Discover the Future: Top Investment Destinations in Africa for 2024

Africa is emerging as a top investment destination, offering a wealth of opportunities in various sectors. With a focus on the energy sector, Africa is poised to transform its infrastructure and attract foreign investors looking for diversified supply chains.

African governments are actively promoting industrialization and economic growth, creating a favourable environment for financiers and project developers. In this blog, we will explore the top investment destinations in Africa for 2024, uncovering the potential and opportunities for growth in the continent.

1. Senegal

Senegal has positioned itself as an attractive destination for investment and economic growth. The International Monetary Fund predicts a remarkable 10.6% increase in the country’s GDP in 2024, mainly driven by the commencement of new oil and gas projects. The Greater Tortue Ahmeyim and Sangomar Oilfield developments, set to begin production in the first half of 2024, have already showcased their success and potential. These large-scale investments are not only contributing to Senegal’s economic growth, but also stimulating further opportunities in the market.

The success of the 2024 projects is expected to pave the way for even more investment opportunities in Senegal. This wave of new projects will create openings for foreign gas and power players to enter the market and tap into its potential. The country’s aspirations to become a regional energy hub are also a key driver for investment. Senegal is focusing on developing its infrastructure sector, offering lucrative opportunities for investors. The Plan for an Emerging Senegal, a strategic blueprint for the country’s economic and social policy development, has already identified these opportunities and is inviting private players to participate in the growing market.

With its strong economic growth projections, booming oil and gas sector, and plans to become a regional energy hub, Senegal is primed for significant development and investment. The country’s commitment to attracting foreign investors and fostering a conducive business environment positions it as an emerging player in the global market. As Senegal continues to expand its economic landscape, it presents a promising destination for those looking to capitalise on its growth potential and contribute to its development.

2. Ivory Coast

Ivory Coast, also known as Côte d’Ivoire, is expected to experience impressive economic growth in the coming years. With a projected GDP growth rate of 7% for 2024, the country is primed to benefit from continuous investments in crucial sectors such as network infrastructure, digital technology, transportation, and energy. Being the economic powerhouse of Francophone Africa, Ivory Coast aims to attract investments in these industries to not only stimulate its own economic growth but also to boost regional development. The World Bank believes that these investments, coupled with recent oil discoveries and prudent macroeconomic policies, will not only enhance business confidence but also significantly increase productivity levels.

Several ongoing projects in Ivory Coast are contributing to its attractiveness as an investment destination. For instance, Eni’s Baleine venture, which secured a whopping $10 billion investment by the company in November of last year, is playing a pivotal role in attracting new investments. Additionally, drilling campaigns in both onshore and offshore basins also present lucrative opportunities for investors.

Overall, Ivory Coast is set to become a major player in the African economy. With its strong infrastructure development, booming energy sector, and favourable investment climate, the country is poised to become a hub for regional growth and achieve remarkable economic progress in the years ahead.

3. Namibia

Namibia’s abundant natural resources and recent discoveries of significant oil and gas reserves have solidified its position as one of Africa’s most attractive investment destinations in 2024. The exploration efforts by companies like Shell and TotalEnergies have uncovered the promising Graff-1X, La Rona, Lesedi-1X, Jonker-1X, and Venus-1X reserves, which are expected to unleash a wave of investments in Namibia’s upstream sector. This newfound wealth of resources has piqued the interest of international investors, who see the potential for significant returns in an industry that is set to thrive in the coming years.

In addition to its oil and gas reserves, Namibia is also emerging as a promising player in the renewable energy sector. The country’s untapped potential in the field of renewable energy has become a significant driving force for foreign investments. Namibia’s position as one of the world’s most appealing green hydrogen markets has attracted attention and investment from various players in the industry. With projects like the $10 billion initiative by Hyphen Hydrogen Energy, the 2.5 GW Tumoneni project, and the 42 MW Daures Green Hydrogen Village project, Namibia is consolidating its dominance in the global green hydrogen market. These projects not only contribute to the country’s energy transition but also create new opportunities for investors looking to capitalise on the growing demand for clean energy solutions.

Overall, Namibia’s wealth of natural resources and its potential as a green energy leader have positioned it as a highly attractive investment destination in 2024. With its expanding oil and gas sector and the promising growth of its renewable energy industry, the country offers a diverse range of investment opportunities that appeal to both traditional and environmentally conscious investors. As Namibia continues to harness its resources and invest in sustainable energy projects, it is likely to attract even more attention and investment from around the world.

4. Angola

Angola is emerging as a highly attractive investment destination in 2024 due to its diverse energy portfolio and efforts to become a regional supplier. The country is making significant strides in boosting hydrocarbon production, with projects such as the Begonia oil project by TotalEnergies, the Angola LNG development, and the Agogo Oilfield development. These initiatives are aligned with Angola’s long-term development plan and underscore its immense investment potential. Additionally, Angola is focused on enhancing its refining capacity by constructing three new facilities, which further strengthens its position as a key player in the energy sector.

In line with global sustainability trends, Angola is also prioritising renewable energy. The country recognizes the untapped potential of its resources and is actively encouraging developers and power players to invest in this burgeoning industry. With its commitment to increasing renewable energy production, Angola aims to reduce its reliance on traditional energy sources and contribute to a greener and more sustainable future.

Furthermore, Angola’s privatisation program is a crucial initiative that will drive private and foreign investments across the entire economy. By privatising key industries and sectors, the government is creating opportunities for foreign investors to participate in Angola’s economic growth. This program not only attracts capital but also brings in expertise and innovation, fostering economic diversification and increasing job opportunities for the local population.

In summary, Angola’s strategic energy portfolio, commitment to renewable energy, and privatisation program make it an attractive investment destination in 2024. The country’s efforts to boost hydrocarbon production, advance refining capacity, and promote renewable energy highlight its long-term development plan and investment potential. With a welcoming environment for foreign investors, Angola is poised to see significant economic growth and contribute to a sustainable future.

5. South Africa

South Africa is facing the challenge of meeting its growing energy demand while tackling load shedding and promoting environmental sustainability. In order to achieve these goals, the country is actively diversifying its energy sources, creating significant investment opportunities for global stakeholders. Two major initiatives that are driving investment in the sector are the Renewable Energy Independent Power Producer Procurement program (REIPPP) and the Integrated Resource Plan.

These programs have successfully attracted private players and investors who are eager to contribute to the country’s energy transition. For instance, the recent opening of Bid Window 7 of the REIPPP aims to deliver up to 5 GW of renewable capacity, providing a significant opportunity for private entities and investors to get involved. This not only promotes the growth of renewable energy in South Africa but also sets the stage for a strong pipeline of projects in the areas of renewable energy and infrastructure development.

With these initiatives in place, South Africa is well-positioned to secure increased investment and participation from private entities, paving the way for a sustainable and resilient energy sector.

In conclusion, Africa is a promising investment destination with numerous opportunities for growth in various sectors. With a focus on the energy sector and government support for industrialization and economic growth, Africa is poised to attract foreign investors seeking diversified supply chains. In our blog, we have explored the top investment destinations in Africa for 2024, highlighting the potential and opportunities for financiers and project developers. Stay informed about the future of investment in Africa by reading our blog and uncovering the potential for growth on the continent.