Africa attracted a total of USD 38 billion in foreign direct investment (FDI) in 2020, down 18% from 2019, according to recent data from the United Nations Conference on Trade and development (UNCTAD).
In the rankings, Egypt maintains its leading position with a total inflow of $ 5.5 billion, down 38% year on year.
The leading investment destination in Africa is followed by Nigeria, the continent’s largest economy, with a total of USD 2.6 billion in FDI in 2020, compared to USD 3.3 billion attracted a year earlier.
Falling crude oil prices, coupled with the closure of petroleum development sites at the onset of a pandemic due to movement restrictions, weighed heavily on FDI to Nigeria, comments the 11-page report published in January 2021.
South Africa comes third with 2.5 billion USD in FDI according to UNCTAD. Ethiopia comes in 4th (2.1 million USD), followed by Senegal, 5th, which is one of the few countries that saw their figures increase compared to 2019 (1.5 billion, + 39%).
Note that in sub-Saharan Africa, FDI fell by 11% to reach around USD 28 billion.
