Ivory Coast is one of the ten fastest-growing countries in the world and is literally under construction. The boom in the residential building and public work sector is forcing the country to import equipment, materials and services in large quantities.

Located in West Africa, Ivory Coast’s port is the largest in the region. The country has been growing at nearly 8% since 2012, with forecasts of around 7.3% until 2023, according to the IMF and other international organisations.

The building sector plays a key role in the economic growth to which it contributes significantly. 

Is Ivory Coast an Attractive Country for European Companies?

Absolutely, yes! How2Go West Africa is happy to confirm that there are more and more Spanish products on the Ivorian market. 

Why Ivory Coast?

• Ivory Coast’s economy has been one of the most dynamic and fastest-growing countries in the world for the past 7 years.
• Ivory Coast is the largest economy in the WAEMU (West African Economic and Monetary Union). The WAEMU is a common market that includes 8 countries, more than 120 million inhabitants and shares a single currency linked to the euro that excludes any exchange risk for companies in the eurozone.
• Controlled inflation of less than 2% guarantees great price stability for European companies that decide to export their products to the Ivorian country.
• The construction sector is booming and is in great need of imported equipment, materials and services. (Ivory Coast’s population is estimated to reach 25 million, with strong urban growth of 3% per year).
• While being considered more competitive, Spanish products have the same quality image as their European competitors, thanks to CE marking.

If you want to know more about Ivory Coast, please don’t miss our following article: “Ivory Coast – Your Entry Port In West Africa” »

Characteristics of the Building Sector in Ivory Coast

The building boom is visible in every corner of the country, particularly in Abidjan. The city concentrates nearly 25% of the population, nearly 80% of the country’s economic activity and 50% of the national GDP.

The 2017-2020 Priority Action Plan, adopted by the government, provides for the construction of 150,000 social housing units between 2017 and 2020. It includes, among the promotional measures, the possible exemption from customs duties on the import of equipment and materials provided by approved developers and builders.

Although the majority of buildings are still low-rise, the government is insisting on the need to build high to optimise the available land, which has already started to undergo speculation. Interestingly, it is the middle and upper classes who are most likely to choose to live in inner-city buildings, as we shall see in the next article in this series.

Opportunities in the Building Sector in Ivory Coast:

1 – High Level of Building Activity in the Country

Abidjan, the economic capital city of the country gathers more than 5 million inhabitants and concentrates at least 60% of the activity in the sector. Among others, buildings, corporate and institutional headquarters, as well as the future exhibition and congress centre, business and tourist hotels, future airport city, etc.

In addition, the building boom is also noticed in other cities of the country such as Yamoussoukro (the administrative capital city), and Bouake (the second largest city with the construction of new universities, football stadiums forthe African Cup of Nations CAN 2023, and much more).

2 – High Rate of Young Population

Two-thirds of the Ivorian population is under 25 years old. This represents a huge potential for growth and development for the country, as well as a strong need for housing and services of all kinds.

3 – A Structured Building Sector with Specific Fairs

The Ivorian building sector is booming and rather well organised. It has various groups and associations, three specific trade fairs and two professional magazines. In addition, the country’s first school of architecture opened its doors three years ago, correcting the previous situation which required training abroad.

The holding of three building fairs in Abidjan testifies the great moment that this sector is experiencing in Ivory Coast: 

• ARCHIBAT is undoubtedly the most important and most professional building exhibition in West Africa.

Organised every other year, the previous edition was held in 2021. The show has five thematic areas which cover: building equipment and materials, equipment and technology, glass and metal, bathroom and toilet equipment, electricity and electronics, lighting, insulation, swimming pools, fencing, flooring, decoration, real estate development and architectural services. The exhibition also counts the participation of exporters from other countries.

• Abidjan Infrastructure Fair (SIA in French): Infrastructures of transport, energy, telecommunications, water and sanitation.
• International Forum of Economic and Standing Social Housing ( Filoses in French): It’s a secondary exhibition that aims to complement the ARCHIBAT exhibition in even years.

4 – New urban developments

One of the most significant current projects in Ivory Coast is the rehabilitation of the Bay of Cocody in Abidjan. There will be the construction of a marina, a shopping centre, a conference and concert hall, hotels, luxury housing, etc., with the support of the Kingdom of Morocco.

5 – Growth of industrial construction

Ivory Coast is an agricultural country currently undergoing industrialisation and agro-industrial development which requires the construction of warehouses, processing, drying and storage plants, etc.

6 – A sector with high demand and a short maturation cycle

High demand and short maturation cycle – it doesn’t get any better than this!  The demand is there, buying and selling as well. It’s important to adapt our offer to the needs of the market in order to shorten the lead times as much as possible.

If your company evolves in the construction sector and you are determined to expand your markets, don’t hesitate: the country offers you great opportunities.

Do you need more information? Please contact us: contact@h2gconsulting.com and read the next articles in this series where we will share information on specific products and services that are currently in high demand by construction companies in Ivory Coast. We look forward to hearing from you!

Ivory Coast, it’s… now!