronyms 6
Executive summary 7
1. Introduction 13
2. FDI data: scope and limitations 15
3. Total inward FDI in Africa 18
3.1. Global FDI in Africa 18
3.2. Jobs associated with FDI 20
3.3. Inward FDI ranked by receiving African country 22
4. FDI to Africa from outside Africa 25
4.1. United Kingdom 25
4.2. United States 27
4.3. China 30
4.4. European Union 33
4.5. Singapore 35
4.6. India 37
4.7. Summary 40
5. Intra-Africa FDI 42
5.1. Aggregate intra-Africa FDI 42
5.1.1. Intra-Africa: share of total FDI 43
5.1.2. Ranking top intra-Africa investors 44
5.1.3. Ranking top intra-Africa FDI receivers 45
5.2. Bilateral intra-Africa FDI 46
5.2.1. South Africa 47
5.2.2. Mauritius 48
5.2.3. Morocco 49
5.2.4. Egypt 50
5.2.5. Tunisia 51
5.3. Sectoral FDI in Africa 52
6. Announced greenfield investment in Africa 55
6.1. Sectors receiving the most inward FDI in Africa 55
6.2. Country-level inward FDI by sector 57
6.2.1. South Africa 58
6.2.2. Egypt 59
6.2.3. Morocco 60
6.2.4. Nigeria 61
6.2.5. Kenya 62
6.2.6. Summary remarks 63
6.3. Sector composition of intra- and extra-Africa FDI inflows 64
6.4. Concluding remarks 67
7. Attracting FDI in the context of the AfCFTA 68
7.1. The AfCFTA, regional integration and inward FDI 68
7.2. The AfCFTA and the impact of inward FDI 69
8. What do we know about FDI in Africa? 71
References 74
Appendix 1. Inward FDI by country 76
Appendix 2. Intra-Africa inward FDI flow and stock, $ million 79
Appendix 3. Intra-Africa inward FDI stock by regional economic community, 2021 82
Table 1. Share of FDI in GDP, 1990-2022 20
Table 2. African countries ranked by average FDI inflows, 2020-2022 23
Table 3. UK direct investment position in African countries, 2021 26
Table 4. US direct investment position in African countries, 2022 29
Table 5. China FDI stock in Africa, 2022 31
Table 6. EU FDI stock in Africa, 2022 34
Table 7. India outward direct investment in Africa for year-end 2022 39
Table 8. Main global inward FDI by source, value, share, sectors and destination 41
Table 9. Aggregate intra-Africa FDI, 2001-2021 42
Table 10. Intra-Africa FDI inflow by Africa regions 43
Table 11. Ranking of intra-Africa FDI flows by source country in Africa, average 2016-2021 44
Table 12. Ranking of countries by intra-Africa FDI inflows (destination), 2016-2021 45
Table 13. Top source countries for intra-Africa inward FDI stock, by country, 2021 46
Table 14. Top 10 sectors for announced greenfield in Africa, 2003-2023 57
Table 15. Top 10 sectors with announced greenfield investment South Africa, 2003-2023 59
Table 16. Top 10 sectors with largest inward announced greenfield investment in Egypt, accumulated over 2003-2023 60
Table 17. Top 10 sectors with announced greenfield FDI Morocco, 2003-2023 61
Table 18. Top 10 sectors with announced greenfield investment Nigeria, 2003-2023 62
Table 19. Top 10 sectors with announced greenfield FDI Kenya, 2003-2023 62
Table 20. Sectoral composition of announced greenfield investment in Africa 66
Table 21. Top sectors attracting extra-regional FDI in Africa 72
Figure 1. FDI in Africa, 1990-2020 19
Figure 2. Number of jobs linked with announced FDI projects, 2003-2022 21
Figure 3. Number of jobs linked with FDI projects, 2023-2022 (total) 22
Figure 4. UK FDI to Africa (flow), 2006-2021 25
Figure 5. UK FDI stock in Africa, by industry, 1998-2021 (% share of total UK FDI to the region and of total UK FDI) 26
Figure 6. US FDI stock in Africa, by industry, 1998-2022 (% share in total US FDI to the region and of total US FDI) 28
Figure 7. US FDI position in three highest-receiving countries, 2000-2022 29
Figure 8. China FDI stock Africa, by industry, 2013-2021 (% share of total China FDI in the region and of total US FDI) 31
Figure 9. China FDI stock in three highest-receiving countries, 2003-2022 33
Figure 10. EU outward FDI flow to Africa, 2013-2022 33
Figure 11. Singapore FDI stock in Africa, 2013-2022 36
Figure 12. Singapore FDI stock in Mauritius, 2013-2022 36
Figure 13. Singapore FDI stock in Africa, by sector, 2018-2022 37
Figure 14. Indian outward direct investment position in Africa, 2013-2022 38
Figure 15. Share of Indian overseas direct investment in Africa, by sector, 2023 40
Figure 16. Intra-Africa FDI in total FDI in Africa, 2001-2021 44
Figure 17. Intra-Africa FDI statistics for South Africa, 2001-2021 48
Figure 18. Intra-Africa FDI statistics for Mauritius, 2001-2021 49
Figure 19. Intra-Africa FDI statistics for Morocco, 2001-2021 50
Figure 20. Intra-Africa FDI data for Egypt, 2001-2021 51
Figure 21. Intra-Africa statistics for Tunisia, 2001-2021 52
Figure 22. Inward and outward stock by sectors for 2019 53
Figure 23. Main inward FDI stock destination by country sectors, 2019 54
Figure 24. Sectors receiving FDI in Africa, 2003-2023 56
Figure 25. Cumulative top 10 sectors receiving FDI in Africa, 2003-February 2024 56
Figure 26. South Africa announced inward greenfield investment, by sector, 2003-2023 58
Figure 27. Egypt announced inward greenfield investment by sector, 2003-2023 59
Figure 28. Morocco announced inward greenfield investment by sector, 2003-2023 60
Figure 29. Nigeria announced greenfield investment FDI, by sector, 2003-2023 61
Figure 30. Announced greenfield FDI Kenya, by sector, 2003-2023 63
Figure 31. Extra- and intra-Africa FDI flows to Africa, 2003-2023 64
Figure 32. Share of intra- and extra-Africa FDI for top 15 sectors, 2003-2023 65