Foreign direct investment into sub-Saharan Africa in 2022-2025 totaled $70 billion, led by investments in the energy sector, according to a new report.

Europe and the Middle East and North Africa regions jointly contributed over 65% of announced inbound FDI into sub-Saharan Africa since 2022, the McKinsey Global Institute report found.

Coal, oil, and gas comprised most of the energy investments, while renewables projects accounted for 18%, lower than the 39% figure for renewable energy investments globally.

The report noted that the FDI numbers for sub-Saharan Africa include a single $34 billion hydrogen deal in Mauritania — corresponding to around 15% of the total announced FDI for this period — that has so far not moved beyond the announcement stage.