According to the United Nations Conference on Trade and Development (UNCTAD), Benin has seen a significant increase in the number of new businesses registered by youth in 2022, the country has tripled the number of companies opened by young entrepreneurs compared to the previous year.
This positive development is attributed to various initiatives and programs implemented by the Beninese government to promote entrepreneurship among the youth.
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Laurent Gangbes, CEO of Benin’s Agency for the Promotion of Investments and Exports (APIEx), is driving a push to digitize government services and make doing business in the West African country easier.
The boom is fueled by UNCTAD-developed low-code software and “demonstrates a national demand for digital services that support entrepreneurial ambitions,” according to Mr Gangbes.
UNCTAD created the MonEnterprise.bj platform in 2020, with ground-breaking software custom-built to assist enterprises in successfully launching online.
UNCTAD reports that Benin’s Youth Business Promotion Program (YBPP) provides access to funding, training, and mentorship, while the National Youth Employment Program (NYEP) focuses on providing the skills and resources they need to succeed in the job market and start their own businesses.
Mr Richard Odjrado, 34, has created a revolutionary anti-theft tracker for smartphones that alerts the owner if the phone is moved without their permission, enabling them to locate it if it’s lost or stolen. The tracker is also operated from a smartwatch he’s designed.
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The increase in the number of companies opened by youth is a significant boost to the economy of Benin, which has faced several economic and political challenges in recent years, indicating that the government’s efforts to promote entrepreneurship among the youth are yielding positive results.
“I didn’t believe the online business registration system would work as promised, but it did. It’s every entrepreneur’s dream to create a company from home. In other countries in the sub-region, it takes three weeks to do the same thing,” said Caludia Togbe a youth business person.
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By fostering a culture of innovation and entrepreneurship, the government hopes to create a more vibrant and sustainable economy that can provide opportunities and prosperity for all its citizens.
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