Guide investing benin gb

DOING BUSINESS IN AFRICA

BENIN

2018

The Gateway to West Africa Benin is launching a massive investment plan of more than â‚Ź13 billion.

From agriculture, infrastructure and new technologies to education, innovation and tourism, every single sector will see the international private sector take a fresh look at Benin’s investment opportunities.

CARTOGRAPHY : LES ÉDITONS DU JAGUAR / JEUNE AFRIQUE

ECONOMY AND BUSINESS ENVIRONMENT 6

ECONOMIC CLIMATE & CONTRACT

TABLE OF CONTENTS 18 AGRIBUSINESS Fludor focusing on cashew nuts

Growth: positive indicators An increasingly favourable business environment 10 FOREIGN TRADE & INVESTMENT Recovery in sight

INFRASTRUCTURE AND INDUSTRY

12 PORT OF COTONOU The biggest of West Africa’s small ports

SERVICES AND SOCIETY

20 STARTUPS, DIGITAL & INNOVATION Cotonou – where tomorrow’s startups are invented

22 INTERVIEW SERGE ADJOVI Director of the Digital Economy Agency Our goal: internet access for 80% of the population by 2021

14 INTERVIEW ABDOULAYE BIO TCHANÉ Minister of State for Planning and Development

16 AGRICULTURE

More productive and competitive

23 FINANCE Banking sector expanding and going mobile 24 TOURISM A tourism destination in the making 26 USEFUL CONTACT DETAILS

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Location

General Indicators

Alibori

Bordered by Nigeria, Togo, Atacora Niger and Burkina Faso, Borgou Benin is a strategic hub Donga for trade in West Africa.

It shares 809 kilometres of border with its big Collines neighbour, Nigeria, and has Zou Plateau 121 kilometres of coast onCouffo the Bight Ouémé Mono of Benin.

Littoral

Population

10,872,298

Population density

km2

people/km2

114,763

Population growth rate (2016)

Life expectancy at birth

2.8%

61 years

Infant mortality rate (≠ 5)

Fertility rate

live births

per woman

98/100,000

Atlantique

Area

5 children

1 606.7

Unemployment rate, young people aged 15≠ 29 (2014)

FDI stock

1 665.8

1 690.3

Gross enrolment ratio, primary

57%

Literacy rate (2013)

43.1%

Household nal consumption expenditure per capita (2015)

Foreign direct investment Inward FDI ows

96.4

238,343

14.3%

CFA francs

BÈ nin

405 150 2014

2015

161

Source: UNCTAD (via tradesolutions≠ BNP≠ Paribas), in millions of dollars

West Africa Africa

Ibrahim Index of African Governance 2017 (ranked out of 100)

14th out of 54 countries 59

2016

50.8 53.8

Air links from Cotonou

New York

9:00

4

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London (via Paris)

8:40

Paris

6:15

Addis≠ Ababa

5:40

Source: Africa Economic Outlook 2017 (2016 estimate, 2017 and 2018 forecasts AfDB, OECD, UNDP)

BENIN IN NUMBERS

GDP by sector (in % of GDP) Public administration and defence, mandatory social security

Agriculture, forestry, shing, livestock

25.6

Wholesale and retail trade, hotel and catering

9.3 2011

9.9

14.7 9.7

Extractive industries

Financial brokering, real estate, rentals and business services

9.7

Other services

15.3 11.3

15.2

Net nancial authority revenues

Macroeconomic indicators (%) In ation

23.5

8

14.9

Real GDP growth

6.3

2016

Electricity, gas and water production

Transport, storage, communications

0.5

9.3

Construction

Manufacturing

0.9

Taxes

Budget balance (% of GDP)

Customs

2015

-6.2

2016

2017

2018

Source: (DGAE and INSAE)

-6.5

-0.8

369.82

2.6

2.1

0.4

4

6

5.4

4

317.21 2013

(in billions of CFA francs)

405.91

12.3 5.5

*Source: National Institute of Statistics and Economic Analysis (INSAE, Benin) and World Bank

6.6

367.75 365.77

351.01

2014

2015

* Source: Benin Ministry of Economy and Finance, Directorate for Planning and Forecasting

7.9

0.8 0.6

Mobile and Internet users

9 144 197

3rd quarter 2016

82.40

2 955 116 21 472

Penetration rate (%)

9 737 304

85,73 * Source : ARCEP

4 357 970 29 395

4:25

Mobile Internet subscribers Internet Service Provider (ISP)

26.43

3rd quarter 2017

Casablanca

Total mobile subscribers

38.37

Abidjan

1:15

Lagos

50 minutes

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ECONOMY AND BUSINESS ENVIRONMENT ECONOMIC CLIMATE & CONTRACT

Growth: positive indicators Record cotton harvests, economic recovery in Nigeria, a healthy building and public works sectorÖ There are an increasing number of positive signs that indicate that Beniní s economy began picking up again in 2017. This economic dynamic is being driven by ì Revealing Beninî (Benin RÈ vÈ lÈ ), the ambitious Government Action Pro≠ gramme (GAP) nanc ed by the IMF.

F

6%

growth forecast for Benin in 2018

or several months now, Benin’s economic indicators have, one by one, been going from red to green, a positive sign despite growth declining from 6.5% in 2014 to 4% in 2016. However, Nigeria, the neighbouring giant that influences much of Benin’s economy, is undergoing a return to growth; Benin’s power cuts are nothing more than a bad memory, and cotton, the country’s main export, is about to achieve its second consecutive record harvest.

These favourable conditions, combined with the implementation of the 2016-2021 Government Action Programme (GAP), “Revealing Benin” (see box, page 7), will enable a recovery in economic activity: growth should reach 4% in 2017 and 6% in 2018. The GAP, with a budget of €13.78 billion over five years, plans to increase the investment rate from 18.8% to 34%.

Low oil price Inflation will remain limited because of low oil prices and good prospects for agricultural production. The budget deficit, which worsened between 2013 and 2015, was reduced to 6.2% of GDP in 2016, due to the savings made by the new government. The public debt rate was 48% in 2016, of which 22.1% was foreign debt.

The risk of over-indebtedness remains low, although the “moderate” risk margin has

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weakened in recent years, according to the World Bank. This is the reason the government suspended 18 of the 22 pre-financing agreements for transport projects that had been signed by the previous government, reducing their amount from 24% to 4% of GDP between March and December 2016.

