West African Equity Market Outperformed in 2025

The narrative on West Africa hasn't changed in a decade: high growth potential, but too risky, too illiquid, too hard to underwrite. Meanwhile, the data tells a different story.

Between 2020 and 2025, select West African markets delivered risk-adjusted performance that matched—and in some cases exceeded—their emerging market peers. Currency volatility? Priced in. Political risk? Quantified. Liquidity constraints? Accounted for.

What remains is a return profile that most global allocation models have systematically overlooked.

This report asks a simple question: When you strip away the narrative and measure what actually happened, where did West Africa stand?

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What's in the Report:

→ Five-year risk-adjusted returns across Nigeria, Ghana, Côte d'Ivoire, and Senegal
→ Real returns after currency and inflation adjustments
→ Sector-level alpha: where outperformance concentrated
→ Correlation analysis for portfolio diversification
→ Liquidity-adjusted metrics institutional allocators actually need

The opportunity isn't emerging. It's already here—hiding in plain sight.

If your allocation model still treats West Africa as a rounding error, this report is the correction.

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