After fifteen years of steady economic expansion, Côte d’Ivoire is now focusing on nurturing a new generation of homegrown business leaders. These homegrown champions are expected to play a pivotal role in the country’s ambitious 2030 development roadmap.
local entrepreneurs scaling new heights
In the bustling industrial district of Yopougon, on the outskirts of Abidjan, female workers meticulously fill thousands of bottles with shea butter-based cosmetics. This scene captures the dynamism of Côte d’Ivoire’s emerging business landscape.
Fodé Yattabaré, founder of Kaera, started his cosmetics company in a modest apartment during the late 2000s. Today, his enterprise employs 600 people and exports its beauty products to over thirty countries across West Africa, Paris, and Dubai. “The ecosystem here has been incredibly supportive of entrepreneurs like us. It’s boosting our confidence in the future,” Yattabaré shares, while expressing ambitions to penetrate the European market.
stability drives investor confidence
Following nearly a decade of political and military turmoil from 2002 to 2011, Côte d’Ivoire has regained stability and maintained economic growth rates consistently above 6%. This recovery has positioned the country as one of West Africa’s leading economies.
“Côte d’Ivoire stands out as one of the region’s most stable nations“, remarks Régis Bamba, co-founder of Djamo, a fintech startup launched in 2020. Djamo bridges traditional banking and mobile payments, already attracting two million users, many of whom were previously unbanked. “The country’s political stability, excellent infrastructure, and secure environment make it highly attractive to investors. Raising capital is significantly easier here than in less stable neighboring countries,” Bamba adds.
Kaera, Djamo, and Pétro Ivoire represent Côte d’Ivoire’s emerging class of national champions—private enterprises poised to become key drivers of economic development. They are expected to inspire and support small and medium-sized enterprises (SMEs) in their wake.
“This comes with immense responsibility“, notes Sébastien Kadio Morokro, CEO of Pétro Ivoire. “We must lead by example, creating jobs, fostering innovation, and generating value that can be reinvested into the economy,” he explains.
government’s role in fostering champions
According to the Minister of Planning, Souleymane Diarrassouba, the government is committed to implementing policies that support SMEs. “To create champions, businesses must first thrive within nurseries of support, receiving guidance and resources to grow,” he states. The minister envisions the emergence of hundreds of national champions in the coming years.
Investor confidence is evident in Côte d’Ivoire’s recent financial achievements. In early July, the country secured $80 billion (€70 billion) in international public funding for its 2026-2030 National Development Plan—four times the expected amount. Additionally, the private sector is projected to contribute nearly $150 billion (€131 billion) more.
Economist Blaise Makaye, a researcher at the University of Bouaké, describes this as “the final phase of the strategy to elevate Côte d’Ivoire to upper-middle-income status by 2030”. This means achieving an annual gross domestic product per capita exceeding $4,000 (€3,500), up from the current $2,700 (€2,360).
digital transformation and trade liberalization
Despite the informal sector dominating nearly 90% of employment, the country’s macroeconomic indicators are strong. In December, Côte d’Ivoire’s sovereign credit rating was upgraded to BB by Fitch Ratings.
Local entrepreneurs emphasize the need for further digital transformation to streamline business processes. “Digitalizing administration not only reduces bureaucracy and corruption but also broadens the tax base, providing more revenue for development projects,” Makaye points out. Recent oil and gas discoveries are also expected to provide a significant boost.
Another key priority is accelerating the implementation of the AfCFTA (African Continental Free Trade Area). This initiative could unlock a market of nearly 1.5 billion consumers by harmonizing trade regulations across the continent.
“The main challenge lies in the differing norms and regulations between African countries“, Yattabaré notes. “With AfCFTA, we could achieve greater harmonization, making trade across the continent much smoother,” he adds.
Régis Bamba echoes this sentiment: “More free trade means more business opportunities, greater ease of doing business, and unlocked value that can drive growth.”