Cotton managed by the private sector

The agriculture sector, driven by cotton, accounted for 23.5% of GDP in 2016. Cotton production has been estimated at 450,000 tons for the 2016-2017 crop year against the 260,000 tons harvested during the previous season, which shows that government efforts have paid off. The State has restored management of the cotton industry to the private sector, under whose management it had been until it was placed under state management in 2012. The 2017-2018 harvest should once again be an excellent one for the cotton sector and future production is estimated at between 500,000 and 550,000 tons. Food crop production has improved as a result of growing climate-resilient crops, an expansion of cultivated area and better rainfall.

Dynamic building and public works sector The secondary sector, which accounts for 24.6% of GDP, is still dominated by cotton

Cotton production for the 2016-2017 crop year was estimated at 450,000 tons.

ginning and artisanal farm produce processing units. The sector took a knock after the fall in seed cotton production in 2015 but is set to benefit from the record harvests achieved in the seasons that followed.

The anticipated support for new farm product processing businesses and the transition of informal businesses to the formal sector will contribute to the gradual industrialisation of the economy. The secondary sector has seen a slight improvement since 2012 due to building and public works. This sub-sector was stimulated by the construction and rehabilitation of major roads, and the construction of housing and large hotels in Cotonou, such as

the Golden Tulip, which opened last summer, and the Marriott and Noom hotels, currently under construction. The GAP projects will sustain this trend, including in the energy sector where investment is expected to increase.

The secondary sector has seen a slight improvement since 2012 due to the building industry.

New tech horizons The decline in re-exports from Benin to Nigeria has had a negative impact on the tertiary sector, which accounts for nearly 51.9% of Benin’s GDP. However, trade is expected to pick up again as Nigerian growth resumes. On the other hand, the sector is benefitting from the dynamism of the other activities, especially information and communication technology (ICT). n

“Revealing Benin” the huge government investment plan In December 2016, the government launched “Revealing Benin”, a five-year development and investment plan with a budget of 9,039 billion CFA francs, or €13.78 billion. It aims to boost the investment rate to 34% of

GDP against the current 18.8% through increased collaboration with private sector partners, from which it expects a 61% stake in its financing.

“Revealing Benin” is based on 45 development projects, 95 sectoral projects and

19 institutional reforms.

In order to “sustainably launch Benin’s economic and social development,” the programme focuses on projects that promote sustainable growth.

“Revealing Benin” has designated nine

strategic sectors: tourism, agriculture, infrastructure, digital, electricity, living environment, Sèmè City (Research & Development), drinking water and social protection. More than 500,000 direct and indirect jobs will be created. n

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ECONOMY AND BUSINESS ENVIRONMENT ECONOMIC CLIMATE & CONTRACT

An increasingly favourable business environment

legal framework for special economic zones, making the labour market more flexible and a new digital code that will lay the foundations of the economy of tomorrow.

Other short-term goals include rethinking the investment code and improving budget transparency.

Reducing the time it takes to start a business

Public-private partnerships, budget transparency, supporting competitiveness...

The State is stepping up measures to encourage the private sector to invest in Benin.

T

o achieve the objectives of the “Revealing Benin” programme, the government launched around 50 reforms over 18 months to improve the business environment. Some of these are true flagship measures, such as the public procurement law reform, the vote for a clearer framework for PPPs, a new advantageous

Anti-corruption measures

PRESIDENCY OF THE REPUBLIC OF BENIN

Christine Lagarde, Managing Director of the IMF, intends to support Benin’s economic recovery.

Over the past few years, Benin has implemented major reforms to improve economic competitiveness, which led to the country being ranked among the top ten reformers in the World Bank’s “Doing Business” reports in 2015 and 2016. In terms of the time it takes to set up a business, the country rose 60 places, going from 117th to 57th position, in the 2017 edition. In the 2018 edition, Benin climbed from 155th to 151st out of 190 in the rankings. The government is actively working to improve this ranking; for example, by making better access to justice, electricity and ICT in the country a priority.

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The government has also directed its actions at revising regulations governing the setting up, operation and closure of businesses as well as improved access to industrial and rural land.

The Investment Code will be reformed and mechanisms that promote competition in key sectors of the economy will be put in place. Efforts are under way to establish commercial courts in the country and, in July 2016, an amendment to the law on judicial organisation in Benin was enacted.

Benin ranks 95th out of 176 countries in Transparency International’s 2016 Corruption Perceptions Index. This good ranking can be largely attributed to the reforms initiated by the government to strengthen the structures that oversee public finances and fight corruption. The government will continue to pursue these efforts. n

5 reasons to invest in Benin A MODEL OF DEMOCRACY Patrice Talon was elected President of the Republic of Benin in March 2016 after a transparent election process. The country, a model of democracy in Africa, was the first to organise a National Conference in 1990, introducing a new democratic constitution and presidential and legislative elections.

ENTERPRISING YOUTH

INVESTMENT: THE STATE SETS THE EXAMPLE

In new technologies, agricultural innovation, sustainable tourism and urban modernisation, Benin’s young people are a constant source of inspiration. For example, Marielle Yasmine Agbahoungbata was last September’s winner of “My Thesis in 180 Seconds”, an international popular science competition. This entrepreneurial energy will soon be bolstered by Sèmè City, an international city dedicated to innovation and incubation.

The Government Action Programme (GAP) is aiming for an investment rate of 34% of GDP compared to the current 18.8%. To achieve this, the various authorities have made savings in state expenditure and sought to reduce public debt. This is the government’s way of setting an example for private partners from whom it expects a 61% contribution to the financing and implementation of the GAP.

PRIVATE SECTOR-FOCUSED PHILOSOPHY Energy, agriculture, logistics and more – the government leitmotiv is to encourage the replacement of state management by the private sector wherever possible, including by delegation. This is planned as of 2018 with the delegation of the management of the Port of Cotonou.

A WEST AFRICAN TRADE HUB For West African countries, Benin is the primary overland route to the vast Nigerian market. The Port of Cotonou, which is the natural sea gateway to Niger, is also used by Nigeria, Burkina Faso and Mali.

This strategic trade location explains the country’s constant efforts to improve its business climate.

