- Investors are looking for the right counterparts, not more opportunities.
- Command of OHADA law is a prerequisite for any due diligence in West and Central Africa.
- Moroccan companies want to expand south but run into poor introductions and closed networks.
- Every respondent asks for well-prepared files before the first meeting.
Why this survey
Between June and September 2026, AfriCand interviewed close to 50 investors and companies from Spain, Germany, Nigeria and Morocco about what holds back their deployment in West Africa. The aim was simple: to understand, beyond the speeches, what makes an interested investor actually invest, or walk away.
Respondents asked not to be named. The findings are qualitative and do not claim statistical representativeness; their value lies in how strongly the answers converge from one country to the next.
Five needs that come up in every interview
| What they need | What they told us | What it takes to respond |
|---|---|---|
| Trusted counterparts | To be introduced to credible decision makers and operators, not to receive lists of opportunities. | A qualified network (states, sponsors, development finance institutions, co-investors) mobilised deal by deal. |
| Command of OHADA law | Due diligence across the 17 OHADA states requires mastery of company, securities and insolvency law. | Diligence carried out with OHADA expertise and local legal counsel from the shortlist stage. |
| Market entry know-how | A partner who has already supported companies in African markets. | Market entry studies, partner mapping and local representation before any capital is committed. |
| Well-prepared files | Projects arrive without structure, data or a clearly identified buyer. | Qualification of sponsor, market and governance, and a financing structure before the first meeting. |
| Cultural and market reality | Limited knowledge of local business culture and no realistic view of the market. | Field checks, introductions through trusted channels and access to local decision makers. |
The right people rather than more opportunities
The survey's strongest message fits in one sentence: investors already receive plenty of projects. What they lack is a counterpart who can tell them which ones are serious, introduce them to the right people and follow the file on the ground.
« We want to grow, and the potential is in West Africa. What we need is real OHADA expertise for due diligence, and files that reach us well prepared. »
Managing partner, African investment fund, interview with AfriCand, August 2026
The case of Moroccan companies
The Moroccan companies we interviewed want to enter sub-Saharan markets. They often have the offer, the industrial capacity and the financing. What they lack are the keys: they cite poor introductions, limited knowledge of local business culture, no realistic view of the market and closed lobbying networks.
Market entries rarely fail on the product. They fail on the first meetings, the choice of partner and the understanding of the ground.
What it changes for project sponsors
- Target the right financiers rather than approaching everyone: each fund has a specific thesis, ticket size and sectors.
- Prepare a complete file before the first meeting: sponsor, market, governance, a quantified financing need.
- Secure the OHADA legal framework upfront: legal form, securities, key contracts.
- Work through a trusted counterpart who knows both sides of the table.
- For an investor: rely on a local relay that qualifies files before presenting them.
- For an SME or sponsor: prepare for financiers' requirements before meeting them.
- For a North African company: take care of first introductions and check the market on the ground.
- AfriCand interviews with close to 50 investors and companies from Spain, Germany, Nigeria and Morocco, June to September 2026; qualitative findings, respondents unnamed at their request
- AfriCand Africa Outlook 2027, Part IX and summary
Figures quoted come from official and institutional sources published in 2025 and 2026, compiled in the AfriCand Africa Outlook 2027.