The manufacturing sector played a key role in this expansion. By the close of the 2024/25 fiscal year, it contributed 22% to GDP and continued driving job creation.
During this period, 111 new industrial facilities were set up across the country: 84 focused on processing agricultural and livestock products, 15 producing various items, 10 manufacturing construction materials, and two involved in mineral processing.
A standout example is A1 Iron & Steel, which converts iron ore into steel at the Musanze Industrial Zone. Backed by $20 million in foreign investment, it exemplifies the wave of international ventures launched in recent years.
Data released on February 17, 2026, by the National Bank of Rwanda, the National Institute of Statistics, and the Rwanda Development Board highlight the steady upward trend in foreign direct investment (FDI).
Inflows climbed to $548 million in 2021, $663 million in 2022, $886.9 million in 2023, and finally exceeded $1 billion in 2024.
In 2024, the top source countries included Mauritius ($251.1 million), Kenya ($140.3 million), China ($108.6 million), the United States ($103.9 million), and Germany ($65.3 million).
By regional blocs, the Common Market for Eastern and Southern Africa (COMESA) led with $418.6 million, followed by the Organisation for Economic Co-operation and Development (OECD) countries at $340.6 million, the Southern African Development Community (SADC) at $293.4 million, Asian nations at $228.2 million, and the East African Community (EAC) at $159.1 million.
Private sector external debt inflows also increased significantly, reaching $543.6 million in 2024, a 28.5% rise from the prior year’s $423 million. The majority (60.8%) came from related entities abroad, with the remaining 39.2% from unrelated entities.
Foreign investment in 2024 supported the creation of 69,341 jobs, with Rwandans comprising 97.6% of the workforce, a notable increase from the 59,916 jobs generated the previous year.
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