Foreign direct investment in sub-Saharan Africa rises by 4.7%

Foreign direct investment in sub-Saharan Africa rises by 4.7%

Foreign direct investment (FDI) in sub-Saharan Africa has risen by 4.7% in 2013, reaching the highest level in a decade, according to a recent report published by Ernst & Young.

There was significant movement in the list of top 10 countries by FDI projects in 2013, the report said, adding that only South Africa and Nigeria retained their first and third positions from 2012 with 142 projects and 58 projects, respectively.

However, FDI projects in both these countries witnessed a slight decline.

Countries such as Kenya with 68 projects, Ghana with 58 and Mozambique with 33 all moved up the ranks. Zambia and Uganda were the new entrants in the top 10 list in 2013 with 25 and 21 projects respectively, an increase of more than 20%.

The report also revealed that the United Kingdom became the clear leader in 2013 with 104 projects, while the United States fell from joint first place to second place with 78 projects, a 20% decline from last year.

Ernst & Young Africa CEO Ajen Sita said Africa’s share of global FDI projects has grown steadily over the past decade and it was a promising sign that investors are now looking across the continent and to new sectors.

“Further regional integration and infrastructure development should continue to entice investors to the exciting investment opportunities that Africa can offer,” Sita added.

Image: Volaray.com

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