Onome Amuge

Singapore is seen widening its commercial embrace of Africa as the city-state seeks to diversify markets and secure new growth opportunities, with bilateral trade volumes expanding by 50 per cent in just five years and investment flows deepening across multiple sectors.

Figures released by Enterprise Singapore show that trade in goods between Singapore and Africa rose from $9.2 billion in 2020 to $13.7 billion in 2024, a 50 per cent increase that underscores the growing momentum in the relationship. By the end of 2023, Singaporean companies had invested more than $20bn on the continent, with stakes spanning energy, infrastructure, digital services and consumer goods.

The stronger ties were underlined this week at the Africa Singapore Business Forum (ASBF), the biennial gathering that has become a focal point for engagement between the two regions. More than 700 business and government leaders from about 40 countries attended the 2025 edition, themed “Bridging Capabilities, Charting Sustainable Growth.”

Grace Fu, Singapore’s minister for sustainability and the environment and minister-in-charge of trade relations, announced that bilateral investment treaties with Nigeria and Côte d’Ivoire had entered into force. The accords, long sought by investors, provide safeguards against risks such as expropriation and capital restrictions. “These agreements will enhance investor confidence and pave the way for stronger flows of capital and know-how between Singapore and Africa,” Fu told delegates.

The move reflects Singapore’s strategy of positioning itself as a trusted partner for fast-growing but sometimes volatile emerging markets. Nigeria, one of Africa’s largest economies, and Côte d’Ivoire, one of West Africa’s fastest-growing, represent key entry points into the wider region.

Ghana also featured prominently in this year’s discussions. John Mahama, the country’s former president, delivered a keynote address noting that bilateral trade with Singapore had reached $215.9mn in 2024. He urged Singaporean companies to seize opportunities in energy, agriculture and services as Ghana seeks to industrialise.

Panels brought together prominent figures including Samaila Zubairu, chief executive of Africa Finance Corporation, Alvin Tan, Singapore’s minister of state for trade and industry, and Stephen Jennings, chief executive of Rendeavour, Africa’s largest urban land developer. The debate, moderated by Gateway Partners’ chief executive Viswanathan Shankar, touched on Africa’s need for infrastructure, the role of private capital and lessons from Asia’s development story.

A recurring theme was Africa’s role in the global energy transition. Damilola Ogunbiyi, chief executive of Sustainable Energy for All and co-chair of UN-Energy, argued that while Africa is disproportionately vulnerable to climate shocks, it also holds solutions. “From renewable energy potential to natural carbon sinks, the continent is uniquely positioned to drive global decarbonisation. With the right partnerships, Africa can transform climate challenges into shared global opportunities,” she said. 

Five agreements were signed at the forum, underlining the breadth of interest in African markets. Enterprise Singapore and Ghana’s Standards Authority agreed to co-operate on standardisation, including the adoption of Singapore’s Mass Flow Meter technology to improve transparency in petroleum transactions. 

Singaporean companies also struck partnerships in sustainability, financial services and consumer markets. Climate technology firm Arkadiah Technology unveiled a collaboration with Ghana’s CJ Commodities and Oman Carbon to launch a large-scale agroforestry project, aimed at restoring degraded landscapes and generating high-integrity carbon credits.

Meanwhile, Embed Financial Group signed a memorandum of understanding with Ghana’s Purpleline Solutions to digitise insurance processes and integrate microfinance tools, improving access to protection and financial services for mass-market consumers in West Africa.

On the consumer side, LAC Global, a Singapore-based wellness brand, appointed Ghana’s Watertree as exclusive distributor, with plans to expand across West Africa. Rising middle-class incomes and growing health awareness were cited as drivers for the venture.

Analysts said the breadth of deals reflected a structural shift in Singapore’s approach to Africa. While earlier ties were dominated by commodity trade and shipping, today’s partnerships span digital services, renewable energy, urban development and consumer markets.

“Singapore is building long-term partnerships in Africa, not just trading relationships. The goal is to replicate some of the Asia growth story in Africa, but in a way that is adapted to local conditions,” said one senior executive at a Singapore investment firm present at the forum. 

Enterprise Singapore plays a major role in facilitating this engagement. The agency operates overseas centres in Accra, Johannesburg and Nairobi to provide market insights and business-matching support. It plans to lead a mission to Lagos and Johannesburg in October with high-growth Singaporean companies from its Scale-Up programme, seeking to connect them with African partners.

The expansion of Singapore–Africa ties comes as the continent itself undergoes rapid transformation. A young population, accelerating digital adoption and the implementation of the African Continental Free Trade Area are opening new markets, while commitments to climate action are unlocking green-economy opportunities.

But challenges remain. Infrastructure gaps, regulatory uncertainty and political risk still weigh on investor confidence. Singapore’s push for bilateral investment treaties is considered one response to these hurdles, providing legal certainty for companies seeking to scale.

Delegates at the forum stressed that success in Africa requires patience and partnership. “You cannot treat Africa as a single market — each country is unique,” said a senior Singaporean trade official. 

This year’s ASBF was the largest yet, with more than 30 partner organisations and 14 side events, double the number in 2023. Topics ranged from the built environment and infrastructure financing to consumer trends and sustainable urbanisation. Panels featured senior officials from Côte d’Ivoire, Guinea, Kenya, Tanzania and Rwanda, among others.

For Singapore, the stakes are both economic and strategic. The city-state has long sought to act as a hub connecting Asia with other emerging regions. As Africa’s growth story gathers pace, Singapore is positioning itself as a gateway for Asian investors seeking exposure to the continent.

With trade already up 50 per cent in four years and a growing pipeline of projects, Singapore’s bet on Africa appears set to deepen. According to analysts, the challenge will be sustaining the pace of growth while operating within the complexities of one of the world’s most dynamic but diverse regions.