The latest Index of Industrial Production (IIP) shows that the upturn was powered by mining and manufacturing, which together contributed most of the gains. Mining and quarrying output surged 27.9 percent, while manufacturing grew 11.2 percent year-on-year.
The performance lifted the sector’s annual average growth rate to 6.8 percent, signalling renewed momentum in Rwanda’s industrial economy.
Within manufacturing, non-metallic mineral products, which include cement and construction materials, jumped nearly 50 percent, adding 2.4 percentage points to the overall index.
Metal products, machinery and equipment climbed 18.2 percent, and furniture and other manufacturing rose 46.9 percent. However, the data showed a slowdown in some consumer goods: food processing fell by 6.2 percent, while beverages and tobacco slipped 1.6 percent.
Energy output also supported growth, with electricity generation up 7.0 percent, while water supply and waste management saw a modest 1.7 percent increase.
The IIP has recently been rebased to 2024, a technical change that updates the weights assigned to each subsector to better reflect today’s economy. NISR explained that rebasing helps keep the index accurate as new industries emerge and the structure of production shifts.
“Over time, the economic structure changes (new industries emerge, some decline, relative sizes shift), keeping an old base year can make the index less relevant, less reflective of the current structure, and harder to interpret,” NISR explained its decision to review the previous 2017 base year.
The industrial sector remains a key driver of Rwanda’s economic transformation agenda, with the government targeting stronger local production to reduce import dependence and support exports. As of 2024, manufacturing represented 68.1 percent of the country’s formal industrial base by gross value added, while mining accounted for 15.8 percent
The Index of Industrial Production is a key economic indicator used to measure short-term industrial trends in Rwanda’s formal sector, excluding construction activities. It complements the country’s quarterly Gross Value Added statistics and provides policymakers, investors, and analysts with timely insights into the health of Rwanda’s industrial economy.
At the heart of this transformation is the Rwanda Development Board (RDB), which oversees national economic development and ensures that tourism functions as a strategic pillar rather than a peripheral industry. The “Visit Rwanda” initiative is tasked with promoting the country’s natural and cultural assets while ensuring that tourism benefits local communities and preserves critical wildlife ecosystems.
Tourism contributed a record Frw 1.9 trillion (9.8% of GDP) in 2024, a 17.7% increase over pre-pandemic levels. Central to this success is Rwanda’s high-value, low-volume model, which prioritises conservation and attracts affluent travellers seeking luxury eco-tourism experiences, such as gorilla trekking in Volcanoes National Park.
By linking tourism revenue to wildlife preservation and community benefit, Rwanda has transformed its natural capital into a premium, sustainable offering that ensures long-term economic resilience.
{{Global recognition through sports diplomacy
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Beyond traditional marketing, Rwanda has leveraged elite sports partnerships to enhance its international recognition. Collaborations with European football clubs such as Arsenal, Paris Saint-Germain (PSG), Bayern Munich, and Atlético de Madrid, along with more recent partnerships with U.S. sports franchises including the LA Clippers and LA Rams, have placed the country firmly on the global stage.
The Arsenal partnership, launched in 2018, alone reaches millions of fans worldwide through stadium branding and broadcast coverage, with a reported annual value exceeding $12 million. PSG’s partnership, renewed through 2028, extends Rwanda’s influence into youth development, education, and cultural exchange, including initiatives like the PSG Academy Rwanda.
Additionally, Bayern Munich and Atlético de Madrid further consolidate visibility across Germany, Spain, and Latin America, while U.S. sports deals connect Rwanda with high-net-worth American audiences.
These partnerships serve dual purposes: generating extensive international media coverage and showcasing Rwanda’s economic strength and stability to the global investment community. By partnering with world-renowned, financially robust institutions, Rwanda reinforces its image as a modern, trustworthy economy and a prime destination for foreign direct investment (FDI).
{{Tangible economic impact
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The branding strategy has produced measurable results. Tourism revenues surpassed $620 million in 2023 and grew to $647 million in 2024, driven by a 27% increase in gorilla tourism revenue and an 11% rise in air travel. The sector directly supported nearly 386,000 jobs, benefiting hospitality, service, and rural communities.