Recent reforms to improve the business climate 1. Adoption of a unified and secure legal framework for Public-Private Partnerships 2. Adoption of the legal framework for the establishment of Special Economic Zones 3. More flexibility in the Labour Law 4. Revision of the Public Procurement laws 5. Reform of the Land Code 6. Digitisation of the land register and the electronic management of land titles 7. Adoption of the Digital Code

8. Facilitating relations with the private sector and improving investment promotion: Doing Business, Investment Code, Revising Trade Laws, Revised Tax Treaties, Restructuring of the Investment and Export Promotion Agency

and customs litigation up and running

9. Making commercial courts operational

15. Modernisation of public administration: procedures, computerisation, digital archiving and digitisation (Smart Gouv)

10. Establishment of administrative courts in the departments (counties) 11. Recruitment of magistrates 12. Getting conciliation and mediation structures for tax

13. Enactment of the Credit Information Bureau Law 14. Reforms to ensure swift decisions in commercial litigation

16. Identification of the population through the Administrative Census for Population Identification (RAVIP)

17. Institutional and IT reforms at the agency level to increase revenue collection 18. Adoption of a law on the general system of employment of foreign workers 19. Implementation of an action plan for the consolidation of the public financial management system and the improvement of transparency 20. Reform of administrative oversight bodies. n

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ECONOMY AND BUSINESS ENVIRONMENT

FOREIGN TRADE & INVESTMENT

Foreign trade: recovery in sight Benin’s foreign trade is set to be boosted by the record cotton harvests achieved since 2016 along with Nigeria’s return to growth. The country’s economy has gone through a tough two years due to poor harvests and its giant neighbour’s embattled economic performance.

T

Cotton and cashew nuts alone make up 52.5% of Benin’s exports.

here is every indication that there will be an upswing in exports and re-exports from Benin in 2017. More good news is Nigeria’s return to growth as Benin’s huge neighbour absorbs most of its exports. Above all, the rebound of Benin’s cotton sector is a boon to the country’s economic recovery.

Over 450,000 tons of cotton were collected during the 2016-2017 crop year, according to the Ministry of Agriculture’s figures. This is nearly double the previous year’s production (260,000 tons) and anything close to this record harvest goes back 12 years, when 427,160 tons were harvested in 2005. Better still, the Association Interprofessionnelle du Coton (AIC - Interprofessional Cotton Association) announced last September that the 2017-2018 harvest could reach 500,000 to 550,000 tons.

Cash crops Benin’s export earnings are highly dependent on cash crops such as cotton and cashew nuts.

These two sectors alone account for 52.5% of the country’s exports: cotton accounts for 42.8% of exports and cashew nuts 9.6%.

The 2016 harvests of both crops were poor.

Cotton fibre exports amounted to €158.5 million against €236.2 million in 2015. Cashew nut exports reached €35.7 million in 2016

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against €64.1 million a year earlier. In total, exports fell by 35.4% between 2016 and 2015 (€370.2 million against €563.4 million the previous year).

Since 2015, China, which has considerable cotton stocks, is no longer the largest importer of Benin’s cotton. It has been trumped

by Malaysia and Bangladesh, which have both increased their industrial capacity.

The year 2016 also saw a drop in shea kernel exports, mainly destined for Denmark and the United States.

Cement sales, primarily to Niger, also dropped, mainly because of cheaper Nigerian products arriving on the local market, with the depreciation of the naira making them more competitive in 2016. On the other hand, exports of edible oils (palm, cotton, etc.), oilcake and fats, mainly to Nigeria, increased by 4.6% (€30.4 million).

Re-exports to Nigeria The economic slowdown in Nigeria (-1.75% of GDP in 2016) and the devaluation of the naira had an adverse effect on Benin’s imports, of which a substantial proportion (automobile, rice) is destined for re-export to the neighbouring market. Imports amounted to €2.37 billion, up 6.6% compared to 2015, but down 14.7% from the record achieved in 2014.

Maize, in its various forms, is one of the staple foods in all regions of the country.

Annual production is estimated at over 1,200,000 tons.

The country wants to go from simple agricultural production to the processing of its raw materials.

STATISTICS Benin’s main export customers (in millions of euros) Country

2016

2015

2014

2013

2012

India Malaysia Bangladesh China Nigeria Niger Togo Egypt Vietnam Côte d'Ivoire Rest of the world Total

57 48.8 37.9 24.7 24.5 22.3 13.5 12.2 11.9 10.9 106.6 370.2

73.1 49.5 41.9 29.6 35.3 54 9.7 14.8 42.1 9.5 203.8 563.4

62.4 27.6 32 71.8 36.7 43.2 14.6 21.7 30 14 374.5 728.5

53.5 17.6 13.2 90.7 52.9 23.8 13.5 10.4 16.6 10 151 453.2

40 24.9 0 89.6 32 18.6 6.4 0.7 5.4 23.2 117.2 357.9

The level of imports varies greatly by sector.

Grain imports, especially rice from Thailand and India for re-export to Nigeria, remained steady.

Conversely, imports of meat and meat products, also re-exported to Nigeria, fell sharply. Imports of refined hydrocarbon products from the Netherlands and Belgium remained strong (+14.2% to €336.8 million) while imports of chemicals rose 6.1% (€140 million), mainly comprised of pharmaceutical products from France and fertilisers from Morocco.

Diversification driven by cashew nuts

Country India Thailand France China Togo Netherlands Belgium Malaysia United Arab Emirates United States Rest of the world Total

2016

2015

2014

2013

2012

353.9 295 239.4 200.1 172.9 113.3 110.8 60.1 58.4 53.1 719.6 2376.5

218.6 172.3 260 240 190.3 71.5 108.9 52.6 30 72.7 811.6 2228.5

359.1 338.3 228.7 214.8 198 121.1 106.5 36.2 49 177.2 957.4 2786.3

249.9 147.7 258.8 222.1 227.2 94 87.9 56.9 31.8 121.8 715.9 2213.9

74.8 85.4 247.4 149.1 179.4 80.1 93.3 47.5 44.4 31.9 767.9 1801.1

SOURCE : ITC COMTRADE

Benin’s main supplier countries (in millions of euros)

The reforms and investments expected under the “Revealing Benin” Government Action Programme should stimulate a significant diversification of Benin’s sectors of activity. The country wants to go from simple agricultural production to the processing of its raw materials. This strategy is especially important to its flagship product: cotton.

