However, FDI flows to Africa declined to $45bn in 2022 from the record $80bn set in 2021. Six of the top 15 greenfield investment megaprojects (those worth more than $10 billion) announced in 2022 were in Africa. In West Africa, Nigeria saw FDI flows turn negative to -$187m as a result of equity divestments. In Southern Africa, flows returned to prior levels after the anomalous peak in 2021 caused by a large corporate reconfiguration in South Africa. However, looking at announced projects invested in by only African multinational enterprises, three-quarters of their value remained on the continent.

Source: The North Africa Journal July 06, 2023 07:39 UTC