FDI has similarly surged, with total inflows reaching $716.5 million in 2023, a 44.3% increase from the previous year.
Strategic visibility through sports partnerships has also helped attract investment for major infrastructure projects, including the greenfield Bugesera International Airport, designed to handle 14 million passengers annually by 2028. This airport, alongside roads, hotels, and logistics projects, is set to catalyse further tourism and business development.
{{Soft power and human capital development
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The initiative’s benefits extend beyond financial metrics. Partnerships with PSG and Bayern Munich have facilitated skills transfer, mentorship, and youth development, creating a pipeline of talent that elevates Rwanda’s human capital. The PSG Academy Rwanda, for instance, produced the country’s U13 team that won the PSG Academy World Cup in 2022, showcasing Rwanda’s rising youth potential on an international stage.
Domestic buy-in is also crucial. By channelling investments into local communities and job creation, Rwanda ensures that high-profile campaigns garner public support and link global visibility to tangible national development.
{{Resilience amid criticism
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The high-profile partnerships have often attracted scrutiny, with critics citing the costs and alleging “sportswashing” aimed at “polishing” Rwanda’s image abroad. Officials have consistently dismissed these claims, defending the strategy as a long-term investment in national branding, economic growth, and youth development.
Tensions with the Democratic Republic of Congo over alleged funding sources have added a geopolitical dimension. Despite calls for termination from the DRC, Rwanda has maintained its agreements, highlighting the strategic resilience and enduring value of the partnerships.
Looking ahead, Rwanda’s future growth will hinge on diversifying tourism offerings, including luxury resorts, golf courses, and experiential centres, while leveraging sports partnerships to expand the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector. Strategic infrastructure projects like Bugesera Airport will further enable high-yield tourism and business travel, translating global recognition into sustainable economic development.
The “Visit Rwanda” initiative exemplifies how developing economies can leverage strategic global partnerships to amplify their voice, attract investment, and drive comprehensive national growth. By aligning tourism, conservation, youth development, and infrastructure, Rwanda has positioned itself as a model of how destination branding can intersect with economic diplomacy to deliver tangible and intangible returns.
The company’s stock fell 4.3% in less than two days, sliding to $1,140.50 by Thursday afternoon in New York. The decline pulled its market capitalisation down to $482.9 billion from around $498 billion on Wednesday, according to figures from stockanalysis.com.
The controversy erupted earlier in the week after conservative social media account Libs of TikTok revived the hashtag #CancelNetflix, citing corporate diversity policies and the inclusion of LGBTQ+ characters in animated series such as Dead End: Paranormal Park. The campaign quickly gathered momentum, with critics alleging that Netflix was exposing children to inappropriate narratives.
Musk entered the debate on Wednesday, reposting the hashtag to his 227 million followers on X, the social media platform he owns. “Cancel Netflix for the health of your kids,” he wrote, intensifying calls for a boycott.
His intervention added weight to the backlash, with users posting screenshots of cancelled subscriptions across social media platforms. Shares fell for a third consecutive day as the campaign spread, heightening pressure on the California-based streaming leader.
Hamish Steele, the creator of Dead End: Paranormal Park, rejected the claims in a series of now-deleted posts on Bluesky, describing the accusations as “lies and slander.”
The issue has also revived scrutiny of Musk’s own complicated relationship with gender identity. His eldest daughter, Vivian Jenna Wilson, publicly transitioned in 2022, a move Musk later attributed to what he called the “woke mind virus.”
Netflix has not formally addressed the controversy, but the stock’s slide shows how quickly cultural flashpoints can become financial headaches for global brands.
The launch will mark the brand’s entry into Rwanda’s growing beauty market, featuring a collection made especially for African skin by Africans with German technology.
Bellazuri has already established a presence in several African countries, including Uganda, Kenya, Ghana, Nigeria, Congo, Egypt, Ethiopia, South Africa, Zimbabwe, and Guinea, reflecting the company’s ambition to become a truly pan-African beauty powerhouse. The brand is also available in Colombia and the United States.
A key part of the brand’s strategy is its emphasis on research-driven product development. The company says Rwandan consumers can expect products tailored to their needs, with future lines potentially designed specifically for the local market.
