Why industrialization is crucial for Côte d’Ivoire’s economic growth

The push for industrialization in Côte d’Ivoire took center stage during a press luncheon held in Abidjan-Plateau on May 8, 2026. Paul-Harry Aithnard, Regional Director of UEMOA and Managing Director of Ecobank Côte d’Ivoire, shared his perspective on this critical issue.

Aithnard emphasized that industrialization isn’t just an option for Côte d’Ivoire—it’s an absolute necessity if the nation aspires to join the ranks of fully emerging economies, similar to how Malaysia achieved its status. His argument hinged on a compelling comparison: Côte d’Ivoire’s GDP today stands at $100 billion, the same figure Malaysia had 25 years ago. Yet, over the past quarter-century, Malaysia’s GDP has quadrupled to over $400 billion.

Key strategies to accelerate industrial growth

Aithnard outlined a roadmap for Côte d’Ivoire to multiply its economy by four within the next 25 years. At the heart of this strategy lies financial inclusion. He argued that expanding access to banking services would empower citizens to save, invest, and secure financing—critical steps for economic scaling. This vision, he believes, can be realized through digital transformation and technological innovation, which reduce costs and boost productivity.

Collaborative roles: public and private sectors

The private sector, particularly banking institutions, must step up by financing large-scale infrastructure projects. Aithnard highlighted Ecobank Côte d’Ivoire’s commitment to this cause, stating, “We deliberately chose to invest in infrastructure financing.”

The government, too, has a pivotal role. Aithnard stressed the need to strengthen the energy sector, as reliable electricity is fundamental to industrialization. Additionally, he called for educational reforms, focusing on STEM fields (science, technology, and engineering) and modern management practices. While applauding Côte d’Ivoire’s strides in energy production—where output has surged impressively in recent years—he urged continued progress in education to meet industrial demands.

Unlocking Côte d’Ivoire’s potential

Industrialization offers Côte d’Ivoire a pathway to economic diversification, job creation, and global competitiveness. By embracing digital financial services, investing in infrastructure, and prioritizing education and energy, the nation can emulate the success stories of emerging economies like Malaysia. The time to act is now, as the window for sustainable growth narrows with each passing year.