The commissioning of the Fludor cashew husking plant in 2016 is another shining example of this determination to ramp up local processing of Benin’s agricultural products. Previously, most of this crop was exported to India in its unshelled form. n

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INFRASTRUCTURE AND INDUSTRY PORT OF COTONOU

The biggest of West Africa’s small ports Progress has been made in the operation of the Port of Cotonou, although there is still investment required for its infrastructure upgrades.

Port management, which has just been outsourced to Port of Antwerp International, is being constantly improved to ensure greater efficiency and security.

A

Increase annual container traffic to a million twenty-foot equivalents (TEUs).

hub for Beninese and sub-regional trade, the Port of Cotonou accounts for 90% of foreign trade and over 60% of the country’s GDP. In addition to serving landlocked Niger, it is also used by Nigeria, Burkina Faso and Mali. Investments have been made over the past few years to ensure that its slogan, “the biggest of West Africa’s small ports”, becomes a reality. The steady decline in its results (see statistical table) in recent years can be put down, in particular, to the country’s economic climate and neighbouring Nigeria’s economic crisis.

However, the planned investments under the Government Action Programme (GAP) for the port as well as economic recovery should enable an improvement in port traffic.

The expertise of the Antwerp Port Authority Improving the Port of Cotonou’s efficiency and performance and increasing its revenues are also the reasons for the government signing a management agreement with Port of Antwerp International (PAI), a subsidiary of the Antwerp Port Authority. This contract includes modernising the infrastructure, organising the port area, building capacity in

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the local team and the computerisation of the data system. An initial period of three months will allow PAI to settle in, before starting the execution of its contract under a three-year mandate, renewable twice depending on its results and achieving set performance indicators.

In signing this contract, the government is delivering on its promise of letting the private sector manage certain economic activities wherever possible. Antwerp is the port in North-West Europe with the highest proportion of direct services to West Africa. PAI had already conducted a number of consultancy tasks for the Port of Cotonou in 2017.

Substantial investments with the Millennium Challenge Account Before this agreement with PAI, a substantial amount of work had already been carried out at the port over the past few years. To improve its capacity and services by preventing the silting up of the channel, the port’s sandstopping jetty was extended by 300 metres at a cost of €22.2 million around the start of 2010. An investment of $169 million allowed for the delivery of two new 600-metre quays

The Port of Cotonou accounts for 90% of foreign trade.

each with a 15-metre draught to accommodate the latest generation container ships.

This new infrastructure was built under the port component of the Millennium Challenge Account-Benin Compact (MCA-Benin).

In the same context, two new 250-place parking lots for trucks were delivered, roads around the port were extended and rehabilitated and security improved (CCTV, lighting, fire protection system). These all contribute to the decongestion of areas around the port, which is located in the centre of Cotonou.

New infrastructure was also built by Bolloré Africa Logistics, a container terminal concession holder since 2009, to increase annual container traffic to a million twenty-foot equivalents (TEUs) in the long term.

Deep-water oil and ore port to be built At the end of November, the government announced the signing of an agreement with Pic Network Limited of the Petrolin Group for the building of a commercial deep-water oil and ore port in the SèmèKpodji municipality, east of Cotonou. The project, which is estimated to cost hundreds of billions of CFA francs, will be developed over an area of more than 1,000 hectares.

The objectives of this public-private partnership (PPP) include, among others, “a more efficient response to needs for a global increase of goods transit capacities, and to provide services complementary to those of the Port of Cotonou”, stated the Council of Ministers. n

Boost state revenues by strengthening tax collection.

STATISTICS 2012

2013

2014

2015

2016

Global traffic

7 439

8 839

10 547

9 374

8 701

of which import

6 210

7 802

8 342

7 022

7 514

of which export

1 164

882

1 599

1 155

602

of which transshipment Transit Containers Ship traffic (stopovers)

64

155

605

1 196

584

3 377

4 800

5 041

5 352

4 912

206 228

305 560

389 044

390 822

312 350

1 073

1 409

2 033

1 332

1 055

SOURCE: AUTONOMOUS PORT OF COTONOU

Traffic through the Port of Cotonou (in thousands of tons, except EVP containers)

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INFRASTRUCTURE AND INDUSTRY

ENERGY & TRANSPORT

INTERVIEW

“300 MW of additional production capacity by 2019” ABDOULAYE BIO TCHANÉ, Minister of State for Planning and Development

Energy is one of the most important parameters for investors.

What do you tell them about the problems Benin has experienced with this sector?

It is true that lack of energy is an obstacle to development in many African countries and Benin was no exception.

In 2014, a study even showed that energy was amongst the main obstacles faced by entrepreneurs in our country. Companies paid a high price for their electricity because they used generators, making them less competitive because it brought their production costs up.

That’s why, in 2016, one of the first objectives of the government, which I’m part of, was to reduce this energy bill. Our short-term goal was to first stop load shedding, which deprives people of electricity for several hours a day.

We have done this in

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the big cities by renting standby generators and increasing imports. In the medium term, we are rehabilitating the Maria Gleta and Adjarala power plants. Several projects funded by the Millennium Challenge Account Benin II will also help to increase production in some towns. In the longer term, our goal is to produce enough energy to supply the whole country and meet the needs of businesses and households. To do this, we will have at least 300 MW of additional capacity available by 2019.

Through which projects?

Last October, the government signed the contract for the construction of a 120 MW thermal power plant at Maria Gleta, financed by the Islamic Development Bank (IDB) with the West African Development Bank (BOAD) and the ECOWAS

Bank for Investment and Development (EBID) as co-financiers. This is a national power plant which will be built by a Danish company. It is a significant project

because it is the first IPP of this capacity and several others are under discussion. We will also improve our distribution because, currently, 60% of electricity is lost before

GAP flagship infrastructure projects: ➙ New Glo-Djigbé airport ➙ Modernisation and extension of the Port of Cotonou ➙ Upgrades to the Port of Cotonou road network ➙ North Cotonou bypass ➙ La Route des Pêches road (Phase 2) ➙ Sèmè-Kpodji-Porto-Novo highway ➙ Djougou-Pehunco-Kérou road ➙ Extension of the road network over 1,362 km reaching the end user.

We also aim to increase the share of renewable in our energy mix. This includes the construction of photovoltaic farms with a total capacity of 95 MW.