“Our products are not created randomly. Dr. Iman, our lead formulator, develops them in the lab based on real feedback. The Kigali launch will give us insights into what people want, and we have the capacity to refine products accordingly,” said Cynthia Uwineza, the brand’s ambassador in Rwanda.
“Every market we enter, we aim to give them exactly what they want,” she added.
Central to Bellazuri’s identity is its focus on combining natural African resources with advanced German technology. The company uses state-of-the-art manufacturing processes from the IKA Group from Germany, ensuring products that are both safe and effective.
Partnership with Peniel Wholesale Ltd.
In Rwanda, Bellazuri has partnered with Peniel Wholesale Ltd, which will serve as the brand’s sole distributor. The collaboration is expected to make the products widely accessible across the country. Peniel’s established distribution channels will ensure Rwandan consumers can easily find Bellazuri’s skincare, body care, and colour cosmetics in trusted outlets.
The company emphasises that its entry into the Rwandan market will go beyond beauty products. By partnering with local distributors and creating demand for sales and distribution services, Bellazuri expects to contribute to job creation and support Rwanda’s economic growth.
Bellazuri’s product line includes skincare, body care, and colour cosmetics formulated to match diverse African skin tones and needs. The brand’s mission is to make premium beauty accessible, inclusive, and representative of Africa.
The Hakan Power Plant, located in Mamba Sector next to the Akanyaru marshes, was launched in 2021 after four years of construction. Despite its design capacity of 80 megawatts—70 of which were meant to be fed into the grid—the plant currently generates only about 23 megawatts.
According to the project manager, Tonci Tadic, the main challenge has been the unreliable supply of peat. Initial feasibility studies suggested that the Akanyaru River would not disrupt peat extraction, but rising water levels linked to heavier rainfall have washed away significant deposits.
“What we have observed over the past four years is the impact of climate variability on the Akanyaru River,” Tadic said. “The earlier study showed the river’s width at 3.5 meters, but it has since expanded to 4.9 meters, causing floods that sweep away our peat.”
Seasonal rains have compounded the problem, making peat mining nearly impossible for three to four months a year. The company also faces a shortage of specialized equipment to extract and transport peat, further limiting operations.
Calls for new investment
Tadic revealed that so far, about $450 million ( approximately Frw 500 billion) has been invested in the plant, but an additional $25 million is needed to expand capacity and resolve the bottlenecks.
“To deliver the 70 megawatts expected to the grid, we must expand the mining area from the current 300 hectares to 800 hectares,” he said. “We also need at least 40 additional machines to support peat extraction and transportation. With $25 million invested over three years, I believe the plant could finally supply the full 70 megawatts.”
The investor also called for smoother cooperation with the Rwanda Energy Group (REG), which buys the electricity generated by the plant. He noted that while contracts stipulate payment within 45 days, delays have stretched to as long as four months.
“Meanwhile, the Rwanda Revenue Authority still counts penalties for late tax payments, even though REG itself has not paid us on time,” Tadic said.
The Rwandan government has pledged to support the company in addressing these challenges, with discussions underway on how to strengthen collaboration with other agencies.
{{Broader peat potential
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Hakan Power Plant is not the only facility using peat in Rwanda. The Gishoma power plant in Rusizi District also produces 15 megawatts from peat.
Studies indicate that Rwanda holds an estimated 155 million tonnes of peat reserves covering about 50,000 hectares. According to REG data, about 77% of the country’s peat resources are concentrated in the Akanyaru and Nyabarongo wetlands, as well as the Rwabusoro valley.
The agreements were formalised on Tuesday, September 23, during President Paul Kagame’s official visit to Egypt, hosted by President Abdel Fattah Al-Sisi.
The accords cover priority sectors including investment promotion, water resource management, urban development, and housing. Under the land allocation agreement, Rwanda had previously committed to grant Egypt 10 hectares in Kirehe District, near the Tanzania border, while Egypt committed equivalent land for Rwandan ventures.
In his address, President Kagame said the reciprocal land allocation was a “significant step” that would strengthen economic cooperation and expand market access in Africa.
He underlined that Rwanda and Egypt share a vision of transforming the continent’s natural resources into value-added products to generate sustainable prosperity.
