Singapore invests US$13.7bn in Africa

Economic ties between Singapore and Africa are rapidly strengthening, with bilateral trade rising by 50% over the past five years from US$9.2 billion in 2020 to US$13.7 billion in 2024.

Singapore’s cumulative investments in Africa have also surpassed US$20 billion as of end-2023, reflecting rising interest by Singaporean companies in the continent’s growth sectors.

In a major step forward for economic cooperation, bilateral investment treaties between Singapore and two key West African economies – Côte d’Ivoire and Nigeria – came into force this week.

These agreements aim to enhance investor protection and promote more transparent business environments, encouraging increased investment flows.

The announcement was made by Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, Grace Fu, during her opening address at the eighth edition of the Africa Singapore Business Forum (ASBF), organised by Enterprise Singapore (EnterpriseSG).

Speaking at the Forum, Minister Fu emphasised that the treaties would “promote greater investor confidence and open new opportunities for Singapore businesses across Africa.”

President John Mahama delivered a keynote address, highlighting Singapore-Ghana trade, which reached US$215.9 million in 2024. The Forum also featured a high-level dialogue with leaders such as Africa Finance Corporation CEO SamailaZubairu, Singapore’s Minister of State Alvin Tan, and Rendeavour CEO Stephen Jennings.

UN Energy Co-Chair and CEO for Sustainable Energy for All, DamilolaOgunbiyi, joined a panel discussing Africa’s role in the global energy transition.

Five agreements were signed at the Forum, reflecting a diverse and growing interest in collaboration. Among these was a Memorandum of Understanding (MoU) between EnterpriseSG and the Ghana Standards Authority to promote standardisation and the adoption of Singapore’s Mass Flow Metering standards in Ghana’s petroleum industry.

Singapore-based Arkadiah Technology also announced a partnership with Ghana’s CJ Commodities, Afarinick Company Limited and Oman Carbon for a large-scale agroforestry project, aimed at restoring degraded land and generating carbon credits.

This initiative falls under the Singapore–Ghana Implementation Agreement and represents the growing alignment between sustainability goals and economic cooperation.

In the fintech and insurance space, Singapore’s Embed Financial Group signed anMoU with Ghana’s Purpleline Solutions to digitise insurance and micro-financing platforms, expanding financial inclusion across West Africa.

Meanwhile, in the consumer sector, wellness brand LAC Global partnered with Ghana’s Watertree to distribute its supplements across the region, tapping into Africa’s growing middle class and health-conscious consumer base.

ASBF 2025 runs from 26–28 August under the theme “Bridging Capabilities, Charting Sustainable Growth.” Held at the Grand Copthorne Waterfront Hotel, it has attracted over 700 participants from around 40 countries.

The Forum includes country investment panels covering different African regions, with speakers from Côte d’Ivoire, Guinea, Kenya, Tanzania and Rwanda.

EnterpriseSG continues to support Singapore companies with dedicated Overseas Centres in Accra, Johannesburg, and Nairobi. In October, it will lead an Africa Mission Trip to Nigeria and South Africa to help Singaporean firms explore growth opportunities on the continent.

With strong momentum in trade, investment and sustainability, Singapore and Africa are deepening a partnership built on shared growth and long-term collaboration.

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