The Nation Newspaper Nigeria, others attracted $69.1b greenfield projects, others in 2023 –Report
This is just as the value of international project finance deals in African nations plummeted by 50 per cent to $64 billion in 2023, following a 20 per cent decrease in 2022 with the value of announced greenfield projects in Africa dropping from $196 billion in 2022 to $175 billion in 2023.
Besides, foreign investment in Africa saw a slight decline in 2023, but the clean energy sector stood out as a significant positive, according to a new report from the UN Conference on Trade and Development released at the weekend. Foreign direct investment is crucial for funding infrastructure and public services such as power and renewable energy, according to UNCTAD.
Over the past three years, Africa has accounted for about 30 per cent of all investment values relevant to the Sustainable Development Goals in developing countries, with the figure slightly lower at 27 per cent in 2023. However, progress in other SDG-relevant sectors, such as health, telecommunications, and transport, remains limited.
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