Ivory Coast's Economic Boom: Oil Investments Set to Skyrocket

Ivory Coast is expecting a GDP growth of around 7% between 2024 and 2027, driven largely by $15 billion investments in its oil sector. With plans to boost output to 200,000 bpd by 2027 and a significant discovery by Eni, the nation aims to become a key regional oil and gas producer.

Ivory Coast's GDP growth is seen at around 7% between 2024 and 2027, President Alassane Ouattara said on Tuesday.

Ouattara told a joint session of parliament that around $15 billion is expected to be invested in the country's upstream oil sector, adding that the output would reach around 200,000 barrels per day (bpd) by 2027. The world's top cocoa producing nation is also hoping to become a major regional oil and gas producer. Last year, Italy's Eni said it would invest $10 billion in the development of the offshore Baleine field.

In March, the group said it had made a major discovery with preliminary assessments indicating potential resources ranging between 1 billion and 1.5 billion barrels of oil.

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