2023-06-27 10:01:34
The first edition of the World Bank’s Economic Outlook for Benin report was presented this Monday, June 26, 2023 to media professionals. According to the report, Benin is recommended to upgrade the road network which can transform the country’s economy, improve workers’ incomes and promote people’s well-being.
Abdul Wahab ADO
“Revealing Benin by leveraging economic corridors” is the title of the first edition of the June 2023 report on the economic situation of the World Bank. Indeed, the purpose of this report is to inform the government of Benin, think tanks and researchers, the public and World Bank management about the state of Benin’s economy and its prospects, as well as on immediate development challenges. According to the document, Benin is a privileged corridor for the landlocked border countries of the sub-region. Benin is positioned as a transit corridor and a hub linking the coastal countries and the countries of the Sahelian strip. It represents the shortest transport route to Niamey and remains a relevant route for goods destined for Ouagadougou and parts of Mali and Chad. The port of Cotonou is also the closest and fastest transhipment point to Nigeria. According to the report presented by Alexandre Henry (economist, EAWM1), Benin thus occupies a strategic location in West Africa, serving as an access point to neighboring landlocked countries such as Niger or Burkina Faso. The port of Cotonou is also the fastest and closest transshipment point to the port of Lagos in Nigeria, West Africa’s largest economy.
“Benin’s economy will benefit from continued efforts to modernize critical infrastructure for trade facilitation, both domestically and regionally. These efforts will stimulate the economy and help create better paying jobs. Reliable and safe transport networks, effectively connecting the centers of economic activity with the Port of Cotonou can also contribute to attracting foreign direct investment”, underlines Alexandre Henry, main author of the report.
Pursuing better execution of investments and maintenance of national transport infrastructure will contribute to reducing geographical inequalities within the country while stimulating local production, particularly in the fragile regions of the north of the country.
The modernization of the road network and economic corridors will provide many benefits to the country. It will improve transport axes, facilitate the movement of goods and people, reduce transit times, and increase the efficiency of the transport system. This will result in lower transport costs for businesses, increased trade and investment, and easier market access that will help boost local production and ensure better incomes for producers.
“The need for massive investment in infrastructure represents an opportunity for Benin to anticipate the consequences of climate change on transport networks, by ensuring connectivity and access to the most vulnerable regions”, underlines Théophile Bougna, co-author of the report.
Other measures to be taken for the structural transformation of the Beninese economy
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juin 27, 2023
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