Côte d’Ivoire, West Africa’s rising investment hub, made a splash at its inaugural International Exhibition of Extractive and Energy Resources (SIREXE), raking in nearly CFA4 trillion ($6.4 billion) in fresh investment deals.
Aka Mireille Chiniango, the Deputy General Commissioner of SIREXE, who made the disclosure, described the event, held between November 27 and December 2 in Abidjan, as a “resounding success,” signalling Côte d’Ivoire’s ambition to emerge as a key player in Africa’s extractive and energy sectors.
For a country determined to tap its resource-rich soil and waters, the investment deals were a golden harvest that affirmed the West African country’s growing stature on the global energy map.
Big Players, Bigger Deals
Among the standout agreements, Italian energy heavyweight Eni inked a major deal with the Ministry of Mines, Petroleum, and Energy for the acquisition of four new deep-water exploration blocks. Doubling down on its commitment to sustainability, Eni also partnered with the Ministry of Water and Forests to restore 155,000 hectares of forests across the Lagunes and Comoé regions, a critical boost for the country’s ecological resilience.
Côte d’Ivoire’s state oil firm Petroci Holding and Angola’s Sonangol also announced a partnership to finance, construct, and operate an integrated logistics service base in Abidjan. The base is expected to strengthen the city’s strategic role as a logistics hub for regional energy players.
Fatoumata Sanogo, a petroleum engineer and Petroci’s first female CEO has transformed the state of the company since taking the reins in 2023.
“Our strategy is to be the Petrobras of Africa in the long term,” Sanogo said in an interview with BusinessDay in Abidjan.
Petrobras, Brazil’s state oil company, controls significant oil and energy assets in 16 countries in Africa, North America, South America, Europe, and Asia.
The firm achieved its highest net profit in history in 2022, totalling R$188.3 billion, distributing R$215.7 billion in dividends, making it the second largest dividend payer in the world.
“They do not have significant reserves in-country but they have operations in several countries, that’s what we can become with the continued backing of the authorities,” Sanogo said.
Sanogo, a former staff of Total Energies, is leading a transformation of the state of the company. In 2023, the company grew its net profit by 10x to CFA 20 billion ($32 million) from CFA 2 billion a year earlier.
Mining investment fund to spur growth
SIREXE also witnessed the creation of a Mining Investment Fund, aimed at mobilising resources to support mining companies and subcontractors.
The fund is designed to foster inclusive growth, ensuring that workers and local communities play a central role in the sector’s development.
Jean Claude Diplo, president of the professional group of miners in Cote d’Ivoire, said the initial target for the fund is to raise $1 billion.
“We intend to attract funding both locally and internationally to help develop our mining sector and build homegrown capacity,” Diplo told BusinessDay at the sidelines of the event.
Also at the SIREXE event was the Atlantic Financial Group (AFG) bank.
Karim Kone, the deputy CEO of the bank, which is the financial arm of AFG Holdings, told BusinessDay that the lender wants to be the “main partner of the mining sector in Cote d’Ivoire due to its strong potential to become a pillar of economic development.
“It is one of our missions to provide sustainable financing to sectors that contribute to the economy. At our bank, we developed a specialised mining desk several years ago to help us have a deep understanding of the sector so that we can better support them in their projects,” Kone said.
Riding the Resource Wave
Côte d’Ivoire, endowed with gold, oil, nickel, and lithium, has steadily attracted attention from global investors. Revenues from the extractive sector hit CFA372 billion ($595 million) in 2023, according to the Ministry of Mines, Petroleum, and Energy, signalling the sector’s increasing contribution to the national economy.
This investment surge aligns with the country’s climate commitments under the “Low Carbon Transition” project, launched in November 2023 to reduce greenhouse gas emissions and position Côte d’Ivoire as a regional leader in sustainable resource development.
For Côte d’Ivoire, the inaugural SIREXE is more than just a milestone—it’s a launch pad for transforming its extractive potential into long-term economic prosperity.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