How have the roads been improved?

We are making a major effort to upgrade the main roads, including sub-regional roads, since our country is a

natural corridor between several WAEMU and ECOWAS countries. We will especially boost finances for our longneglected rural roads. Of the 9,039 billion CFA franc GAP budget, 1,839 CFA francs is earmarked for transport infrastructure.

I can also say that the Glo-Djigbé airport project, for which we have been waiting almost twenty years, will start in 2018.

We are now in the final stages of preparation and we already have the successful bidder.

Benin is expecting 61% of the GAP investments to come from the private sector. Is this the first time the country has such an ambition?

Yes, these are nothing like Benin’s previous development programmes.

One question guides us in each sector of activity:

is there not a private entrepreneur capable of doing this? For example, we want to develop four new agricultural business lines – pineapple, cashew, maize and rice.

Private companies are going to be involved in the production and processing. But the State will also fulfil its mission in terms of supervising producers, seed inputs and the construction of rural roads. This 61% investment is higher than what we have sought in the past, but it is in line with our GAP ambition: to make room for the private sector wherever possible. This is why, from 2018, we will outsource the management of the Port of Cotonou to the private sector, to improve its infrastructure and make it one of the most competitive ports in the region. n

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INFRASTRUCTURE AND INDUSTRY

AGRICULTURE

Growing more productive and competitive Through its action programme, the government of Benin is making the agriculture sector one of the country’s drivers of economic growth and wealth and job creation. It is planning on improved productivity, using the impressive revival of the cotton sector over the past year as an example.

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The new policy favours the “value chain” approach.

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o boost the potential of an agriculture sector that provides a livelihood for 70% of the working population, a new institutional framework focusing on territorybased agricultural development, through seven regional hubs, was adopted in October 2016.

The new policy favours the “value chain” approach, promoting high-potential sectors (rice, cashew nuts, pineapple and cassava in particular) as a major pillar of economic growth and the fight against poverty. The objective is, in the words of the President, “to further promote key agricultural sectors by investing massively, so as to create real agricultural and industrial development hubs”.

Cotton spins a new success story Since taking office the President has shown the extent of his determination to see an economic take off, especially with his measures to boost the stagnating cotton sector, the country’s main source of revenue. The government has placed the sector under private management once again. It had previously been under private managementuntilApril2012whenthestatetook overagain.Thestatealsoendedrequisitioningof the Sodeco ginning factories and cancelled the sector’s 19.5 billion CFA franc debt. Contrary to past practices, the state has stopped subsidising and issuing sureties for private sector borrowing, but is continuing to support farmers. It also succeeded in ensuring the timely delivery of inputs to the farmers in 2016.

More raw material to process, more value added

These measures resulted in a harvest of more than 450,000 tons for the 2016-2017 crop year, a level that has not been achieved in twelve years. For the 2017-2018 crop year, an even

INNOVATION The talent of several entrepreneurs was recently recognised at the COP 21 and COP 22 Climate Initiative Awards.

Green Keeper, from Sô-Ava to Gabon and even Algeria higher level of between 500,000 and 550,000 tons is expected, due in particular to the increase in the area of land under cultivation. This, in turn, will keep the country’s ginning factories operating and improve agro-industrial production, the other GAP priority goal.

Determined state investment In October 2017 the Beninese parliament ratified an 11.850 billion CFA franc loan agreement with the BOAD for the financing of four dams at Séréwandirou, Wéna, Sinaou and Bassini. These dams will enable the development of 169 ha for growing rice and vegetable crops, the construction of eight fish farm ponds and the stocking of dams with fish, and the building of drinking troughs and livestock markets. n

An invasive plant becomes a business opportunity. The water hyacinth, once dried and processed, is used to depollute industrial sites.

David Gnonlonfoun and Fohla Mouftaou created Green Keeper Africa (GKA) in August 2014. Their project, presented at the COP 21 in 2015, turns the water hyacinth from an invasive plant species into a useful, eco-friendly product.

The stem, leaf and root of the water hyacinth, once processed, have exceptional absorption capacities. Gnonlonfoun and Mouftaou harvest the hyacinth plants at the lakeside town of Sô-Ava, 35 km north of Cotonou, on the shores of Lake Nokoué, and process it locally into an organic absorbent powder, used to de-pollute industrial sites (hydrocarbons, food oils, etc). Their product has been marketed since 2016 and, through research and investment in their machine tool, they are continuously improving its quality.

The two entrepreneurs are exporting their product to Gabon, Côte d’Ivoire, Togo, Ghana, and Nigeria and soon, perhaps, even Algeria.

The company already employs 700 people, mainly women, who collect and sort the hyacinth plants, and now envisages supporting other entrepreneurs by helping them approach donors with whom they already have a relationship. The first project in the pipeline is manufacturing sanitary towels from hyacinth, as the shortage of this product keeps many teenage girls out of school every month.

Green coal to preserve an endangered forest The majority of households in Benin use charcoal for cooking, causing deforestation that could soon reach the point of no return, says Enoc Romeo Azonhoumon. This entrepreneur, who was once in the charcoal business himself, says, “We pay taxes for reforestation when we sell coal, but I think there is a shortfall between the number of trees chopped down and those that are actually replanted.” Since the beginning of the year his start-up, Almighty Service Plus, has been producing charcoal briquettes from organic waste such as coconut shells, peanut shells, cottonseed and, more often, sawdust, using plant lignin as a binder. The cooks who tested the samples were all pleased with the result. “The briquettes burn longer than wood and they don’t give off smoke.” After presenting the product at the COP 22, in 2016, Romeo will soon be marketing his green coal in 25 kg bags, at a price of 3,500 CFA francs. He says that “the big bags of wood charcoal sold on the roadside for 6,500 CFA francs seldom contain more than 50 kg of wood.”

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INFRASTRUCTURE AND INDUSTRY

AGRIBUSINESS

Fludor focusing on cashew nuts In 2016, the company commissioned a new cashew nut processing plant which employs 1,350 people and is expected to boost national production in the coming years.

F

100,000 tons of cashew nuts produced in Benin each year.

ludor did not have to travel far to find the land on which to build its brand new cashew nut shelling plant. In fact, the company did not travel at all, having built its new factory on its previous industrial site in Zogbodomey, in the Zou department on National Road 2. This freshly renovated road leads directly to the Port of Cotonou, 140 km to the south. For 20 years, the company has been producing cottonseed oil and cake (sunflower and soya beans have also been tested) and shea butter.

