Côte d’Ivoire’s economic rise: local champions driving 2030 vision

After 15 years of sustained economic growth, Côte d’Ivoire is now focusing on nurturing homegrown business champions as key drivers of its 2030 development plan. From natural cosmetics to digital banking and petroleum distribution, local enterprises are emerging as pillars of the West African nation’s ambitious economic transformation.

From startup to regional powerhouse: the Kaera success story

In the bustling industrial zone of Yopougon, on the outskirts of Abidjan, workers at Kaera’s production line meticulously fill thousands of bottles with shea butter-based cosmetics. The company’s founder, Fodé Yattabaré, recalls how this venture began modestly in a small apartment in the late 2000s.

Today, Kaera employs 600 people and has expanded its reach to over 30 countries across West Africa, reaching markets as distant as Paris and Dubai. ‘The ecosystem here is incredibly supportive for entrepreneurs like us,’ Yattabaré explains. ‘It gives us confidence in the future.’ The company now sets its sights on conquering the European market, a testament to Côte d’Ivoire’s growing business confidence.

Digital innovation reshaping finance: Djamo’s breakthrough

Régis Bamba, co-founder of the fintech startup Djamo, highlights how Côte d’Ivoire’s political stability and robust infrastructure have become magnets for investment. Launched in 2020, Djamo bridges traditional banking with mobile payment solutions, attracting two million users—many of whom were previously unbanked.

‘When you come from a stable political environment like Côte d’Ivoire, raising funds becomes significantly easier,’ Bamba notes. ‘Investors feel secure in our long-term prospects.’ Djamo’s rapid adoption demonstrates how digital solutions are democratizing financial services across the region.

Fueling national champions: Pétro Ivoire’s expansion

Sébastien Kadio Morokro, CEO of petroleum distributor Pétro Ivoire, emphasizes the ‘strong responsibility’ that comes with being a national champion. ‘The state’s role is crucial in making the initial massive investments needed to create these champions,’ he says. ‘They then train, educate, and create value that can be reinvested into the economy.’

The government’s vision includes nurturing hundreds of such champions over the coming years, positioning them as engines of economic growth and job creation.

Government backing and economic milestones

Finance Minister Souleymane Diarrassouba confirms that Côte d’Ivoire is implementing targeted policies for SMEs, essential for developing future champions. ‘To become a champion, a company must first be nurtured in a supportive environment,’ he explains. ‘This requires continuous mentoring and resources.’

The country’s economic trajectory has been remarkable. After nearly a decade of political and military crisis (2002-2011) that severely weakened its economy, Côte d’Ivoire has rebounded with growth consistently exceeding 6%, regaining its status as one of West Africa’s leading economies.

Challenges and opportunities ahead

Despite a massive informal sector accounting for nearly 90% of employment, macroeconomic indicators remain positive. The upgrade of Côte d’Ivoire’s sovereign credit rating to BB by Fitch in December 2023 reflects growing international confidence in its economic management.

Digital transformation priorities: Entrepreneurs are calling for accelerated digitalization of the economy to streamline business operations. ‘Digitalizing administration not only expands the tax base but also provides more revenue for development,’ explains economist Blaise Makaye from Bouaké University. Recent oil and gas discoveries are expected to provide additional impetus to the economy.

Regional integration through AfCFTA: Business leaders are urging faster implementation of the African Continental Free Trade Area (AfCFTA), which could unlock a market of nearly 1.5 billion consumers. ‘Different national regulations remain the main obstacle,’ says Yattabaré. ‘AfCFTA could bring much-needed harmonization.’

‘More free trade means more business opportunities, greater ease of operations, and unlocked value,’ Bamba adds. As Côte d’Ivoire continues its economic ascent, these local champions are poised to play an increasingly pivotal role in shaping the nation’s future.