Benin: Driving the Caribbean-Africa Economic Corridor?

Africa News

By Ndea Yoka

16/01 - 18:56

This week in Business Africa, we explore three key topics: Benin strengthens its ties with CARICOM countries to boost economic cooperation and develop a dynamic common market. Next, we examine the resumption of oil production in South Sudan, a vital sector for revitalizing its economy after months of suspension. Finally, we analyze the impact of internet shutdowns in Sub-Saharan Africa, which caused billions of dollars in economic losses.

Caribbean-Benin Exchanges: A Focus on the Future

Benin and CARICOM (Caribbean Community) countries have initiated a strategic partnership to strengthen their economic exchanges and develop key sectors like the green and blue economies. In Business Africa, Bakary Olushegun, Benin’s Minister of Foreign Affairs, emphasized the importance of the meeting held in Cotonou. The main goal: strengthen cooperation to improve the well-being of populations and promote a green and sustainable economy.

“Benin and the CARICOM countries have a lot in common. We share a history marked by the transatlantic slave trade, and we have a common culture and ambition. The ambition, carried by the President since 2007, is to make CARICOM a key axis of our diplomatic strategy,” the minister said, highlighting the historical and strategic significance of this collaboration.

The minister also discussed the economic challenges of this alliance: “Benin, a major agricultural country, has launched an industrial and agricultural transformation policy. We want to develop connectivity and links with CARICOM countries, based on what we already share: culture, history, and values.” Enhanced cooperation in agriculture, energy, digital technologies, and manufacturing is expected to boost trade exchanges.

“When we open new markets, it’s to allow young people and entrepreneurs, on both sides of the Atlantic, to seize the opportunities before them. The CARICOM market, with its 19 million people, is a gateway to the United States.” This meeting laid the foundation for a lasting partnership, aiming to create new opportunities for the youth and businesses of both regions.

Internet Shutdowns: $1.56 Billion in Losses for Africa

On January 8, South Sudan resumed its oil production after 10 months of suspension, reaching 90,000 barrels per day, following the lifting of the force majeure status. This resumption, crucial for an economy dependent on oil for 90% of its revenue, is expected to stabilize the country and improve relations with neighboring Sudan. However, challenges persist: regional instability, internal crises, and uncertainties in the oil market.

South Sudan Resumes Oil Production, the Economy’s Lifeblood

In 2024, Sub-Saharan Africa lost $1.56 billion due to internet shutdowns, primarily caused by political crises. Sudan, in civil war, accounts for 72% of these losses, while Ethiopia and Kenya also suffer significant impacts. These shutdowns hinder digital development, disrupt the economy, and limit access to information in a region already vulnerable.