Why industrialisation is essential for Côte d’Ivoire’s economic future

The imperative of industrializing Côte d’Ivoire was a central theme during a press luncheon in Abidjan-Plateau. Speaking on the subject, Paul-Harry Aithnard, UEMOA Region Director and CEO of Ecobank Côte d’Ivoire, outlined his vision. He argued that for Côte d’Ivoire to achieve the status of a fully emerging economy, it must pursue industrialization, following the example of nations like Malaysia. He stressed that industrial development is a necessary step for the country to achieve significant economic scale.

To support his point, the CEO offered a striking comparison: “Côte d’Ivoire’s GDP today is $100 billion. That was Malaysia’s GDP 25 years ago. From 2000 to 2025, Malaysia grew from $100 billion to over $400 billion in GDP.”

To facilitate this industrial shift and help Côte d’Ivoire potentially quadruple its economy in the next 25 years, Paul-Harry Aithnard proposed a foundational strategy: developing financial inclusion. “This will enable the population to store money in accounts, make payments, save money, access financing, and invest their small savings,” he explained.

He further elaborated that the widespread financial inclusion he calls for can be achieved through digitalization. For this reason, Mr. Aithnard wishes for a greater focus on technology, which allows for scaling up operations and increasing productivity at a lower cost.

In this endeavor, the private sector, especially the banking industry, has a pivotal role. It must support this vision by financing major infrastructure projects. “This choice to finance infrastructure is a deliberate one we have made,” he affirmed, speaking for his institution.

The government also has a critical part to play. Mr. Aithnard believes the state must develop the electricity sector, without which industrialization is impossible. He also emphasized the need to enhance the education system, particularly in specific areas like science, technology, and management. He acknowledged positive momentum on both fronts, commending the impressive recent growth in Côte d’Ivoire’s energy production capacity and noting promising signs of strategic choices being made in education.