1. Agriculture sector
In Benin, the agricultural sector contributes around a third to the GDP, a quarter to the export earnings and 15% to government revenues, and generates employment for about 70% of the people (Ministry of Agriculture, Animal Husbandry and Fisheries (MAEP), 2015). The agricultural production sector is characterized by the predominance of smallholder farming, which is vulnerable to climate change and extreme climate events.
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After a decline in 2010, there has been an increase in the growth of agricultural GDP from 1.5% in 2010 to 6.5% in 2014. The revenues and productivity factors are low and the labor force is only partially valued; a situation that makes agricultural products less competitive. Most farm operators use insufficient fertilizers and undertake mining activities, thus increasing the degradation of natural resources.
2. Mines and Hydrocarbons
Bénin recently adopted a new petroleum code, making the country one of the latest frontier countries in the West Africa oil and gas industry to update its petroleum law. The code provides for a production sharing contract regime, and applies to upstream operations only.
Located in the Gulf of Guinea, Bénin is still relatively unknown in the oil and gas industry. Historically its production has been limited; the last discovery of note occurred in 2013 when Nigerian exploration company South Atlantic Petroleum (SAPETRO) discovered an 87-million-barrel field in the republic.
Bénin’s new petroleum code, Law No. 2019-06, adopted on January 21, provides for a production sharing contract (PSC) regime based on a model form that will be issued by a separate decree. As of the date of this LawFlash, we have not seen the model form PSC but expect that the decree and model form will be issued in the coming months and that new bid rounds will subsequently be organized.
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3. Tourism
Benin has increasingly embraced ecotourism and organisations such as Benin Ecotourism Concern (Eco-Benin) created in 1999 with the objective of ensuring better living standards for the communities at local and national level through ecotourism and eco-development promotion as a sustainable management of natural resources, keep working throughout the country by developing and implanting innovative approaches, including opportunities for local employment, garden production and fish cultivation. The most promising areas for ecotourism development are in the wildlife reserves of Pendjari and W national parks, which are located in northern Benin.
