5 profitable businesses in Benin
Several profitable businesses can be developed by entrepreneurs who wish to invest in Benin. Moreover, the authorities of this West African country have been developing policies to facilitate the installation of new economic operators, both local and foreign. If you are planning to start your entrepreneurial venture in Benin, you need to know about profitable businesses in order to make a better choice. Here are 5 profitable businesses in Benin.
Real estate development
In recent years, the real estate sector has been booming in Benin. Indeed, with the demographic growth recorded in this country, it is more and more difficult to find an adequate place to live. There is a growing need to buy bare land, build and rent flats in the major cities. These include Parakou, Abomey-Calavi, Cotonou and Porto-novo. In addition, the development of commercial activities is also a factor that makes real estate a profitable sector in Benin.
In the flagship cities of this country, there are more and more supermarkets, shops and companies. As each of these start-ups needs a physical headquarters or shop, the demand for real estate is growing. Furthermore, Benin is a coastal country on the Gulf of Guinea where tourism activities are growing rapidly. As a matter of fact, Beninese government is taking new measures to promote international tourism. Thus, the construction of hospitality hotels is a good idea for real estate business in Benin.
Organic fertilizer production plant
One of the profitable businesses that an entrepreneur can undertake successfully in Benin is the production of organic fertilizer. Also known as compost or manure, it is produced from animal or plant matter. To fight global warming and ensure food security, it is essential to promote the production of such fertilizer.
Benin is a large market for the sale of organic fertilizers due to the fact that agriculture is a major activity of its economy. In fact, in the rural areas of the country, several crops are produced. Among these are maize, rice, cotton and market gardening. It is important to mention that there is an expansion of the agri-food processing sector in this country. Thus, this processing generates enough plant material to constitute the raw material for an organic fertilizer production plant.
Internet access provision
Internet brings people together. The demand for quality Internet and telecommunication services is increasing considerably as the new means of universal communication becomes available. For example, video and web conferences require a good Internet connection. This often requires the installation of a fibre-optic cable connection.
In Benin, the provision of Internet access services is not yet competitive. It is provided by about ten operators. If you are willing to invest in this field, this country is an excellent place to do so. Furthermore, in accordance with Law No. 2017-20 of 20 April 2018 on the digital code in the Republic of Benin (la loi n° 2017-20 du 20 avril 2018 portant code du numérique en République du Bénin), the provision of Internet access service is no longer subject to a call for competition. In addition, as a result of the reforms carried out by the Beninese government to improve the business climate, business creation in Benin is now possible online.
Agricultural product processing plant
The creation of agricultural product processing plants is one of profitable businesses in Benin. Actually, in this country, the agricultural sector is growing rapidly. With the reforms underway, the productivity of several sectors is increasing. These include cotton, pineapple, cashew nuts and soya. However, these products are partly exported because there are not yet enough processing units in the country.
The challenge to be taken up now is the development of the processing industry. On the other hand, an industrial zone is under construction at Glo Djigbé. This will allow the marketing of products with higher added value. Thus, any investor who undertakes this sector in Benin is likely to make a huge profit. It is also important to point out that the country’s geographical location favours the export of finished products.
Business Process Outsourcing (BPO)
Another opportunity for companies in Benin is business process outsourcing. If you are interested in saving time and reducing production costs in your company, do not hesitate to outsource your services. In Benin, there are enough unemployed graduates, technicians and technologists. You can therefore set up a company that provides administrative services to developed countries at an affordable price. For example, data entry services, database management services, call centre services and customer support services.
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