German companies want to boost activity in Africa next year, especially in areas such as green hydrogen and liquefied natural gas, with 43% of companies planning to increase investment on the continent, a Reuters poll showed.
The survey of members of the German-African Business Association also found that another 39% of members want to keep their spending in Africa stable. "The majority of companies want to expand their activities in the coming year," said Association head Christoph Kannegiesser. "It makes sense, because the continent is still on a growth trajectory."
German companies invested about 1.6 billion euros in Africa in 2021, of which about 1.1 billion euros went to the sub-Saharan region, according to the Economy Ministry.
As Europe's largest economy seeks to reduce its dependence on gas from Russia after the war in Ukraine, Kannegisser said he sees great opportunities in Africa's energy sector. "The field of green hydrogen and liquefied gas will give a new impetus in many countries," he said, singling out Senegal, Nigeria and Mauritania as countries with investment potential.