Zambia attracted USD 1.24 billion in foreign direct investment (FDI) in 2024, a 1,339.5% increase from USD 86 million in 2023, according to the UNCTAD World Investment Report 2025 recently released.
This surge made Zambia the fastest-growing FDI recipient in Africa in 2024 and ranked it 17th on the continent for total FDI inflows.
In the Southern African context, Zambia recorded the fourth-highest FDI inflow after Mozambique (USD 3.55 billion, +41.6%), South Africa (USD 2.47 billion, –28.9%), and Namibia (USD 2.06 billion, –10.4%).
Zambia’s FDI growth rate of 1,339.5% far exceeded both the Southern African regional average of 44% and the continental average of 12% (excluding Egypt’s megaproject, which raised the Africa-wide average to 75%).
Southern Africa recorded USD 10.52 billion in FDI inflows in 2024, up from USD 7.31 billion in 2023.
Mozambique attracted USD 3.55 billion (+41.6%), South Africa USD 2.47 billion (–28.9%), Namibia USD 2.06 billion (–10.4%), and Zambia USD 1.24 billion (+1,339.5%).
According to UNCTAD, the increase in FDI to Zambia was driven by renewed investor interest in copper mining and green industrial value chains.
Major transactions included the USD 1.1 billion acquisition of a 51% stake in Mopani Copper Mines by Delta Mining (a subsidiary of UAE-based International Resources Holding), boosting cross-border mergers and acquisitions in the extractives sector.
Zambia also recorded greenfield activity in the digital economy and remained one of the few Landlocked Developing Countries (LLDCs) to show resilience in international project finance (IPF), despite a 74% decline in IPF flows across all Least Developed Countries (LDCs).
Top 20 African Countries By FDI Volume 2024
| Rank 2024 | Country | FDI 2024 USDm |
| 1 | Egypt | 46,578 |
| 2 | Ethiopia | 3,984 |
| 3 | Ivory Coast | 3,802 |
| 4 | Mozambique | 3,553 |
| 5 | Uganda | 3,305 |
| 6 | Democratic Republic of the Congo | 3,113 |
| 7 | South Africa | 2,469 |
| 8 | Namibia | 2,063 |
| 9 | Senegal | 2,016 |
| 10 | Guinea | 1,828 |
| 11 | Tanzania | 1,718 |
| 12 | Ghana | 1,669 |
| 13 | Morocco | 1,639 |
| 14 | Mauritania | 1,531 |
| 15 | Kenya | 1,503 |
| 16 | Algeria | 1,439 |
| 17 | Zambia | 1,238 |
| 18 | Gabon | 1,145 |
| 19 | Nigeria | 1,080 |
| 20 | Chad | 1,019 |
Top 20 African Countries By FDI Growth 2023-2024
| Rank 2024 | Country | FDI 2024 USDm | FDI 2023 USDm | YoY Growth % |
| 1 | Zambia | 1,238 | 86 | 1339.50% |
| 2 | Egypt | 46,578 | 9,841 | 373.30% |
| 3 | Eswatini | 93 | 29 | 220.70% |
| 4 | Botswana | 467 | 198 | 135.90% |
| 5 | Guinea | 1,828 | 893 | 104.70% |
| 6 | Mauritania | 1,531 | 878 | 74.40% |
| 7 | Morocco | 1,639 | 1,055 | 55.40% |
| 8 | Ivory Coast | 3,802 | 2,485 | 53.00% |
| 9 | Mozambique | 3,553 | 2,509 | 41.60% |
| 10 | Comoros | 7 | 5 | 40.00% |
| 11 | Guinea-Bissau | 27 | 20 | 35.00% |
| 12 | Equatorial Guinea | 188 | 142 | 32.40% |
| 13 | Tanzania | 1,718 | 1,339 | 28.30% |
| 14 | Ghana | 1,669 | 1,308 | 27.60% |
| 15 | Seychelles | 299 | 237 | 26.20% |
| 16 | Benin | 543 | 443 | 22.60% |
| 17 | Ethiopia | 3,984 | 3,269 | 21.90% |
| 18 | Tunisia | 936 | 772 | 21.20% |
| 19 | Democratic Republic of the Congo | 3,113 | 2,576 | 20.80% |
| 20 | Algeria | 1,439 | 1,216 | 18.30% |
Africa FDI Perfomances 2024
Africa as a whole recorded USD 97.03 billion in FDI inflows in 2024, up 75% from 2023, mainly due to a single megaproject in Egypt. Excluding that transaction, the continent’s growth was 12%.
FDI outflows from Africa rose from USD 196 million in 2023 to USD 2.45 billion in 2024.
UNCTAD notes that investment growth across Africa remains uneven. FDI remains heavily concentrated in a few countries and sectors, particularly extractives, energy, and construction.
Greenfield investment in Africa’s digital economy is rising but remains limited in scale and focused on a small number of countries.
Manufacturing continues to stagnate across most of the continent.
International project finance value in Africa increased by 15% in 2024, supported by major energy and transport infrastructure deals.
Sustainable bond issuance also more than doubled, led by multilateral banks and sovereign entities.
Africa’s pharmaceutical sector continues to attract little FDI, with local production still underdeveloped and accounting for less than 5% of global greenfield projects in the last 20 years.