“Rwanda regards Egypt as a strong partner and our cooperation is tangible and steadily growing,” Kagame noted, highlighting ongoing joint projects such as the construction of a state-of-the-art heart treatment center in Kigali.
“We believe there are numerous opportunities our two countries can explore, from food processing to advanced technology.”
The President also praised Egypt for providing advanced training to Rwandan medical professionals and for its support in pharmaceuticals and vaccine production, describing Egyptian firms in the health sector as “excellent partners.”
Earlier on Monday, September 22, the Rwanda Development Board (RDB) had urged Egyptian investors to tap into Rwanda’s diverse opportunities.
Speaking at the inaugural Egypt–Rwanda Business Forum in Cairo, RDB CEO Jean-Guy Afrika invited Egyptian businesses to use Rwanda as a gateway to the wider East African and continental markets.
The forum brought together business leaders, investors, and policymakers from both sides to explore opportunities, foster partnerships, and promote trade and investment. Key areas of interest included energy, agriculture, pharmaceuticals, and infrastructure.
According to officials, the updated framework is designed to balance household affordability with the need to strengthen national production, encourage industrial efficiency, and support investment in green infrastructure.
In a statement released on Wednesday, RURA Director General Evariste Rugigana announced the expansion of the first block of household consumption from 15 kilowatt hours to 20 kilowatt hours per month, while the tariff for this essential band remains unchanged at 89 Frw/kWh.
This measure is intended to protect vulnerable households and promote universal access to electricity. Beyond this, however, significant adjustments are introduced: households consuming between 20 and 50 kWh will now pay 310 Frw/kWh, up from 212 in 2020, while those using more than 50 kWh per month will pay 369 Frw/kWh, compared to 249 under the previous schedule.
For non-residential customers, tariffs have also been reviewed upwards. Those consuming up to 100 kWh will now pay 355 Frw/kWh, while usage above 100 kWh is charged at 376 Frw/kWh, compared to 227 and 255 respectively in 2020.
At the same time, RURA has introduced preferential rates for health facilities, schools and higher learning institutions, setting their tariff at 214 Frw/kWh, significantly below the general non-residential rate to ease operating costs for critical services.
Sector-specific customers will also see changes. Telecom towers will now pay 289 Frw/kWh, up from 201, while broadcasters face an increase from 192 to 276 Frw/kWh. Hotels have been split into two categories: those consuming less than 660,000 kWh annually will pay 239 Frw/kWh, while larger hotels are grouped with small industries and charged at 175 Frw/kWh. Commercial data centres, which paid 179 in 2020, will now also pay 175 Frw/kWh.
Industries face a mix of higher energy charges but also new incentives to shift usage to off-peak hours. Small industries will now be charged 175 Frw/kWh, up from 134, while medium industries rise to 133 Frw/kWh from 103.
Large industries move to 110 Frw/kWh, compared to 94 previously, while steel, mining and cement industries consuming more than one million kWh annually will pay 97 Frw/kWh.
Crucially, while maximum demand charges during peak and shoulder hours remain unchanged—11,017 Frw/kVA for small industries, 10,514 for medium, and 7,184 for large industries during peak hours—off-peak demand charges have been cut to zero.
Previously, industries were required to pay between 886 and 1,691 Frw/kVA for off-peak consumption. This represents a major policy shift designed to encourage night-time production and reduce strain on the grid during peak hours.
For industrial customers without smart meters, prepaid flat rates have also risen. Small industries will pay 175 Frw/kWh, up from 151, medium industries 156 Frw/kWh compared to 123, and large industries 124 Frw/kWh up from 106.
Speaking after the announcement, Minister of Finance and Economic Planning, Yusuf Murangwa, said the new tariff adjustments are intended to boost national production by guaranteeing factories affordable and reliable power. He underscored that the Government of Rwanda remains committed to ensuring that households retain affordable access to electricity despite the increases in higher consumption bands.
Murangwa further noted that the tariff revision is only one element of a broader energy strategy. He pointed to ongoing efforts to expand Rwanda’s electricity grid and highlighted the country’s exploration of nuclear energy development as part of long-term plans to diversify supply, improve reliability, and lower costs.
