A seminar on doing business in Benin Republic was put together at Lagos Sheraton Hotel by IBG Nigeria to sensitize the international business community on the opportunities since the new administration resumed office in 2006. There was high level Benin Government participation.

1. DOING BUSINESS IN BENIN REPUBLIC
OPENING ADDRESS FROM THE INTERNATIONAL BUSINESS GROUP, NIGERIA,
MR. NDUDI OSAKWE.
It is our pleasure to welcome you to this special seminar on doing business in
Benin Republic, facilitated by the Embassy of Benin Republic, Lagos, the
International Business Group (IBG) and My Companion, a business and leisure
magazine.
Many people that we spoke to in the course of putting together this seminar
wondered why the focus should be on Benin Republic. Many even wonder why
we should abandon Nigeria, our turf to promote doing business in another
country. Well for the benefit of those that are not familiar with our services, the
IBG advances a concept whereby companies from across the world can benefit
and interact with existing global network, with the capacity to assist with market
evaluation and locating the best potential in- country partners. Benin Republic is
a member of the Economic Community of West African States (ECOWAS), our
mandate with the International Business Group to promote business activities
from the sub-region.
Benin’s economy has entered a new era. With restored international confidence,
it has become the new address for business on the West African sub-region.
These positive developments in Benin Republic has been noticed by the
international business community, including the International Business Group, a
consortium of trade facilitators and business developers operating out of twenty
offices with satellite offices in over thirty others.
Present day Benin was the state of Dahomey, a prominent West African Kingdom
that rose in the 15th century. The territory became a French colony in 1872 and
achieved independence on August 1, 1960 as the Republic of Benin. The
election of Thomas Boni Yayi as the president in 2006 introduced the seeds of
change as he vowed to bring about economic growth and eradicate
corruption in the country.
The president’s efforts to build a platform for growth are paying off. Economic
development is set to follow, with a special focus on five priority sectors namely,
renewable energy resources, agriculture/agro-processing, tourism,
industry/services such as telecommunications and development of port of
Cotonou.
Though its economy is highly dependent on subsistence agriculture, cotton
production and regional trade especially with Nigeria, Benin plans to attract
more foreign investment, place more emphasis on tourism, facilitate the
development of new food processing systems and agricultural products, and
encourage new information and communication technology.
The United States Government recognized these initiatives by the award of
USD307million on its Millennium Challenge Account to Benin Republic to improve
on its business climate. These include reforms to the land tenure system, the
judicial and court system, the financial sector especially as it relates to
agriculture and in improving the competitiveness of the port of Cotonou under
the Access to Markets section.
Benin Resource Persons would provide detailed information on these and other
subject areas. We wish you success as you consider doing business in Benin
Republic or expanding your existing business in the country.