IDE: Ivory Coast surpasses Nigeria and South Africa combined in 2024.

Driven by robust economic fundamentals and a resolutely pro-business strategy, Côte d'Ivoire emerged in 2024 as the leading destination for foreign direct investment (FDI) in West Africa, according to data published by the United Nations Conference on Trade and Development (UNCTAD).

In total, the country recorded $3.822 billion in incoming FDI, approximately 2,293 billion CFA francs, marking a significant increase of 34% compared to 2023 ($2.845 billion, or 1,707 billion CFA francs). This performance places Côte d'Ivoire not only ahead of its regional neighbors like Senegal and Ghana but also ahead of Nigeria and South Africa combined, two economic heavyweights on the continent. This historic performance reflects the structural transformation dynamic initiated by the country and a renewed confidence from international investors.

In comparison, several major economies in the region experienced a sharp decline. Senegal, the regional leader in 2023 with $4.790 billion (2,874 billion CFA francs), saw its FDI drop to $2.016 billion, approximately 1,210 billion CFA francs, representing a staggering decline of nearly 58%. The continent's largest economy, Nigeria, also recorded a contraction in its FDI flows, falling from $1.873 billion in 2023 (1,124 billion CFA francs) to $1.080 billion in 2024 (648 billion CFA francs), a decrease of 42%, amid macroeconomic instability and currency depreciation.

This regional reshaping highlights Côte d'Ivoire's resilience in the face of global turbulence, as well as its ability to attract productive investments in key sectors such as agro-industry, infrastructure, mining, energy, and digital services. It also sheds light on the concerning decline of Sahelian economies, which are facing persistent security and institutional challenges, and the rise of new players like Guinea.

Through this dynamic, Côte d'Ivoire is consolidating its status as an attractive hub in West Africa, supported by proactive public policies, strengthened economic governance, and a constantly improving business environment.

Source: Afriveille, MEPD Web Portal Editorial Team