September 2025 West Africa Macro Outlook

Executive summary

In August, West African countries showed a strong focus on fiscal and institutional reforms, food self-sufficiency, and gradual improvements in macroeconomic indicators and consumer demand. On the fiscal front, Senegal's government has embarked on an economic recovery plan that includes an immediate tax increase on tobacco from 70% to 100% and a broader aim to generate domestic revenue without taking on more foreign debt. Institutionally, Nigeria's pension industry is aiming to diversify its investment portfolio beyond government securities into equity, a change that will likely increase the pool of funds available to mature companies.
Regarding food self-sufficiency, West African countries are making large investments in their agricultural value chains to mechanise food production, scale output, and add value. Ghana, for instance, is building a $129 million sugar factory in a joint venture with the Philippine company Nu Agri