Africa is not one market, and there is no single “African investment story”. Egypt’s property and energy deals, Morocco’s export infrastructure, Nigeria’s port development, Kenya’s mobile-money ecosystem and Liberia’s mineral logistics have different economics and different risks. But together they show why global capital is paying closer attention.
UN Trade and Development puts African foreign direct investment at approximately $70 billion in 2025, around one-third above the continent’s long-term average. That was lower than the exceptional 2024 total, which was inflated by a handful of very large transactions, including Egypt’s Ras El-Hekma agreement. Announced project values are not the same as money already spent. The distinction matters.
Here are seven projects and businesses that make the story tangible.
01 · EGYPT
Ras El-Hekma: the $35 billion coastal bet
In February 2024, Abu Dhabi sovereign investor ADQ announced a $35 billion agreement connected to development rights at Ras El-Hekma, on Egypt’s Mediterranean coast. The headline figure comprised $24 billion in new financing and the conversion of $11 billion in existing UAE deposits into investment. It was not $35 billion of fresh construction spending.
Egypt retains a 35% stake. The proposed development spans approximately 170 million square metres and is intended to include tourism, residential and commercial districts, infrastructure and a free zone. The deal provided Egypt with a major foreign-currency inflow during a period of acute economic pressure.
The commercial test is delivery: utilities, transport, construction, demand and the pace at which promised investment becomes operating businesses. A development agreement is not a completed city.
Where the business sits: construction, engineering, utilities, hospitality, property services and suppliers to large-scale developments.
02 · MOROCCO
Tanger Med: an export platform already operating
Morocco’s Tanger Med handled 11.1 million TEU in 2025, up 8.4% year on year. Total cargo reached approximately 161 million tonnes, up 13.3%. These are operating figures, not forecasts.
The port is connected to an industrial ecosystem that includes automotive manufacturing. Renault and Stellantis use Morocco as a production and export base, with vehicles moving between factories and port terminals by rail. The port authority says its rail terminal receives, on average, six trains daily from Renault Tanger Med and two from Stellantis in Kenitra.
That combination of shipping, industrial zones, rail and proximity to Europe is the competitive proposition. Morocco is not simply exporting raw materials; it is using logistics infrastructure to support manufacturing and trade.
Where the business sits: shipping, terminal operations, warehousing, freight, industrial property, automotive suppliers and export manufacturing.
03 · NIGERIA
Lekki: a $1.5 billion port with a bigger ambition
Opened in 2023, Lekki Deep Sea Port was developed with investment of approximately $1.5 billion. The Nigerian Ports Authority describes it as a public-private project with a 45-year concession, a 1.2-kilometre quay, 19-metre depth and designed capacity of 2.7 million TEU.
The opportunity extends beyond the quay. The Lagos Free Zone is intended to bring manufacturing, warehousing and logistics closer to the port, reducing the cost and friction of moving goods. The port can only deliver its full potential, however, if road access, customs, power supply and wider transport links keep pace.
Where the business sits: freight, logistics, industrial land, warehousing, port services and manufacturers dependent on imported inputs or exports.
04 · EGYPT
Obelisk: solar power at industrial scale
Scatec’s Obelisk project in Qena Governorate is designed to combine approximately 1.1 GW of solar generation with 100 MW / 200 MWh of battery storage. The first phase, with around 500 MW of solar and the full battery system, was inaugurated in January 2026. The second phase was scheduled for completion later in 2026.
The project’s electricity is contracted under a long-term power purchase agreement with the Egyptian Electricity Transmission Company. Financing has involved development institutions including the African Development Bank, European Investment Bank and EBRD.
This is a major energy project, but its economic importance is practical: reliable electricity can lower operating constraints for factories and other businesses. Grid performance, storage, transmission and the financial health of the power purchaser remain central to the project’s long-term value.
Where the business sits: solar generation, batteries, grid connections, engineering, maintenance and power infrastructure.
