COMESA attracts 67pc of Africa FDI as inflows hit $65bn
NAIROBI, Kenya, Mar 26 – The Common Market for Eastern and Southern Africa (COMESA) now accounts for 67 percent of foreign direct investment (FDI) inflows into Africa, with total investments doubling to $65 billion in 2024.
The figures were revealed during the second COMESA Investment Forum held alongside the Kenya International Investment Conference in Nairobi.
According to Heba Salama, Chief Executive of COMESA’s Regional Investment Agency, FDI inflows into member states surged by 154 percent despite global economic headwinds.
“FDI inflows into COMESA member states recorded a historic surge… reaching USD 65 billion,” she said, attributing the growth to rising investor confidence and large-scale projects across the region.
The bloc’s share of global FDI doubled from 2 percent to 4 percent, while its share of flows to developing economies rose from 3 percent to 7 percent, cementing its dominance on the continent.
Sectorally, construction led the growth, with investment rising nearly fivefold, while energy and gas supply expanded by 22 percent and renewable energy by 67 percent. Investments in health and education also jumped by 130 percent, although sectors such as agriculture, water and transport lagged behind.
At the forum, Kenya announced 20 deals worth $2.9 billion across sectors including manufacturing, agriculture, ICT, healthcare and energy, signaling strong investor appetite.
Two key investment tools were also unveiled, including the COMESA Investment Map, a digital platform showcasing bankable projects across member states, and Kenya’s Investor’s Guide aimed at improving access to market information.
Principal Secretary for Investment Promotion Abubakar H. Abubakar said deeper regional integration will be critical in sustaining the momentum.
“Market size alone is insufficient. We must dismantle non-tariff barriers, harmonize standards, streamline customs processes, and align regulatory frameworks,” he said.
John Mwendwa, Chief Executive of Invest Kenya, said the focus is shifting from country-level competition to a regional investment approach.
“This is not a distant vision. It is a regional engine already in motion… the conversation has evolved from individual country pitches to regional delivery,” he said.
COMESA, which brings together 21 member states with a combined GDP exceeding $1 trillion, is positioning itself as a key investment hub driven by integrated markets, value addition and expanding digital infrastructure.