Benin

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Benin - In Short.

Overview of Benin

Present day Benin was the site of Dahomey, a West African kingdom that rose to prominence in about 1600 and over the next two and a half centuries became a regional power, largely based on its slave trade. France began to control the coastal areas of Dahomey in the second half of the 19th century; the entire kingdom was conquered by 1894. French Dahomey achieved independence in 1960; it changed its name to the Republic of Benin in 1975. A succession of military governments ended in 1972 with the rise to power of Mathieu KEREKOU and the establishment of a government based on Marxist-Leninist principles. A move to representative government began in 1989. Two years later, free elections ushered in former Prime Minister Nicephore SOGLO as president, marking the first successful transfer of power in Africa from a dictatorship to a democracy. KEREKOU was returned to power by elections held in 1996 and 2001, though some irregularities were alleged. KEREKOU stepped down at the end of his second term in 2006 and was succeeded by Thomas YAYI Boni, a political outsider and independent, who won a second five-year term in March 2011. Patrice TALON, a wealthy businessman, took office in 2016 after campaigning to restore public confidence in the government.
Value
Country Full Name
Benin
Country Code
BEN
Region
Sub-Saharan Africa
Income Group
Lower middle income
Currency Unit
GDP
15651545332
Population
12123198
Land Area
112760
Net National Income Per Capita
1133.399847
GDP per Capita (PPP)
3505.424354

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Benin - Economic

Economy of Benin

The free market economy of Benin has grown consecutively for four years, though growth slowed in 2017, as its close trade links to Nigeria expose Benin to risks from volatile commodity prices. Cotton is a key export commodity, with export earnings significantly impacted by the price of cotton in the broader market. The economy began deflating in 2017, with the consumer price index falling 0.8%.During the first two years of President TALON’s administration, which began in April 2016, the government has followed an ambitious action plan to kickstart development through investments in infrastructure, education, agriculture, and governance. Electricity generation, which has constrained Benin’s economic growth, has increased and blackouts have been considerably reduced. Private foreign direct investment is small, and foreign aid accounts for a large proportion of investment in infrastructure projects.Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory, and has used equipment from donors effectively against such piracy. Pilferage has significantly dropped at the Port of Cotonou, though the port is still struggling with effective implementation of the International Ship and Port Facility Security (ISPS) Code. Projects included in Benin’s $307 million Millennium Challenge Corporation (MCC) first compact (2006-11) were designed to increase investment and private sector activity by improving key institutional and physical infrastructure. The four projects focused on access to land, access to financial services, access to justice, and access to markets (including modernization of the port). The Port of Cotonou is a major contributor to Benin’s economy, with revenues projected to account for more than 40% of Benin’s national budget.Benin will need further efforts to upgrade infrastructure, stem corruption, and expand access to foreign markets to achieve its potential. In September 2015, Benin signed a second MCC Compact for $375 million that entered into force in June 2017 and is designed to strengthen the national utility service provider, attract private sector investment, fund infrastructure investments in electricity generation and distribution, and develop off-grid electrification for poor and unserved households. As part of the Government of Benin’s action plan to spur growth, Benin passed public private partnership legislation in 2017 to attract more foreign investment, place more emphasis on tourism, facilitate the development of new food processing systems and agricultural products, encourage new information and communication technology, and establish Independent Power Producers. In April 2017, the IMF approved a three year $150.4 million Extended Credit Facility agreement to maintain debt sustainability and boost donor confidence.

Unemployment Rate

Inflation Rate

Benin - GDP Composition

GDP Composiiton & Value Added of Benin

Last Updated: Jan, 2021, Updated For 2020.

Benin - GDP, Value Added

Demographics of Benin

the population is primarily located in the south, with the highest concentration of people residing in and around the cities on the Atlantic coast; most of the north remains sparsely populated with higher concentrations of residents in the west at shown in this population distribution map
Geographic Location

Western Africa, bordering the Bight of Benin, between Nigeria and Togo

Races

Fon and related 38.4%, Adja and related 15.1%, Yoruba and related 12%, Bariba and related 9.6%, Fulani and related 8.6%, Ottamari and related 6.1%, Yoa-Lokpa and related 4.3%, Dendi and related 2.9%, other 0.9%, foreigner 1.9% (2013 est.)

Languages

55 languages; French (official); Fon (a Gbe language) and Yoruba are the most important indigenous languages in the south; half a dozen regionally important languages in the north, including Bariba (once counted as a Gur language) and Fulfulde

Religion

Muslim 27.7%, Roman Catholic 25.5%, Protestant 13.5% (Celestial 6.7%, Methodist 3.4%, other Protestant 3.4%), Vodoun 11.6%, other Christian 9.5%, other traditional religions 2.6%, other 2.6%, none 5.8% (2013 est.)

Dependency & Expectancy of Benin

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Benin - Social Media Briefing

Benin - Social Media & Social Commerce

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Politics & Policies of Benin

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, CD, ECOWAS, Entente, FAO, FZ, G-77, IAEA, IBRD, ICAO, ICCt, ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, MONUSCO, NAM, OAS (observer), OIC, OIF, OPCW, PCA, UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WADB (regional), WAEMU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Benin

Export of Benin

Import Destination

Export Destination