Pan-African
How portfolio equity flows shifted in six African economies
Nigeria recorded USD 1.92 billion in net portfolio equity inflows in 2024. South Africa’s recorded balance was negative USD 3.93 billion. This balance-of-payments series tracks a class of cross-border equity investment that sits outside direct investment.
Sources checked
2024
Shared scale · -4,289.26 USD m to 1,917.04 USD m
2019
Shared scale · -4,289.26 USD m to 1,917.04 USD m
Negative values appear to the left of zero. Switch years to compare on the same nominal US dollar scale.
Nigeria’s reported inflows reversed sign over five years
Nigeria went from negative USD 1.55 billion in 2019 to positive USD 1.59 billion in 2023 and USD 1.92 billion in 2024. The 2025 balance was positive USD 835.53 million. These are net transactions for each year. Source 1
South Africa’s scale can obscure smaller balances
South Africa recorded negative USD 27.43 billion in 2021 and positive USD 1.03 billion in 2022. It returned to a negative reading in 2023 and 2024. Rwanda’s 2024 inflow, by comparison, was positive USD 6.11 million. The historical table preserves both economies at the same precision. Source 1
Morocco reversed direction in 2025
Morocco recorded positive USD 205.14 million in 2024, then negative USD 398.89 million in 2025. Kenya and Egypt remained negative in both years, though the absolute size of each negative reading fell. Rwanda has no 2025 observation in the extract. Source 1
Equity transactions are separate from asset valuations
The series includes equity securities classified as portfolio investment and excludes those classified as direct investment. It reports net flows in current US dollars. A negative flow can accompany net sales or reductions in holdings, while asset prices and currency movements can change the value of an existing portfolio independently. Source 1 Source 2