By combining household protection, targeted social sector support, and industrial incentives, the revised tariff framework is expected to provide a more sustainable foundation for Rwanda’s energy sector. RURA emphasised that the changes also align with the country’s climate and economic goals, particularly by promoting investment in green infrastructure and e-mobility charging stations.
In a statement shared on X, the partners said the first U Express outlet is scheduled to open in early 2026. It will be located within Inzovu Mall, a 40,000-square-meter mixed-use development in Kigali’s Kimihurura business district. The mall sits strategically near the Kigali Convention Centre and is being constructed on the former site of Rwanda’s Ministry of Justice and Supreme Court.
Construction spearheaded by Groupe Duval began in August 2023, with the development expected to be completed by September 2025 and open to the public in December 2025. The total project cost is estimated at $68–71 million, financed through a combination of Groupe Duval’s investment and external loans from the International Finance Corporation (IFC) and Proparco, each contributing $17.5 million.
The mall aims to attract both international and local brands. The U Express store will span 3,000 square meters, providing consumers with quality products at fair prices and closer links to local producers.
{{Economic impact and job creation
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The partnership is expected to generate significant employment opportunities. Groupe Duval estimates that the U Express stores will create over 500 jobs, while the Inzovu Mall development will support more than 700 positions during construction and operation. The project is also expected to boost Rwanda’s retail sector, contribute to tax revenues, and support local infrastructure.
Inzovu Mall is being developed as a high-end, mixed-use hub that combines retail, leisure, hospitality, and office spaces. The mall will offer between 21,000 and 26,000 square meters of retail and leisure space, hosting restaurants, entertainment facilities, and anchor tenants such as Intermarché and a BUT store.
A four-star Odalys hotel, covering 5,000 square meters and featuring 95 rooms, will be integrated into the development, allowing guests to access the mall directly from their rooms.
The project also includes 6,000 square meters of Grade A office space and extensive parking facilities, with between 400 and 667 spaces, including a basement accommodating 450 vehicles.
Sustainability is a core component of the development, with energy-efficient lighting, solar power, water recycling systems, and other green technologies. Inzovu Mall is targeting IFC EDGE certification, which recognises environmentally sustainable building practices.
He was speaking at a press briefing on Wednesday, where RSSB officials presented the institution’s overall performance from 2021 to 2025.
Rugemanshuro highlighted that RSSB’s total assets have doubled in five years, climbing to Frw 3 trillion as of June 2025.
The return on investment also rose sharply, moving from 1.4 percent in 2021 to 14.2 percent in June 2025.
Investment portfolio increased to Frw 2.846 trillion in 2024/2025, translating into an increase by 16.7 percent compared to the previous year.
“Over the last five years, RSSB has reshaped its investment approach by focusing on long term income and making sure every new investment goes thorough strict viability test,” Rugemanshuro said. “The results are clear, and this is the strategy we intend to maintain.”
He added that in addition to reviving underperforming assets, the institution successfully exited certain investments at a profit.
Rugemanshuro also dismissed past criticism that RSSB was operating at a loss, saying current results demonstrate sound financial management.
“This confirms that members’ contributions are being well protected, invested for their benefit , and used to support job creation and national development,” he emphasized.
The report further showed an expansion in healthcare partnerships. The number of health facilities working with RSSB under the Community-Based Health Insurance scheme (Mutuelle de Santé) increased from 953 in 2021 to 1,182 in 2025, while those under the Rwandaise d’Assurance Maladie (RAMA) scheme rose from 810 to 1,152.
RSSB indicates that although investments in real estate are still generally lagging behind, they account for 10% of its total investments.
“This is an area where we need to intensify efforts. Despite achieved progress, delays in project implementation remain an issue, from project initiation to completion, due both to follow-up capacity and needed improvements in the construction sector,” he said.
Among the ongoing projects is Heza Estate, where 70 percent of the houses have already been reserved by buyers even as works near completion.
RSSB is also planning to expand developments on land near the Kigali Golf Course, with plans including a five-star hotel and other projects in collaboration with private investors.
Rugemanshuro concluded that, while there is room for improvement, the last five years have shown remarkable progress,with significant contribution to Rwanda’s broader development goals.
