China tops Africa's biggest new investment projects with nearly $4.7 billion in 2025

China emerged as the largest source of investment behind Africa's biggest new foreign-backed projects in 2025, committing nearly $4.7 billion across three of the continent's 10 largest announced greenfield developments, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2026.

• China became the largest investor in Africa's biggest new foreign-backed projects in 2025, committing nearly $4.7 billion across three major developments.
• Chinese investments focused on critical minerals, energy, and industrial production, enhancing Beijing's role as a key economic partner in Africa.
• Although the total value of greenfield investments in Africa dropped by nearly a third in 2025, the number of projects increased.
• The largest Chinese-backed projects included a $2.5 billion oil and gas deal in Ethiopia, $1.1 billion in oil and gas in Zambia, and $1.1 billion in metals in the DRC.

The investments span critical minerals, energy and industrial production, reinforcing Beijing's position as one of Africa's most influential economic partners at a time when global powers are intensifying competition for the continent's strategic resources and manufacturing potential.

UNCTAD's annual report shows that while the total value of announced greenfield investments in Africa declined by nearly one-third in 2025, the number of projects increased, indicating that investors shifted away from a handful of mega-projects toward a broader mix of new developments.

Despite the decline, the 10 largest projects still accounted for roughly 40% of the total announced greenfield investment value across Africa.

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China's dominance among those projects came through three major investments worth a combined $4.7 billion.

The largest Chinese-backed project was a $2.5 billion oil and gas investment in Ethiopia by Golden Concord Holdings, a Hong Kong-based industrial group.

It was followed by Fujian Xiang Xin Group's $1.1 billion oil and gas project in Zambia and CMOC Group's $1.1 billion metals investment in the Democratic Republic of the Congo.

Together, the projects made China the largest investing economy represented among Africa's biggest new foreign-backed developments announced during the year.

Energy and critical minerals dominate China's investments

China's largest projects reflected the sectors attracting the greatest international attention across Africa.

The DRC project strengthens China's already significant presence in one of the world's most important sources of copper and cobalt, minerals that are essential for electric vehicles, battery manufacturing and advanced technologies.

In Zambia, the investment underscores growing interest in expanding energy infrastructure in one of Africa's major mining economies.

Meanwhile, the Ethiopia project reinforces China's continued involvement in industrial and energy development in East Africa, where manufacturing capacity has expanded significantly over the past decade.

Beyond China, the Gulf states also featured prominently among Africa's largest investment announcements.

Qatar's Al Jedad Holding secured the continent's single biggest announced project in 2025 with a $5 billion chemicals investment in Ghana, while the United Arab Emirates' Alpha MBM Investments committed $4 billion to Uganda's oil and gas sector.

Nigeria was the only African investing nation represented in the top 10 after Dangote Group announced a $3 billion chemicals project in Ethiopia.

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European investors also maintained a strong presence through Germany's Möhring Energie Group, France's TotalEnergies, Britain's BP, and automotive giant Stellantis, which announced major projects in Mauritania, Angola and Morocco.

UNCTAD noted that sectoral investment patterns across Africa remained heavily concentrated in energy infrastructure, hydrocarbons, mining and renewable energy, reflecting both the continent's natural resource base and the growing global demand for critical minerals needed for the energy transition.

The report also highlighted increasing investor interest in digital infrastructure, although projects in Africa remain considerably smaller than the data centre megaprojects being developed in advanced economies.

For China, the latest figures reinforce a strategy that continues to prioritize long-term investments in sectors central to Africa's industrialization while securing access to minerals and infrastructure considered increasingly important to global supply chains.