Economy
Are Investors in West Africa Shifting Focus?
With global and regional capital continuing to flow into West African Real Estate, investors are starting to diversify their funds across the region and move away from the previous Nigeria and Ghana bias.
Following from the first market correction seen in 20 years, crippling Central Bank debt and the pegging of the Naira, the reaction to Nigeria’s (in President Buhari’s words) ‘suddenly poor’ status has been fight or flight.
Some, like Novare, Old Mutual, Johnson & Johnson and Pick ‘n Pay sticking to their guns and continuing to make gains, while others, like Sun International, Tiger Brands and Truworths, choosing to take their business elsewhere.
“The Nigerian real estate investment market is experiencing a unique combination of the first economic recession in 25 years, a rapidly devaluing currency and a retail and commercial development boom. This has led to an oversupply of prime real estate at a time when tenant demand has fallen to its lowest levels in over a decade, Broll has been at the forefront in advising, leasing and marketing for a large proportion of international investors and developers. We are actively working with our clients to come up with innovative property leasing solutions by providing tenant concessions while ensuring the long-term financial viability of the asset,” says Broll Nigeria CEO, Bolaji Edu.
“While the present crisis may seem insurmountable, Nigeria’s experience is no more than the growing pains of developing economy as experienced in South America as well as Eastern Europe. Investors are still withholding from Nigeria as they wait for the storm to pass,” argues Edu.
But where are investors going?
In the midst of Nigeria’s struggles, Ghana, is slowly gaining ground again. Along with the IMF’s approval on a further $116.2 million disbursement, there is a positive shift in Ghana due to improvements in power supply, exchange rates and a stabilization in inflation. With a stable growth outlook, business views are at their most favourable levels in years. CEO of AttAfrica, Kevin Teeroovengadum, weighs in:
“Ghana had a tough 2 years spanning over 2014/15 and seem to have to reached the bottom of the cycle during the 1st semester of 2016. With the government having agreed a deal with the IMF in 2015, we’ve seen an improvement in government’s fiscal discipline, stabilisation of the Cedi, availability of dollars and less frequent cuts in power supply. All eyes are now on the presidential elections in December 2016. The general mood of the people on the streets seem to be better than last year which we can see in a rise in foot traffic and trading density at all our malls. A number of retailers are now coming back to request for new opportunities outside Accra and we’ve seen a significant rise in the leasing target of our retail development in Kumasi over the last quarter.”
Francophone nations are also gaining a place in the spotlight. While they have no doubt been developing at a rapid rate for some time, in these times, their relative stability is becoming a significant drawcard for investors in the West African region, who are starting to view West Africa more broadly than just the bright lights of Lagos. In particular, the Ivory Coast is currying some serious favour following their new title as ‘Africa’s fastest growing economy’, and a number of reforms which have resulted in impressive economic growth.
“A return to political stability, sustained infrastructure investment and stable regional currency have made Côte d’Ivoire the darling of international investors and operators among Francophone West African countries. Senegal also continues to attract investment, with smaller, more focused pockets of growth in other countries in the region. Many players are approaching these markets with a strong investment and development mandate. European or South African firms lead the pack, though we are noting growing interest from Ghanaian and Nigerian firms and investors. Côte d’Ivoire remains a frontier market, with opportunities across all asset classes as well as specific challenges: lack of transparency and low levels of local expertise are among these, but can be overcome by new entrants through in-depth knowledge of the local market,” explains Ivan Cornet, Managing Partner of Latitude Five.
This year’s West African Property Investment Summit (WAPI) aims to equip investors and other stakeholders with the necessary information and insight from top speakers and industry leaders, in order to encourage a fruitful way forward.
Beyond the possible success of starting afresh in new territory, investors also have the opportunity to learn from past experience. There are plenty of resources detailing how to navigate deals in countries like Senegal and Ivory Coast; investors also need to be prepared to do the hard work of understanding these new spaces. On the ground market research, understanding of consumer patterns as well as socio-political concerns all form part of doing effective due diligence.
From discussions around the shift in investor focus, the rapidly evolving retail sector, to navigating through negative economic climates in Nigeria and Ghana, the discussions at WAPI position stakeholders in the eye of the West African storm, with the necessary tools to help them weather it.
Top West African deals to watch
Despite the shifts in the West African real estate environment, the region is still seeing some big bill deals. Kfir Rusin, General Manager of API events breaks down the biggest investments.
Old Mutual Investment Group and the Nigerian Sovereign Investment Authority raise US$500 million towards a Nigerian real estate fund
RMB Westport launches $250 Million Fund for Nigeria, Ghana, Angola and the Ivory Coast
Actis raises over $500m for new African real estate fund
Novare Africa Property Fund II announced its final close at the end of June 2016, having raised $350 million for investment.
Eris Property Group unveil plans for Agbara Industrial Estate in Lagos Nigeria
West Africa’s largest mixed-use development, The Exchange” project at Airport City in Accra launched be Mabani Holdings Ghana Limited, in partnership with Actis LLP
Novare’s $82.8m 22,000m2 Lekki mall began trading at the end of August 2016
RMB Westport’s 10,800m2 Circle Mall began trading at the end of 2015
Churchgate launch 20,000m2 World Trade Centre in Abuja
CFAO and Carrefour open the Playce Marcory Mall, Ivory Coast, in December 2015
Carlson Rezidor adds Ghana to its growing portfolio with the introduction of the Radisson Blu Hotel Accra Airport, The Exchange with 207 keys.
Hilton Worldwide announced its plans to open a 350 guestroom and suite hotel at the Lagos Murtala Muhammed International Airport, Nigeria.
EVENT INFORMATION AND CONTEXT
The West African Property Summit (WAPI) takes place in Accra, Ghana on 16 – 17 November. This two-day conference will be a deep dive into issues affecting the West African real estate market, and a start for discussion and solutions building. The summit tackles discussions around development, private equity, finance and economics, with insights from some of the best minds in real estate investment today.
In addition to the experts in this release, speakers for the summit also include:
Kojo Addo-Kufuor
Managing Director, Ghana Home Loans
Funke Okubadejo
Director: Real Estate, Actis Real Estate
Jan Van Zyl
Head of Property Development, Novare
Kofi Asomaning
Managing Director, Capri Investments
Cheick Sanankoua
Managing Partner, HC Capital
Lasse Ristolainen
Development Director: Sub-Saharan Africa, Hilton
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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