Economy

Offshore reserves of petroleum and natural gas have been exploited since 1995 and are a significant source of export revenue for the country. Mineral resources exploited in Côte d’Ivoire include diamonds and gold. Deposits of iron ore, bauxite, and manganese also exist but have not been extensively developed, although iron ore is mined near Mount Nimba.

About three-fifths of the country’s power is supplied by thermal stations, with hydroelectric sources supplying the remainder. Expansion of thermal capacity utilizing natural gas has been the focus of energy projects since the mid-1990s. Crude petroleum is refined in Abidjan to meet local needs, and refined products are exported to Mali, Burkina Faso, and other countries.

Manufacturing

The Ivoirian industrial sector retains much of the legacy of a colonial policy founded on export rather than the more desirable expansion of the local market. Many French and Lebanese companies shifted their headquarters to Abidjan after Dakar lost its status as the federal capital of the French West African federation when the regions in it became independent countries. More than 700 industrial companies were registered in the mid-1980s, but most of them were kept at low levels of activity, because of reluctance to invest capital locally and competition for skilled labourers. Nevertheless, the country became one of the best-equipped in western Africa. Since the beginning of the 1990s, the government has made a serious attempt to privatize many state-owned companies, including electricity and water utilities, as well as palm-oil and sugar companies.

Although the importance of petroleum-related industries increased in the early 21st century, Ivoirian industry rests largely on the agricultural sector—based on the development of timber, cotton, cacao, and coffee for export—that evolved during the period between the two World Wars. More crops were later added to these—among which pineapple became an outstanding success—as local canning and preserving facilities developed. Palm oil, also benefiting from equipment development, was used to produce fine soap and edible oils. Timber was used for furniture, cotton fabrics for garments, and sisal for string. Imported raw materials were shipped to local bakeries and breweries.

Finance

Côte d’Ivoire’s monetary unit is the CFA (Communauté Financière Africaine) franc. From independence the CFA was pegged to the French franc; beginning in 2002, it was tied to the euro. The Central Bank of the States of West Africa (Banque Centrale des États de l’Afrique de l’Ouest) is the bank of issue for member states including Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal, and Togo as well as Côte d’Ivoire. Many foreign and domestic banks, credit institutions, insurance companies, and real estate agencies exist in the country, most of which have headquarters in Abidjan. The city is also home to a regional stock exchange, Bourse Régionale des Valeurs Mobilières, that serves the French-speaking countries of western Africa.

Trade

Exports are reasonably diversified—though mostly agricultural and petroleum-related—with the United States and the countries of the European Union among the major destinations. Côte d’Ivoire primarily depends on China, France, and Nigeria for imports, which include machinery and transport equipment, fuel, and food products.

Services

Until the 1970s, business travelers accounted for most of the visitors to the country. Since then tourism has expanded, although governmental upheavals have caused fluctuations.

Transportation and telecommunications

A single-track railway line connects Abidjan with Ouagadougou, the capital of Burkina Faso. The country’s road network is one of the densest in sub-Saharan Africa. Paved roads have been extended to replace beaten-earth roads, and tolls were introduced on some roads in the mid-1990s. A secondary system of dry-season roads feeds the main roads. Daily local trade is still conducted along the innumerable tracks that crisscrossed the country long before the advent of Europeans.

As western Africa’s largest container port, Abidjan has separate docking accommodations for passengers, for goods requiring special care such as bananas, minerals, and petroleum, for fishermen, and for boatmen who transport goods by canoe. Other ports are Sassandra, Tabou, and San-Pédro; the latter port largely handles timber and cocoa exports.

Abidjan has a fully equipped international airport, located at Port-Bouët. Other international airports exist at Bouaké and Yamoussoukro, and regional airports serve smaller areas. The national airline, Air Côte d’Ivoire, serves the country’s airports as well as some international destinations.

By regional standards, Côte d’Ivoire’s telecommunications sector is fairly well-developed. In addition to telephone landline infrastructure, several mobile phone companies provide cellular service, which is very popular. Internet service is available, although access is somewhat limited beyond urban areas.