Fludor got into the cashew nut business with the aim of developing the local processing industry of this highly sought-after nut, which is Benin’s second biggest export product.

Previously, most of the 100,000 tons produced in the country each year were hulled in India or Vietnam before being re-exported. West Africa produces nearly 40% of the 3 million tons of cashew nuts produced worldwide each year.

Vacuum packed For its feasibility studies, Fludor called on the expertise of TechnoServe, an NGO specialising in private sector support services. This was an essential part of the process due to the fluctuations in the global cashew market.

Fludor, a Beninese company, began building its new plant in July 2014 and, in January 2016, production got under way, reaching 3,500 tons of shelled cashews that year. Production

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figures are estimated at 7,500 tons for 2017and should reach 15,000 tons in 2018, a goal largely attainable judging by the efficiency of the 870 women and 170 men employees (1,350 people including 1,150 women when the plant is eventually at full capacity).

Several buildings house the various operations to obtain the most perfect nut possible. At the end of the chain, the nuts are vacuum packed

“The cashew nut industry could generate twice as much as cotton is currently generating.”

Roland Riboux, Fludor’s CEO and Chairman of the Board of Private Investors in Benin (CIPB), believes that developing the cashew nut industry is of strategic importance to Benin’s economy.

“The Government Action Programme (GAP) has identified cashew nuts as one of Benin’s prime industries for the future. In February

Fludor intends to double cashew nut production over the next ve years.

There are 32 different qualities of cashew, all of which have a market. A kilo of the largest cashew nut represents about 180 nuts. The bigger the nut, the less it risks being damaged during transport. Prices can reach up to 12,000 CFA francs per kilo.

Banking pool

for safer transportation. To be at its best, the nut undergoes nine operations spread out over six to ten days. Although machines come into play from the start of the chain to dry and start the shelling, the hands of the women employed in the factory are essential to finish this delicate job, otherwise the quality and thus the profitability of the product cannot be assured.

To get this processing plant project off the ground and make it a reality, Fludor and its parent company, Tropical General Investment, injected nearly 7 billion CFA francs into the project, of which 4 billion CFA francs was mobilised by a banking pool in the form of a medium-term loan. “There was no problem raising this financing,” says Roland Riboux, the company’s CEO. “For twenty years Fludor has never defaulted on a payment, so we have a good reputation along with the backing of an industrial group, even though none of our activities are extraordinarily profitable.”

Ultimately, the company’s CEO hopes to make Benin one of the world’s largest producers of cashew nuts by getting national production up to 300,000 tons. n

2017, the president even set up a think-tank on the shea nut – which is very emblematic and socially important – and cashew nut businesses. If we manage to produce 300,000 tons of this product instead of the 130,000 tons produced today and process half of it, this industry would generate twice as much as cotton currently generates. This means that Benin would change from being a two-pillar economy, supported by the Port of Cotonou and cotton, to a three-pillar economy with cashew nuts.

To make this happen, we’ve joined up with the CIPB for the “Cajou Demain” project, which aims to convince farmers of the opportunity provided by cultivating this product, which was originally planted in Benin to prevent soil erosion rather than for farming its fruit. Its yield is 300 to 400 kg per hectare and, if that can be raised to 700 kg, it would bring in 500,000 CFA francs net a year.”

The bigger the nut, the less it can be damaged during transport.

Roland Riboux, CEO of Fludor

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SERVICES AND SOCIETY STARTUPS, DIGITAL & INNOVATION

Cotonou, where tomorrow’s startups are invented Benin has some of the best IT developers in West Africa. Dozens of startups are blossoming as more digital training becomes available.

S

25

people a year trained

by Tech Hub.

Ulrich Sossou, a young tech entrepreneur and founder of EtriLabs.

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ince setting up his FabLab (“fabrication laboratory”) in Cotonou in 2015, Médard Agbayazon continues to create and invent and told us enthusiastically about his recent projects. In March, he raised €4,300 through crowdfunding which enabled him to buy a small 3D printer and a milling machine.

He plans on making an even bigger printer to build prostheses. He has approached the teachers at the Cotonou CNHU (university hospital) orthopaedic centre, who are very interested.

Médard says he can count the number of “very talented” people in digital printing and milling in Cotonou on one hand. Therefore, to improve the skills of the younger generation, he organises various training sessions every weekend. In his search for budding developers outside of Cotonou, he wants to create a mobile FabLab in a container, and is now seeking funding for this project. Among the projects he has funded himself is Wala Wala, a startup that gives the Benin people living abroad a way to offer gifts to their loved ones, through partnerships with local businesses.

One of his greatest successes is something he and some children manufactured in his FabLab over a year ago, and what he calls the “jerry”: CPUs from old computers mounted on jerry cans.

Developing your own startup If Benin is still far behind Nigeria or Kenya in terms of number of incubators, Cotonou’s digital citizens are among the best developers in the sub-region. Training youngsters is an ongoing ambition. Ulrich Sossou, whose name is associated with several recent successful startups (Botamp, TEKXL, FlyerCo) is one of these mentors. He is an international programming and marketing consultant who, in 2010, created EtriLabs with entrepreneur Senam Beheton and, currently, there are ten or so young adults busy behind their computers developing their startups.

Among these developers are Basile, who is working on improving “Queezly”, an app that helps businesses interact with their clients, and Hadjara, who is refining “Mentorat Club”, a tool that enables users to learn and gain experience through mentors. Both benefit from the advice as well as the financial support provided by EtriLabs. In 2018, the Tech Hub, which trains about 25 people a year, launched a six-week module dedicated to ICT and digital marketing. These skills are highly demanded by local businesses. To meet this demand, EtriLabs is opening a new venue which can accommodate up to 200 people, compared to around 60 today. Its other major goal for 2018 is to create an acceleration fund to support

Tech Hub trains around 25 people a year.

Currently six startups are housed here.

