Rwanda’s registered investment commitments amounted to $2.62 billion (approx. Rwf3.8 trillion) in 2025, with real estate topping sector allocations, according to Rwanda Development Board (RDB)’s Annual Report 2025 released on April 28. However, the overall outlay marks an 18.1 per cent decline from $3.2 billion in 2024. Despite the drop in total value, investment activity broadened significantly. The number of registered projects rose from 612 in 2024 to 799 in 2025, an increase of 30.6 per cent, reflecting stronger investor participation and a more diversified pipeline. However, expected job creation fell by 26.1 per cent, from 51,635 jobs in 2024 to 38,151 in 2025. ALSO READ: Rwanda registers $2.62 billion in investments in 2025 At the continental level, the RDB report situated Rwanda’s performance within a broader regional slowdown in investment flows. Africa as a whole recorded a decline of about one-third in investment in 2025. The report notes that the data still points to continued structural challenges across the continent in mobilising diversified and sustained investment inflows. This trend is also reflected in global data. According to the United Nations Conference on Trade and Development (UNCTAD), foreign direct investment (FDI) inflows into Africa fell by 38 per cent to $59 billion in 2025, down from $96 billion in 2024, underscoring a sharp contraction in external capital flows to the continent. Sector shifts: real estate emerges top sector as mining posts robust growth In 2025, real estate became the largest investment sector, attracting $855.5 million, equivalent to 32.7 per cent of total investments. This marks a sharp rise from $377.7 million (11.8 per cent) in 2024 – an increase of 126.5 per cent – meaning investment in the sector more than doubled year-on-year. Manufacturing, which led in 2024 with $1.35 billion (42.2 per cent), declined to $738.5 million (28.2 per cent) in 2025, representing a 45.3 per cent drop in value. Mining and quarrying recorded the most significant growth, rising to $346.9 million (13.2 per cent) in 2025. This surge is particularly notable given the sector accounted for just $51.6 million in 2024, underscoring a more than six-fold increase and a sharp shift in Rwanda’s investment mix toward extractives. Overall, the top three sectors in 2025—real estate, manufacturing, and mining—accounted for 74.2 per cent of total investments, slightly down from 77.9 per cent in 2024, indicating gradual diversification. “In agriculture and real estate, we supported investment activity in areas critical to productive capacity,” said RDB CEO Jean-Guy Afrika in his message contained in the report. “The focus remains on strengthening private investment conditions while ensuring sector growth translates into jobs, exports, and long-term value.” ALSO READ: Rwanda’s tourism revenues hit Rwf1tn in 2025 - report Kigali dominates as regions specialise The City of Kigali remained the primary investment destination, with real estate accounting for $821.4 million (47.9 per cent of the city’s investments). Other key sectors included manufacturing ($332.3 million; 19.4 per cent) and financial services ($201.2 million; 11.7 per cent). Across provinces, investment patterns reveal clear regional strengths: Southern Province: $438.7 million (16.8 per cent of total), dominated by mining (66.8 per cent) Northern Province: $233.7 million (8.9 per cent), led by manufacturing (88.2 per cent) Eastern Province: $160.3 million (6.1 per cent), driven by agriculture (37.0 per cent) Western Province: $67.5 million (2.6 per cent), concentrated in hospitality (56.0 per cent)
