Foreign Direct Investment flows to West Africa reached unprecedented levels in 2024, driven by infrastructure projects, renewable energy investments, and manufacturing sector growth.
West Africa has achieved a significant milestone in 2024, attracting a record $12.5 billion in Foreign Direct Investment (FDI), marking a 15% increase from 2023. This growth reflects the region's improving business environment, political stability, and strategic economic reforms.
The manufacturing sector led with $4.2 billion in investments, followed by renewable energy at $3.8 billion, and infrastructure development at $2.5 billion. Nigeria, Ghana, and Côte d'Ivoire were the top recipients, accounting for 70% of total inflows.
Key drivers include the African Continental Free Trade Area (AfCFTA) implementation, improved ease of doing business rankings, and targeted investment promotion campaigns by member IPAs through IPAWAS coordination.