Africa secured $175bn greenfield projects in 2023 – Report 

Onwubuke Melvin
Onwubuke Melvin

African countries received $175 billion during greenfield project announcements in 2023.

According to the United Nations Conference on Trade and Development’s 2024 World Investment Report, the number of greenfield projects launched in 2023 climbed by 7% to 830, up from 775 in 2022.

However, the value of these projected projects fell to $175 billion from $196 billion in 2022.

Global greenfield projects rose by 2% to over 18,442, with 10,435 projects announced in developed economies and 8,007 in developing economies.

In the United States alone, there were 2,152 announced greenfield projects in 2023.

In the report, it was stated that a $34 billion green hydrogen project launched in Mauritania is the world’s largest greenfield project in 2023.

Greenfield projects are those that entail building new facilities, infrastructure, or operations on previously undeveloped land.

These projects begin from scratch (“greenfield” suggesting untouched or undeveloped) and often involve the construction of new plants, factories, data centers, or commercial structures.

According to the 2024 World Report, the increase in greenfield project announcements was primarily due to projects in renewable energy, power, and transportation.

In the report, five of the ten largest announced greenfield projects in developed countries are related to semiconductor and electronics manufacture, with three relating to battery production.

In developing economies, the majority of announced greenfield investments were in manufacturing.

Here are some of the high-profile greenfield projects announced in Africa for 2023.

$34 billion green hydrogen plant in Mauritania.

Egypt’s green hydrogen and green ammonia projects total $10.8 billion. Final agreements have been reached with the Suez Canal Economic Zone.

$7.1 billion green hydrogen projects in South Africa.

Morocco’s electric vehicle production facility costs $6.4 billion. The Moroccan government inked a deal with Gotion High-Tech, a Chinese EV battery manufacturer.

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