05 · KENYA AND ETHIOPIA
M-Pesa: financial infrastructure in people’s hands
Safaricom’s M-Pesa has become a major part of Kenya’s financial infrastructure. Safaricom reported more than 35 million customers in Kenya and approximately 55,000 integrations in its FY2025 results. The service supports person-to-person transfers, merchant payments and connections to other financial products.
The model is also being built in Ethiopia. Safaricom Ethiopia reported approximately 8.85 million unique customers active over 90 days in FY2024/25, including around 4.73 million active M-Pesa users. The expansion shows both the opportunity and the execution challenge: building a digital financial network requires distribution, regulation, reliable telecom infrastructure and consumer trust.
Where the business sits: telecommunications, payments, fintech, merchant services, digital banking and software integrations.
06 · LIBERIA
ArcelorMittal: iron ore, railway and port capacity
ArcelorMittal’s Liberia expansion involves an iron-ore concentrator, upgrades to a 245-kilometre railway and modernisation of port facilities at Buchanan. The company’s stated target is to increase annual shipment capacity from approximately 5 million tonnes to 20 million tonnes.
The project links a mine in the country’s interior to export infrastructure on the Atlantic coast. ArcelorMittal has reported more than 6,000 construction jobs associated with Phase II, most filled by Liberians. That is the company’s figure; it should not be mistaken for an independently audited measure of lasting employment.
The bigger national question is whether mineral investment creates durable local value through skills, suppliers, tax revenue, infrastructure access and processing, rather than remaining an isolated export operation.
Where the business sits: mining, mineral processing, rail freight, port operations, engineering and industrial services.
07 · ANGOLA AND THE DRC
The Lobito Corridor: the route behind critical minerals
The Lobito Corridor links Angola’s Atlantic coast to mining regions in the Democratic Republic of the Congo, with planned connections towards Zambia. A consortium that includes Trafigura is involved in the railway concession, which has more than $800 million in planned investment.
The route matters because copper and cobalt are critical inputs for power networks, batteries and industrial technologies. Faster, more reliable transport can change the economics of moving those minerals to global markets.
But the strategic test is broader than exports. Will the corridor support local processing, regional trade and businesses along the route, or mainly provide a more efficient way to ship commodities out?
Where the business sits: rail, freight, mineral processing, logistics, engineering and critical-mineral supply chains.
Who gets the upside?
These investments can create jobs, improve transport, expand power supply and give local companies access to larger markets. They can also concentrate gains. A port is most valuable to businesses able to afford to use it. A mine can increase exports while leaving the country exposed to commodity cycles. A new coastal development can attract capital without necessarily solving housing or affordability pressures for local residents.
Investors need to examine local procurement, tax arrangements, employment quality, environmental obligations, land rights, public guarantees and the debt or currency exposure attached to each project. A billion-dollar headline does not tell you who ultimately bears the risk.
The real renaissance
Africa’s investment story will not be measured by announcements, conferences or billion-dollar projections. It will be measured by what gets completed, what becomes commercially productive, whether power becomes more reliable, whether goods move more cheaply, and whether more of the value remains in African economies.
The opportunity is real. It is also uneven, competitive and exposed to political, currency, regulatory and execution risks. The next winners may not only be the developers and headline investors. They may be the businesses that maintain the networks, supply the equipment, move the goods, finance the trade and serve the industries being built around them.
Sources & further reading
- UN Trade and Development , Africa foreign direct investment trends, 2025.
- ADQ , Ras El-Hekma investment announcement; see also the IMF Egypt country reports for the financing structure.
- Tanger Med Port Authority , annual traffic and railway activity.
- Nigerian Ports Authority , Lekki Deep Sea Port specifications.
- Scatec and Egypt State Information Service , Obelisk project scope and inauguration.
- Safaricom , FY2025 results; Safaricom Ethiopia , FY2024/25 reporting.
- ArcelorMittal , Liberia expansion and project disclosures.
- Trafigura , Lobito Atlantic Railway concession information.
- Photographs: individual Wikimedia Commons file pages linked in captions. Licences and credits are stated under each image.
Editorial note: Announced investment, committed financing, construction expenditure and operating results are different measures. Company-reported employment and impact figures are attributed to the company. This feature is business journalism, not investment advice.