Singapore–Africa trade rises 50% to $18.7b since 2020

Five major agreements were signed at ASBF 2025, covering financial services, sustainability, energy, and consumer goods.

Bilateral trade between Singapore and Africa has jumped more than 50% over the past five years, rising to $18.7b in 2024 from $12.1b in 2020. At the same time, Singapore’s investments in Africa have surpassed $26.9b.

This surge in trade and investment was spotlighted at the 2025 Africa Singapore Business Forum (ASBF), where Singapore announced that bilateral investment treaties with Côte d'Ivoire and Nigeria have officially come into force.

These agreements are expected to boost investor confidence and facilitate stronger economic cooperation with two of West Africa’s largest economies.

Five major agreements were signed at ASBF 2025, covering financial services, sustainability, energy, and consumer goods.

Highlights include a partnership between Singapore’s Embed Financial and Ghana’s Purpleline Solutions to digitise insurance access, an agroforestry and carbon credit project led by Arkadiah Technology, and a distribution deal between wellness brand LAC Global and Ghana’s Watertree Investments.

Enterprise Singapore, which organised the forum, continues to support Singapore companies expanding into Africa through its Overseas Centres in Accra, Johannesburg, and Nairobi.

It will also lead a trade mission to Lagos and Johannesburg in October, targeting high-growth companies under its Scale-Up programme.

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