Ivory Coast targets US$206 billion economic diversification

Ivory Coast is implementing a US$206 billion investment strategy aimed at economic diversification and structural transformation. The plan focuses on expanding offshore oil and gas production and transitioning from the export of raw agricultural commodities to high-value industrial processing, particularly within the cocoa sector.

In the energy sector, the country is working to become a regional hub. Discussions between the African Energy Chamber and the Minister of Mines, Petroleum and Energy highlighted the success of Eni’s Baleine development, which is expected to reach an output of approximately 150,000 barrels per day during Phase III. Other active projects include VAALCO Energy’s upcoming drilling campaign on Block CI-40 and Murphy Oil’s multi-well drilling program through 2026. Recent interest from Petrobras in acquiring offshore exploration blocks further signals international confidence in the nation's upstream market.

To mitigate vulnerability to global commodity price volatility, the government is incentivizing local cocoa grinding and processing plants. This shift aims to capture more value domestically rather than exporting raw beans for processing in Europe and North America. The National Development Plan (PND) identifies infrastructure, energy, and agro-industry as the primary drivers for sustaining the country's high GDP growth rates.