Driven by a growth that far exceeds the regional average, Côte d’Ivoire approaches its energy boom as an accelerator rather than an identity shift. The discoveries of the “Baleine” and “Calao” oil fields have helped to affirm the rise in value of local refining, storage, and hydrocarbon transformation sectors. According to Nina Keita, Deputy General Manager of GESTOCI, this is a “tremendous accelerator” for the country, provided that the spread of growth keeps pace with extraction.
On the construction sites of Abidjan, the cranes no longer sleep. Offshore, in the Gulf of Guinea, the discovery of the two hydrocarbon pockets “Baleine” in 2021 and “Calao” in 2024 has become a symbol of a Côte d’Ivoire that is scaling up. Between the towers of the Plateau, the city’s administrative and financial center, and the pipelines snaking towards the terminals, one thing is clear: the country is experiencing a rare acceleration, driven by bold growth and an energy boom that is reshuffling the deck.
The dynamic, however, is not new. As early as 2013, the IMF spoke of a “second Ivorian miracle” after the cocoa boom of the 1960s-1970s. Ten years later, the miracle is still ongoing. Between 2021 and 2024, growth hovered around 6.5%, double the West African average. Côte d’Ivoire now accounts for 40% of the GDP of the West African Economic and Monetary Union, and foreign direct investments have multiplied by five in ten years.
Abidjan, aiming to become the “New York of Africa,” concentrates 65% of the country’s GDP and a large portion of the construction projects: airport extension, metro construction, industrial zones. Behind the scenes, investors are lining up: France remains the top private partner, China is a major commercial player, and even the United States has pledged 255 million euros to modernize the electrical grid. Standard & Poor’s raised the country’s sovereign rating to BB, further enhancing its attractiveness.
“The rise in value, cornerstone of the Ivorian model”
In this already promising landscape, hydrocarbons now play the role of accelerator. The “Baleine” field discovered in 2021 and “Calao” in 2024 have bolstered Côte d’Ivoire’s position on the continent’s energy map. For “Baleine” alone, it is projected to produce 2.5 billion barrels of crude oil and 3,300 billion cubic feet of gas. The country plans to increase its current production of around 44,000 barrels per day to “at least” 200,000 by 2027-2028, according to Kaba Nialé, Minister of Planning and Development. The goal is 500,000 barrels per day by 2035, to join the top 5 in Africa.
For Nina Keïta, Deputy General Manager of GESTOCI (Ivory Coast Petroleum Stock Management Company), this boom, rather than a revolution, represents a tremendous accelerator. “Oil does not change the DNA of the Ivorian economy, but it clearly changes its scale. It is an additional engine, not a substitute model.”
The real breakthrough lies elsewhere: in the stated desire to capture more value locally. The country no longer wants to settle for exporting crude oil. Strengthened refining at the Ivorian Refining Company, increased petrochemical capacity, modernized electrical networks, increased agricultural transformation: the 2021-2025 National Development Plan has set the course.
In this strategy, GESTOCI plays a central role. Strategic storage, industrial security, flow fluidity, international standards: everything goes through them. “We cannot talk about value enhancement without logistical control. Our role is to make energy available and reliable, for the country as well as for exports,” explains Nina Keïta.
This rise in value is not just about oil. It echoes what is happening in agro-industry: cocoa, cashew nuts, coffee, mango… Long exported in raw form and driving Ivorian growth, the goal now is to process them locally to complete the value chain. Transformation zones are emerging in Yamoussoukro or Korhogo, intended to host modern units. The objective is clear: strengthen the country’s industrial integration and reduce its vulnerability to international price cycles.
“Abidjan: energy and logistics hub”
The country’s attractiveness also lies in its geography. The port of Abidjan, one of the most efficient in sub-Saharan Africa, serves as a commercial hub. Côte d’Ivoire is at the intersection of the UEMOA (West African Economic and Monetary Union) and ECOWAS (Economic Community of West African States), with a clear ambition: to become a regional energy and logistics hub.
This is where the rise in value takes on economic significance. “Storage is the life insurance of an energy system. Without capacity, there is neither security for households nor credibility for neighboring markets,” emphasizes Nina Keïta. A direct way to remind that infrastructure, often invisible, is actually the foundation of the model.
The same logic applies to renewables. The country aims to increase their share to 42% of the mix by 2030. In a country where just over 70% of the population has access to electricity, with strong regional disparities, the issue is not only climatic but also socio-economic.
“Persistent vulnerabilities, but intact dynamics”
There remains a darker side, which no one denies: still high poverty (37.5% in 2021), massive informality (nearly 7 million active workers), 15% youth unemployment, and persistent corruption eating away 4% of the GDP each year. The north and east of the country lag behind. A reality confirmed by Bloomfield’s CEO, Stanislas Zézé: “Investments need to be decentralized, otherwise rural exodus will continue to fuel imbalances.”
Public debt, which rose from 37.2% of GDP in 2019 to 59.3% in 2024, is another point of concern. But inflation is receding (3.5% in 2024), the deficit is shrinking, and cocoa, coffee, cashew, and gold prices offer valuable support to public accounts. For Nina Keïta, the challenge is not to hide these challenges but to ensure they do not become blind spots. “The energy boom should be a lever for spreading, not concentration. The real issue is that stability and growth benefit the majority.”
Côte d’Ivoire is thus entering a rare sequence: a moment where the surge in hydrocarbons amplifies an already robust dynamic. The challenge will be less about extracting more than organizing, transforming, and securing flows so that the value remains in the real economy. If this bet pays off, Abidjan could consolidate a model where black gold supports diversification rather than replacing it.
