ABIDJAN, Ivory Coast – Ivorian companies are taking on multinational giants in sectors like fuel, digital banking,and cosmetics. These local firms are not just gaining ground at home but are also expanding beyond Ivory Coast .
Take Petro Ivoire. It broke into the petroleum market in 1994 when international oil companies dominated. Now,it's the largest locally owned fuel distributor,holding about 15% of the market, only behind TotalEnergies and Shell. CEO Sebastien Kadio-Morokro credits their success to understanding local needs while meeting international standards.
“In the 1990s,the market was run by multinationals,” Kadio-Morokro said. “My father believed in offering something authentic to the local market.” This insight lets Petro Ivoire quickly adapt to market changes,unlike bigger foreign competitors .
Petro Ivoire expanded into butane gas in 2007,where it now leads . It's also investing in electric vehicle charging as Ivory Coast shifts energy consumption. Kadio-Morokro stressed the need for local businesses to believe in their ability to compete globally. “Africans must trust their countries,themselves,and their continent,” he said.
In finance, Djamo is making waves as a digital banking platform. Launched in 2020,it has attracted over two million customers,including 10,000 small businesses . Co-founder Hassan Bourgi faced investor skepticism,as francophone West Africa was often overlooked for tech hubs like Nigeria and Kenya . “Our region was off the radar for global investors,” Bourgi noted.
Djamo wanted to change that by showing francophone markets' growth potential. The company targeted younger users,aligning its services with the digital habits of Gen Z. “We aimed to match the international experience people are used to,” Bourgi added.
The rise of these companies aligns with efforts by the International Finance Corporation (IFC) and the Confédération Générale des Entreprises de Côte d'Ivoire (CGECI) to strengthen the local private sector. Programs are underway to improve access to finance and management training,preparing local businesses for regional growth.
Kaira Holding is another standout,transforming from a small operation into a major cosmetics exporter. Founded in 2009 by Fode Kaira Yatabare in a tiny apartment,Kaira Holding now exports to 32 countries in Africa,Europe,and the Middle East. Yatabare started with just four million CFA francs (about $7,000) to make soap.
“I'm part of a new generation of African entrepreneurs who believe in local manufacturing and value addition,” Yatabare said. His company now manages its own packaging and manufacturing,reducing reliance on imports . “Many overlook that manufacturing costs in Africa can be lower than China if you fully integrate your value chain,” he explained.
As Kaira Holding expands its research,it eyes new markets,including China. The growth of Petro Ivoire,Djamo,and Kaira Holding marks a shift in Ivory Coast's economy,where local firms increasingly compete with global brands .
While multinationals still hold influence,the rise of these domestic firms shows growing confidence among African entrepreneurs. Yatabare summed it up: “Africa has changed. We're moving forward with a singular ambition: from Côte d’Ivoire to world.”
