Namibia’s oil discoveries and green economy projects have propelled the country into Africa’s top 5 most attractive investment destinations this year.
Energy Capital & Power says Namibia ranks third amongst Africa’s top investments in 2024 because of the discovery of up to five substantial oil and gas reserves in 2022 and 2023—namely, Shell’s Graff-1X, La Rona, Lesedi-1X, and Jonker-1X, as well as TotalEnergies’ Venus-1X.
According to Energy Capital & Power, Namibia’s untapped potential in renewable energy has emerged as a significant catalyst for foreign investments.
“Positioned as one of the world’s most attractive green hydrogen markets, Namibia is poised to draw additional investments into its renewable energy landscape,” Energy, Capital & Power says.
The US$10 billion initiative by Hyphen Hydrogen Energy, the 2.5 GW Tumoneni project, and the 42 MW Daures Green Hydrogen Village project are listed as notable projects that will consolidate Namibia’s global green hydrogen market dominance, opening newfound opportunities for investors.
Angola is fourth because of projects like TotalEnergies’ Begonia oil project, the Angola LNG development, and the Agogo Oilfield development, as well as to advance refining capacity through the construction of three new facilities and reaffirm the country’s long-term development plan and investment potential.
South Africa is fifth for its initiatives like the Renewable Energy Independent Power Producer Procurement Program (RIP) and the Integrated Resource Plan, which are key investment drivers, enticing private players to invest.
Energy Capital & Power says Bid Window 7 of the REIPPP opened recently, targeting the delivery of up to 5 GW of renewable capacity.
With projected economic growth of 10.6% in 2024, Senegal tops the list. New oil and gas projects like the Greater Tortue Ahmeyim and Sangomar Oilfield developments fuel economic growth.
Additionally, Senegal’s efforts to establish itself as a regional energy hub will unlock new investment avenues across the infrastructure sector.
Frameworks such as the Plan for an Emerging Senegal—a reference for the country’s mid- and long-term economic and social policy development—have identified lucrative investment opportunities, and the government is inviting private players to participate in the growing market.
Ivory Coast is second, with an anticipated GDP growth rate of 7% for 2024. This is driven by the digital and transportation sectors, as well as energy.
The country represents the economic engine of Francophone Africa and, as such, is inviting investment in these industries to stimulate regional growth.
Energy Capital & Power further says the World Bank predicts that these investments, combined with recent oil discoveries and sound macroeconomic policies, will bolster business confidence and drive a significant uptick in productivity.
“Ongoing projects, such as Eni’s Baleine venture, which secured a US$10 billion investment by the company last November, and drilling campaigns in both onshore and offshore basins are poised to play a pivotal role in attracting new investment,” Energy Capital & Power says.