To understand what Ivorian industry was like in the 1970s, we have to go back a few years. Since independence in 1960, Félix Houphouët-Boigny had made a risky bet, that of economic liberalism, in an African continent largely committed to statist and socialist ideologies. His bet was based on a resolute attraction of foreign capital, a generous investment code adopted in 1959, and skillfully maintained political stability. The first post-independence decade, from 1960 to 1970, had already proven the relevance of this choice, as industrial production grew at an average rate of 15% per year, bringing the share of industry in GDP from 15.2% to 25%. The country had also succeeded in its so-called import-substitution phase, by developing local industries capable of gradually replacing imported products. But it was in the 1970s that Ivorian industrial ambition would take on its full dimension.

1971-1975: making industry the driving force of the country

With the adoption of the first five-year industrial development plan (1971-1975), the Ivorian State took a decisive step forward. The philosophy is clear, industry must no longer be a sector of agriculture, it must become the main engine of economic development. This plan focuses on the development of local resources, particularly agri-food and mining, while seeking new export outlets to non-African countries. The State, via the National Finance Company (SONAFI), created in 1963, is intensifying its stakes in industrial companies. Particular attention is paid to promising sectors, namely pineapple conservation, the tuna industry, cotton processing, and the strategic energy sector. This is also the time when large Ivorian textile companies are having their hour of glory, like the Robert Gonfreville Establishments (ERG) in Bouaké, UTEXI in Dimbokro and COTIVO in Agboville. On a social level, the results are tangible. In 1977, the industrial sector achieved a total turnover of 459 billion CFA francs and employed 63,000 workers. The country devotes 43% of its budget to education, compared to 25% on average in other African countries, to strengthen the skilled workforce that its nascent industry needs. first five-year plan aimed to consolidate internal industrial bases, the second five-year plan from 1976 to 1980 marked a major strategic reorientation. Ivorian industry must now conquer foreign markets. Thus, the emphasis is placed on textiles with a view to the export of finished products, the valorization of local resources with high added value, and the development of long-distance export circuits. The financial commitment of the State is considerable. Between 1976 and 1980, he invested more than 685 billion CFA francs in industrial development and infrastructure spending. This massive injection of public capital, combined with foreign investments (mainly French) is bearing fruit. In 1979, there were 619 production companies on Ivorian territory, distributing salaries to the tune of 75.2 billion CFA francs. GDP per capita, which was 551 US dollars in 1960, reached 1,068 dollars in 1979, an almost doubling in less than twenty years. 

Agro-industry, the backbone of a booming economy

If the Ivorian industry of this decade shines with its diversity, its real driving force remains agro-industry, which then represents nearly 50% of the industrial sector. Cocoa propels Côte d'Ivoire to the top of the world hierarchy. In 1978, for the first time, the country became the world's leading producer with a production of 312,000 tonnes. Coffee production reached 200,000 tonnes in 1980. But the dynamic is not limited to the two main crops. Under the impetus of the five-year plans, new sectors are actively developed, notably rubber, palm oil, cotton and sugar cane. The South-West zone is developed, the Bandama Valley is developed, and port and urban infrastructure supports industrial expansion. Abidjan, with its industrial zones of Yopougon, Koumassi and Vridi, stands out as the leading industrial hub in French-speaking West Africa. 

Growth under foreign perfusion

Behind the splendor of the figures, observers of the time detected a major structural fragility. Côte d'Ivoire is growing, but dependent. According to data published in “Côte d'Ivoire in figures (1980-1981 edition)”, 54.43% of the share capital of companies is held by foreign interests, including 31.94% by France alone, compared to only 13.19% by Ivorian private individuals. The economist Samir Amin then spoke bluntly of “growth without development”, an expansion maintained from outside without local socio-economic structures allowing future autonomy. Houphouët-Boigny himself was aware of this limit. He declares: “The more we think, the more we realize that our freedom will be illusory if we do not gradually take back control of the management of our economy…”. The Franco-Ivorian cooperation agreements of 1961 in fact reserved, in their public contracts, priority for French or Ivorian companies, anchoring the country in an asymmetrical economic partnership.

To conclude, at the dawn of the 1980s, the warning signals multiplied. The oil shock of 1979 increased state costs, weakened energy-intensive companies, and compromised budgetary balances. The mismanagement of numerous state companies (33 created by the President) transforms these development instruments into financial pits requiring increasing subsidies. Côte d'Ivoire is starting to borrow on international financial markets without the estimated returns on investment materializing. It was these accumulated weaknesses that plunged the country into a serious economic crisis in 1981. But it would be unfair to let this shadow eclipse the brilliance of the 1970-1980 decade, with an industrial growth rate of 7% per year throughout the period of the “Ivorian miracle”.