For several decades, many countries favored economic policies based on market liberalization, reducing the role of the state as producer, and opening up to international trade. The prevailing idea was that allocating resources through the market would direct investment toward the most efficient sectors. This approach characterized the structural adjustment programs of the 1980s and 1990s, including in Africa, where direct state intervention in industry was significantly reduced.

In recent years, industrial policy has regained prominence in development strategies. Several emerging economies, as well as some developed countries, have begun to direct investment towards sectors considered priorities, including energy, agribusiness, technology, and infrastructure. The pandemic, supply chain disruptions, and geopolitical tensions have reinforced the idea that excessive dependence on imports can weaken economies.

In Africa, this trend reflects a widely shared observation. Growth in recent decades has often relied on the export of raw materials and services, with limited industrialization. According to the African Development Bank, the share of manufacturing in the continent's gross domestic product remains below 12%, a lower level than in several Asian regions. This production structure makes economies vulnerable to fluctuations in international prices and limits the creation of formal employment.

In this context, several governments are seeking to promote sectors deemed strategic. Industrial policies take various forms: specialized economic zones, tax incentives, support programs for agricultural or industrial sectors, and public investments in energy and infrastructure. The objective is to foster the emergence of activities capable of creating greater added value locally.

However, past experience suggests caution. In some cases, industrial policies have led to the long-term protection of uncompetitive companies or the funding of costly projects without lasting results. The risk arises when public intervention takes the form of permanent subsidies, sectoral privileges, or poorly assessed investments. These situations can strain public finances and stifle competition.

The success of an industrial policy often depends on the quality of institutions and the ability to target promising sectors without stifling the economy. Countries that have successfully undergone industrial transformation have generally combined public support, fiscal discipline, and gradual opening to competition. The state then plays a guiding and coordinating role, without permanently replacing private actors.

The return of industrial policies therefore does not reflect an abandonment of the market, but rather a search for equilibrium. In economies where diversification remains limited, public action can help structure new sectors. Its effectiveness, however, depends on the rigor of the choices made, the transparency of the decisions, and the ability to prevent support policies from becoming a permanent burden on public finances.