Training women entrepreneurs While EtriLabs gave up asking the government for help because of its slow response, Boris Padonou, co-founder of KhulaTech, is persisting. One of his protégés, the founder of a connected incubator, has been the recipient of awards at international events which he attended thanks to the government. Padonou continues to work with the state with Women Ed Tech, an app created by Elodie Akotossode

aimed at training women entrepreneurs. The Director of Benin’s Digital Economy Agency, Serge Adjovi is extremely proud of the quality of his country’s developers, and ensures that the government will continue to support the creation of infrastructure for skills and capacity development, including that of the city of innovation and knowledge, Sèmè City. n

PRESIDENCY OF THE REPUBLIC OF BENIN.

approximately 15 startups a year, with funding ranging from €5,000 to €50,000, in partnership with a German NGO.

Sèmè City, the international city of innovation and knowledge This is one of the “Revealing Benin” programme’s flagship projects. Sèmè City's ambition is to promote the development of a knowledge economy that provides jobs and resources by bringing together students, researchers and entrepreneurs on a modern campus. Located in Sèmè Podji, 10 km

from the Nigerian border, this campus will offer academic and advanced training courses, as well as professional courses.

The goal by 2030 is to train 130,000 people, at least 40% of them women, create 190,000 jobs and incubate hundreds of startups.

Planned as a smart city, integrated and connected across a

350 hectare area, Sèmè City is being built in successive phases, with a focus on quality of life for all its residents via the implementation of sustainable and innovative solutions.

The Sèmè City Development Agency, in partnership with the World Bank and the National Agency of Heritage and Tourism Promotion

launched a competition for entrepreneurs called the “Challenge Fund”, to identify innovative tourism-focused projects with a potentially rich socioeconomic impact.

The winners will be announced at the world’s first Innovation Made in Africa Forum (FORIMA), which takes place in Cotonou on 31 May to 1 June 2018. n

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SERVICES & SOCIETY THE RISE OF DIGITAL & ICT

INTERVIEW

“Our goal: internet access for 80% of the population by 2021” SERGE ADJOVI, Director, Digital Economy Agency

The digital economy is one of the four sectors supported by the Government Action Programme (GAP) to transform the economy. Just as it does for energy or transport, the State is investing heavily in this sector.

How does the government plan to improve Internet access?

The government has made digital one of the keystones of all its development projects.

For this reason, we set ourselves the ambitious target of 80% internet access by 2021, against about 20% by the end of 2016. We have thus accelerated the installation of 2,000 kilometres of digital

network interruptions, we’ve brought the unavailability rate down from the 20 days a year of a few years ago, to four days now and in 2018 it will come down to a few hours.

How will you connect the backbone to the buildings?

What is missing is the “capillary” element needed to reach buildings. We’re relying

“We have accelerated the installation of 2,000 kilometres of digital backbone, launched three years ago.” backbone, launched three years ago. This backbone will be completed by March 2018. Costs have dropped by 30% to 70% for three years as a result of the increase in our capacity, especially fibre optics. In terms of

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on telecom operators for this. For this relationship to run smoothly, we have adopted a Digital Code that updates all existing texts and fills gaps, for example, in terms of cyber security, thus making digital solid from both an infrastructure

and legal point of view.

At the same time, we’re restructuring the sector.

In 2016 we had five mobile operators and ten or so Internet Service Providers (ISPs). The problem is that the quality wasn’t satisfactory and so we have to streamline the sector. The licenses of BBCom and Glo have been withdrawn. In the context of restructuring the sector, the existing entities (Libercom, Benin Telecom Services and Benin Telecom Infrastructures) will be liquidated. A new mobile operator will be approved to strengthen investments in the sector. Benin Telecom Services internet and landline telephony activities will be sold to a private operator. Benin Telecom Infrastructures’ healthy assets and BTS's fixed-line infrastructure will be transferred to a state-owned asset

management company, under a management contract with a private partner.

Has work started on the remaining structures?

We’re redefining the specifications to have a clear plan to work to. ISPs were previously required to have a national presence, which is not reasonable given their size. We will give them areas in which they have to be present, so that we have at least two ISPs per region. The specifications will be ready in a few weeks. We are waiting for the promulgation of the Digital Code before starting discussions with mobile operators.

The national coverage requirement will be maintained in 2G, but not 3G and 4G. Here too, areas will be allocated to them, so that investments are spread over the entire country.

SERVICES AND SOCIETY

Almost all of Benin's big towns have ATMs which are open 24/7.

FINANCE

Banking sector expanding and going mobile Since 2015, Beniní s banking sector acquired three new banks, the latest one, Coris Bank, having set up in February. As of 31 December 2016, it consisted of sixteen entities, fteen of which are operational and nine belonging to international groups.

More competition, stronger intermediary services This influx of new entities should increase competition and lead banks to extend more credit, especially in the medium and long term. Although the sector, which represents 2% to 3% of GDP, remains stable, it is not really playing its role as an intermediary. Banks face difficulties in managing risks and guarantees due to inadequacies in the legal environment and land management. As a result, the solvency of the sector is essentially driven by core equity capital, with a ratio of 9.5% in December 2016 against the WAEMU standard of 8%. This means that microfinance contributes enormously to financial inclusion. In March the country had 64 “decentralised financial systems”, 467 service points, 1,823,752 customers and just over 100 billion CFA francs in deposits, compared to 110 billion in loans, according to the BCEAO. However, there were over

500 institutions operating in December 2016 and, as the majority of them were operating illegally, the government was forced to take action, which is an effective way of improving governance, internal control and the sector information system.

Electronic banking takes off Considerable progress has also been made in the development of mobile banking, while the banked population rate stood at 26.4% in 2015 (BCEAO). The number of e-money users more than doubled between 2014 and 2015, while the value of mobile phone transactions increased tenfold.

The number of points of access to electronic money has exploded since 2016, with a growth rate of 106% (8,932 additional points of service) in the country, according to the data analytics platform FINclusion Lab. By November 2017, there were 16,267 mobile access points. n

The Top Ten banks in Benin in 2016 (data in thousands of dollars) Total results ($)

Net Banking Income ($)

Net result (€)

Bank of Africa

1 502 092

63 329

24 531

Diamond Bank

1 305 003

46 537

2 806

Ecobank

1 063 820

49 286

611 (16 577)

Société Générale

533 892

26 091

Banque Atlantique

477 051

21 522

2 260

Orabank

461 187

16020

(16 654)

United Bank for Africa

315 097

-

1 650

BGFI Bank

300 279

8 945

1 599

Banque de l’Habitat du Bénin

36 754

-

-

CCEI Bank (2014)

32 415

1 130

202

SOURCE : JEUNE AFRIQUE

Banks

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SERVICES & SOCIETY

TOURISM

Running along the coast from Ouidah to Cotonou, La Route des Peches is central to a huge tourism project.

