The Rwanda Development Board (RDB) has released its 2024 Annual Report, showing strong economic progress and major wins for the East African country. The report highlights key achievements across investments, tourism, trade, and reforms that helped Rwanda stay on track with its development goals.
According to the report, Rwanda secured $3.2 billion (over N3.6 trillion) in investment pledges in 2024. This marks a 32.4% increase compared to 2023 and exceeds the country’s target of $2.4 billion. The investments cut across manufacturing, renewable energy, agriculture, and mining sectors. These deals are expected to create more than 51,600 jobs for Rwandans.
The tourism industry also grew in leaps and bounds. Rwanda made $647 million (about N734 billion) in tourism revenue. Over 1.3 million tourists visited the country in 2024. Gorilla tourism alone recorded a 27% rise in earnings. The MICE sector – which includes meetings, incentives, conferences, and exhibitions – generated $84.8 million from 115 major events that brought in over 52,000 delegates from around the world.
Exports also grew by 22%, hitting $4.2 billion. This was made possible by stronger demand from countries like the United Arab Emirates and Luxembourg. Rwanda’s national carrier, RwandAir, helped drive the growth in exports with a 33% increase in cargo capacity. RDB supported over 240 local businesses to reach global markets, generating $164.1 million in revenue through programmes that focus on product certification, digital trade, and regional partnerships.
In a major recognition, the World Bank ranked Rwanda as number one in Africa for business reforms and among the top 10 globally in the new Business Ready (B-READY) report. This is a big boost to Rwanda’s image as a business-friendly country.
Looking ahead, the RDB says it plans to attract $3 billion in investments in 2025 and make over $700 million in tourism earnings. Plans are also in place to grow Special Economic Zones, improve digital services, and support innovation and entrepreneurship. Big events like the Kwita Izina Gorilla Naming Ceremony and the UCI Road World Championships – which will be held in Africa for the first time – are also on Rwanda’s calendar for the year.
RDB CEO Jean-Guy Afrika thanked all stakeholders for their support. He said Rwanda is now seen as a global hub for business, tourism, and innovation, and called on partners to keep supporting the country’s development journey.
