Morocco’s increasing economic foothold across Africa

From fertilizer to furniture, Morocco’s presence across the continent is rapidly expanding, driven by shared language and historical ties, while also, critically, recognizing the continent's potential for economic growth. It’s becoming particularly evident in sectors such as banking and finance, telecommunications and construction. 

Attijariwafa Bank, Morocco's largest bank is now in 25 countries, primarily in sub-Saharan Africa, while BMCE Bank of Africa (BOA) has established a presence in 20 African countries, with both actively expanding their branch networks, especially in Côte d'Ivoire, Senegal, and Gabon. Maroc Telecom, the largest Moroccan telecom operator, is a market leader in French-speaking West Africa, with significant interests in companies in Gabon, Burkina Faso, Mali, and Mauritania. While construction companies like Addoha Group are active in Côte d'Ivoire and Ciments de l'Afrique (CIMAF) is boosting cement production in West Africa. OCP Africa, a subsidiary of the OCP Group, was established in 2016 to provide tailored fertilizer solutions in 16 African countries.

And it’s not just private enterprise that are flourishing. Since 2000, Morocco has concluded nearly a thousand agreements with African countries, a substantial increase compared to the 515 agreements signed between 1956 and 1999. Between 2000 and 2016, King Mohammed VI made 43 official trips across Africa, solidifying ties and laying the groundwork as it were with multiple countries, while expanding Morocco’s and influence. Morocco has also launched the Atlantic Gas Pipeline to Nigeria, which is poised to transform the energy markets of West Africa, catalyzing economic growth along its corridor. Another of the King’s landmark initiatives is the Royal Atlantic Strategy, launched in December 2023, an ambitious infrastructure project which aims to provide the landlocked countries of the Sahel with dependable and efficient access to the Atlantic Ocean. The transport network is set to foster regional cooperation and jumpstart economic development in these lesser developed nations.

In addition, Moroccan foreign direct investment (FDI) in Africa has experienced a significant increase, with an average annual growth rate of 12.72% between 2007 and 2023. Morocco is also actively involved in pan African cooperation initiatives, including the African Continental Free Trade Area (AfCFTA) and is becoming a springboard or regional hub for international companies hoping to enter the broader African market.

And then of course there is the 2030 FIFA World Cup. The Moroccan government has earmarked more than $23 billion for World Cup-related development projects, spanning transport infrastructure, tourism, urban renewal, and public services. Over $1 billion is being invested in highway infrastructure which in turn is providing a catalyst for Moroccan companies to grow their knowledge and expertise, as they embark on their own commercial expansion across the continent. It’s a dynamic cycle of investment that looks set to continue well beyond 2030 and Morocco’s rise appears a benefit for the entire continent.

*Kieran Baker is an Emmy award winning journalist who has started up various networks including Al Jazeera English, Bloomberg TV Africa and TRT World.