Canada’s Growing Investments in Africa
Canadian investment in Africa has reached a remarkable CAD $17 billion as of 2023, underscoring the growing economic ties between the two regions. South Africa, Nigeria, Egypt, and Kenya are the largest recipients of these investments, reflecting Canada’s focus on high-potential economies.
Driving Growth Sectors
The mining industry remains Canada’s largest footprint in Africa, with over 155 companies actively engaged in operations. Barrick Gold and Ivanhoe Mines are leading names, leveraging advanced extraction technologies and adhering to sustainable mining practices. Renewable energy investments, such as Brookfield Asset Management’s solar projects in North Africa, are accelerating Africa’s transition to clean energy, addressing both energy shortages and climate concerns.
Canada’s technology firms, including Shopify and fintech players like Paystone, are supporting Africa's burgeoning digital economy, particularly in Nigeria and Kenya’s fintech hubs. In agribusiness, partnerships with local players are bringing innovations like smart irrigation systems and crop monitoring technologies to enhance productivity and address food security.
Canadian Investments in Africa by Country
The graph highlights the distribution of Canadian investments across African countries as of 2023.
- South Africa: CAD $5 billion
- Nigeria: CAD $3.8 billion
- Egypt: CAD $2.5 billion
- Kenya: CAD $2 billion
- Others (e.g., Ghana, Ethiopia): CAD $3.7 billion
Sources
- African Development Bank (2023): GDP growth projections and economic trends.
- Export Development Canada (2023): Data on Canadian investments in Africa.
- Canadian Trade Commissioner Service (2023): Trade growth rates and sector-specific insights.
- Corporate Disclosures (2023): Information on Barrick Gold, Ivanhoe Mines, and Brookfield Asset Management’s projects.