Sub-Saharan Africa attracted nearly $70 billion in foreign direct investment (FDI) between 2022 and 2025, with the energy sector drawing the lion’s share, according to a new report.
Coal, oil, and gas projects made up most of the announced deals, underscoring the region’s continued reliance on fossil fuels. Investments in renewable energy, by contrast, accounted for just 18% of pledged funds—less than half the global average of 39%.
One of the biggest announcements was a $34 billion green hydrogen project in Mauritania, representing about 15% of the total FDI commitments. However, the deal has yet to progress beyond the announcement stage, raising questions about how much of the pledged capital will materialize.
Europe and the Middle East & North Africa emerged as the leading sources of investment, together providing more than 65% of inflows into sub-Saharan Africa during the period.
Analysts warn that while Africa is attracting significant foreign interest, the heavy tilt toward fossil fuels risks slowing the continent’s transition to clean energy and could complicate future climate goals.