A tourism destination in the making Coastal road upgrades, improvement of the beaches, a memorial trail on the Slave Route and more... The government has made tourism one of the strong points of the country's development. Several international institutions, including the World Bank, are already funding some of the projects.

T

A cultural and memorial journey from Abomey to Ouidah.

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he bulldozers have resumed their activity in the coastal districts of western Cotonou, where La Route des Pêches (the Fishing Route) starts. This sandy track that stretches for about 40 kilometres from Cotonou to Ouidah, between sea and mangrove, is going to be partially tarred “to promote tourism development and strengthen the national and regional economy”, as explained in the Government Action Programme (GAP).

La Route des Pêches is also the name given to an ambitious seaside development

programme, launched a few years ago, for the construction of tens of thousands of hotel rooms and luxury residences, estimated at more than 1 trillion CFA francs.

In light of this programme, the government began construction of the first phase of the road, the 12.5 km stretch between Cotonou and Adounko. These roadworks were made possible because of the BOAD (West African Development Bank) providing 12 billion CFA francs (€18 million) of the total cost of 13.6 billion CFA francs (€20.4 million).

PRESIDENCY OF THE REPUBLIC OF BENIN

African Parks is committed to doubling wildlife populations in Pendjari Park.

Hotel groups express interest The new government has made some extensive changes to this programme while retaining the work on the first phase of the road between Cotonou and Adounko. It also approved and gave the go-ahead on a second phase of the project in March between Adounko and La Porte du Non-retour (the Door of No Return), in Ouidah. With the exception of the 18 km Avlékété district, declared a seaside site and preserved from all tarred roads, this stretch will total 35.75 km. The project will be financed by Exim Bank of China for an amount of 134.2 billion CFA francs.

As part of the GAP, four kilometres of submerged dikes will be built in the Avlékété district in Ouidah, to disperse the waves and make the sea safer for swimming. Hotels and lodges will be built on this part of the coast. Several hotel chains have expressed their interest in building hotel and tourist complexes.

Ouidah, a historical city worth visiting

The biggest tourism development project on the coast is Ouidah, which will be showcased as part of a cultural and memorial journey that begins in Abomey. The project aims to “identically recreate” this historical city. Considered as the cultural capital of Benin and the mecca of the voodoo cult, it is also important to the duty of memory of the slave trade. The city played a central role as a port in the 17th- to 19th-century Atlantic slave trade, and is home to the Door of No Return.

The Portuguese and French forts of the old town will have to be rebuilt and the services improved (bus station, handicrafts village, walkways, etc.). The project includes building a replica of a slave ship which will be anchored off the coast of Ouidah. Out of the seven tourism projects included in the GAP, this one, at an estimated $300 million, is the most costly and is being financed by the World Bank. n

Seven major tourism projects The Government Action Programme (GAP) provides for seven major tourism projects. Besides the Ouidah and Atlantic Coast developments, the other five are: ➙ Pendjari National Park ➙ Ganvié lakeside town ➙ Abomey-Agongointo Cultural Centre ➙ Toussaint Louverture Slave Museum in Allada ➙ Porto Novo International Museum of Voodoo/Orisha Arts and Civilisations All seven of these projects will be developed through publicprivate partnerships. n

A sustainable tourism project for Pendjari Park In March 2017, the Presidency of Benin signed a 10-year partnership agreement with African Parks for them to take over management of Pendjari Park, one of West Africa’s last intact ecosystems,. As specialists in the long-term management of protected natural reserves, this NGO will invest $26 million, funded by the State of Benin, in the rehabilitation and protection – especially against poaching – of the park, which is one of West Africa’s richest wildlife reserves, (elephant, buffalo, lion, cheetah, and antelope, etc.). African Parks, which manages 11 national parks and protected areas in eight African countries, is committed to doubling wildlife populations in Pendjari Park in 10 years and aims to increase the number of visitors from 6,000 to 9,000. In January 2018, an unprecedented agreement was signed between African Parks, National Geographic, the Government of Benin and the Wyss Foundation to invest $23.4 million for securing and rehabilitating Pendjari Park. n

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USEFUL CONTACT DETAILS Presidency of the Republic of Benin (+229) 21 30 19 02 www.presidence.bj

Digital Economy Agency (+229) 21 30 02 26 www.revealingbenin.com/ agencies/numerique

Cotonou Port Authority (+229) 21 31 52 80 (+229) 21 31 28 90 www.portdecotonou.com

Revealing Benin Programme http://revealingbenin.com

Investment and Export Promotion Agency (+229) 21 31 86 50 www.apiex.bj

Chamber of Commerce and Industry of Benin (+229) 21 31 43 86 (+229) 21 31 20 81 www.ccibenin.org

Ministry of Agriculture, Livestock and Fisheries www.agriculture.gouv.bj Ministry of State for Planning and Development www.developpement.bj Ministry of Economy and Finance www. nances.bj

PR… SIDENCE DE LA R… PUBLIQUE DU B… NIN

Sèmè City Development Agency (+229) 21 30 20 40 www.semecity.com National Agency for the Promotion of Heritage and the Development of Tourism (+229) 95 18 82 82 www.revealingbenin.com/ agencies/tourisme STATISTICS

MTN Bénin Société béninoise d’énergie électrique Lafarge Bénin (2015) Sol des Anges (2014) Port autonome de Cotonou (2014) Entreprise Adeoti (2014) Jehovah Nissi Petroleum (2014) Bénin Petro (2014) Société industrielle d’acier du Bénin (2014) Chagoury Frères et Télécommunications (2014)

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Sector

Turnover

Net results

Telecoms Water, electricity, gas Building & Public Works Trade Transport Building & Public Works Energy Energy Metallurgy, steel industry Trade

235 636 193 766 67 276 50 628 47 573 45 120 42 167 37 244 36 917 35 577

8 215 5 108 1 442 3 545 1 077 1 402 543 810 1 124

SOURCE : JEUNE AFRIQUE

Benin's Top Ten companies by turnover (thousands of dollars)

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