Ivory Coast’s economic growth is poised to accelerate in the next five years as the country sees an increase in oil and gas activity, Planning and Development Minister Kaba Niale said.
“We can do a much stronger growth rate in the coming five years,” Niale said in an interview at an African Development Bank conference in Rabat, Morocco’s capital, on Wednesday. A “strong increase” in production of fossil fuels will raise oil output to at least 200,000 barrels per day in the years 2027 to 2028, she said.
The world’s top cocoa producer pumped 44,000 barrels a day in 2024, according to the government. Ivory Coast has been positioning itself as a major regional energy hub, attracting companies such as Eni SpA, Houston-based Vaalco Energy Inc. and Brazil’s Petrobras in the last decade.
The entry of these global players stems from a government policy to partner with the private sector in areas it thinks would contribute significantly to long-term economic expansion, Patrick Achi, minister of state and special advisor to President Alassane Ouattara, said during an online press conference.
“It’s a paradigm shift where you don’t find the administration sitting there, waiting, asking you questions instead of moving the journey with you,” Achi said.
Ivory Coast aims to accelerate economic growth to 7.2% by 2030, from an average of 6.5% achieved between 2021 and 2025. The target forms part of a five-year national development plan to lift the economy to upper-middle-income status.
The energy ministry forecasts that the country could be among the top five African oil producers by 2035, when crude-oil production is expected to reach at least 500,000 barrels per day and natural gas output will account for 1 million cubic feet per day.
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