The launch event, held at the Marriott Hotel, brought together key stakeholders, including regulators, industry leaders, and Apex Group executives, to celebrate the company’s commitment to Rwanda and its role in supporting economic growth and innovation across East Africa.
The event featured remarks from prominent figures, including Alan Keet, Regional Head of Africa for Apex Group, Soraya Hakuziyaremye, Governor of the National Bank of Rwanda (BNR), Hortense Mudenge, CEO of the Kigali International Financial Centre (KIFC), and a video message from Peter Hughes, Apex Group’s Founder and CEO.
Apex Group, with a global presence spanning 52 countries and 112 offices, services over $3.4 trillion in assets and employs more than 13,000 people worldwide. The opening of its Kigali office, the seventh in Africa alongside locations in Botswana, Namibia, and South Africa, marks a key expansion of the company’s footprint on the continent.
“It makes me tremendously proud that we have expanded now into Rwanda… It shows Apex’s commitment to Africa, which, as Africans, is a real feather in our cap,” Alan Keet, the Apex Group’s Regional Head of Africa, stated.
The Kigali office will offer a comprehensive suite of services, including Fund Administration, Corporate Services, Compliance Solutions, and Environmental, Social, and Governance (ESG) advisory services, pending regulatory approval.
The services cater to a broad range of fund structures, from private equity and real estate to open-end funds like Exchange-Traded Funds (ETFs) and mutual funds, as well as innovative digital finance solutions such as tokenisation and digital ledger technology.
Keet emphasised the company’s ability to address complex challenges, noting, “We are yet to find a conundrum or a challenge that we can’t solve within the Apex Group globally.”
The launch of Apex Group’s office aligns with the ambitions of the Kigali International Financial Centre (KIFC), which aims to position Rwanda as a leading hub for cross-border investment and sustainable finance.
Hortense Mudenge, CEO of KIFC, described the event as “a pivotal moment in Rwanda’s journey of becoming a key financial hub on the continent.”
She highlighted the full-circle nature of Apex’s entry, which began with discussions in late 2024 and culminated in the office opening, signalling growing confidence in Rwanda’s progressive business environment.
Soraya Hakuziyaremye, Governor of Rwanda’s central bank, delivered a keynote address in which she echoed this sentiment, stressing the country’s strategic efforts to build a robust financial ecosystem.
“You can’t have a financial centre if you don’t have international players,” she said, noting Apex’s role in complementing traditional banking and pension funds with innovative services.
She also praised Rwanda’s macroeconomic stability and digital ambitions, stating, “The use of technology and digitally-driven financial services… is something that we value, as Rwanda is ambitiously aiming to become a digital hub for the continent.”
{{Investing in local talent
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Apex Group officials emphasised that its entry into Rwanda is not only about expanding its global footprint but also about investing in local talent and contributing to economic development. With approximately 1,200 of its 13,000 employees based in Africa, the company affirmed its commitment to creating employment opportunities and upskilling local professionals.
Keet praised Emma Msowoya, the Country Head of Apex Group in Rwanda, for her “tenacious, well-organised, and great people skills,” which he believes will drive rapid growth in the region. KIFC’s Mudenge also highlighted the opportunities for local professionals, noting Apex’s focus on “upskilling, capacity building, and talent development.”
Peter Hughes, in his video message, underscored the strategic importance of the Kigali office, which he said will deliver “world-class asset servicing across both traditional assets and DeFi assets.”
He highlighted Emma’s 15 years of experience at Apex and her role leading the Rwanda operations, emphasising the company’s intent to leverage experienced talent to expand its presence and strengthen Rwanda’s financial ecosystem.
{{A collaborative future
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The launch event also highlighted the collaborative spirit between Apex Group, KIFC, and Rwandan regulators. Governor Hakuziyaremye expressed confidence that Apex’s presence would attract more global asset management players, stating, “You can count on our support and our engagement in the different forums that we organise.”
KIFC CEO Mudenge added, “As much as you have expectations of us, we also have expectations of you to leverage and use Rwanda as the base to support further investment and capital deployment, not just in Rwanda, but in the region as a whole.”
