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Get to Know About Benin
Benin is a country in West Africa which was formerly Dahomey. Togo bounds it to the west, Nigeria to the east, and Burkina Faso and Niger to the north. Porto-Novo is the capital of Benin, but the seat of government is at Cotonou.
Benin’s official language is French. However, other indigenous languages, such as Fon and Yoruba, are generally spoken. With a population of approximately 11.1 million, Benin is largely Roman Catholicism, followed by Islam, Vodun and Protestantism.
Due to increased public investments, Benin’s economic GDP stands at 6 percent. Doing business in Benin is relatively improving due to the reforms on public investments, modernization of the tax system to boost revenue collection and the suppression of the fiscal niches. Similarly, the restructuring of debt policies is a route in the right direction. However, despite the continuous efforts to improve the economy, poverty rates remain high with the Government’s Action Plan (PAG) regarded as not favorable to the social sector. Based on World bank reports, the unemployment rate in Benin remained at 2.4 percent in 2018 with more tangible reforms needed in place. The indicators of doing business in Benin are positive but remains vulnerable to external factors such as oil prices, global cotton, rainfall, and revolutions in Nigeria’s economic situation. Reforms on agriculture, especially cotton, industrial and the service sectors will engineer the upsurge of Benin’s economy.