• Singapore-Africa trade grew 54% to S$18.7B (US$14.3B) between 2020 and 2024.

• Singapore is the top ASEAN investor in Africa, with cumulative investments of S$26.9B.

• New bilateral investment treaties were signed with Nigeria and Ivory Coast to boost capital flows.

Trade between Singapore and Africa surged 54% in four years, underscoring the city-state’s push to expand its footprint on the continent through new investment accords.

Bilateral trade climbed from S$12.1 billion ($9.4 billion) in 2020 to S$18.7 billion in 2024, according to Enterprise Singapore, the government’s trade and investment promotion agency. Singaporean companies’ cumulative investments in Africa reached S$26.9 billion by the end of 2023, spanning energy, infrastructure, digital services, consumer goods, transport and logistics.

Singapore is already the largest African investor among ASEAN nations, with more than 100 companies active on the continent.

The data was released during the 8th Africa-Singapore Business Forum, held Aug. 26–28 in Singapore and attended by over 700 executives and officials from about 40 African countries.

The forum saw bilateral investment treaties signed with Ivory Coast and Nigeria to boost capital flows into West Africa. Companies also struck commercial deals, including a partnership between Valency International and Revata Carbon to build a biocarbon plant in Ivory Coast using cashew shells for fertilizers and clean energy.

Other deals included Embed Financial Group’s tie-up with Ghana’s Purpleline Solutions to digitize insurance processes, and Arkadiah Technology’s agreement with Ghana’s CJ Commodities and Oman Carbon to launch a large-scale agroforestry project.

Enterprise Singapore previously signed a cooperation deal with Afreximbank in October 2024 to improve financing access for Singaporean firms expanding into Africa.

This article was initially published in French by Walid Kéfi

Adapted in English by AngeJason Quenum