Shares in Bank of Africa Bénin closed at 9,365 FCFA (€14.3) on October 30, up 60.1% since the start of the year and ahead of the 54.7% gain in the BRVM Composite index, the regional stock exchange BRVM's daily price list showed. Shares in the national lottery LNB, Benin's other listed company, fell 8.0% over the same period to 3,950 FCFA (€6.02).
Analysis: BOA Bénin slightly outperformed the regional stock index, while lottery operator LNB fell despite reporting 72% growth in nine-month profit. LNB's dividend paid in August was 40% below the previous year's level, which may have discouraged income-focused investors. But trading is thin: only 13.4mn FCFA (€20,400) of BOA Bénin shares changed hands on October 30, making prices sensitive to relatively small orders. LNB's full-year results, due by April 2027, should clarify whether the earnings rebound is sustained.
Source: Bourse Régionale des Valeurs Mobilières (BRVM), BRVM, Bulletin officiel de la cote, session of October 30, 2026, October 30, 2026 (close) and December 31, 2025 to October 30, 2026 and October 30, 2026 (session); Loterie nationale du Bénin SA via BRVM, Loterie nationale du Bénin SA, Rapport d'activités troisième trimestre 2026 (BRVM filing), January-September 2026; Bourse Régionale des Valeurs Mobilières (BRVM), BRVM, Bulletin officiel de la cote, session of December 31, 2025, December 31, 2025 (close) and Paid July 31, 2025
The International Fund for Agricultural Development (IFAD) will lend Benin $37.1mn for an eight-year, $149.1mn project to create rural jobs and businesses for about 50,000 households, Bénin Web TV reported after the funding was announced in Cotonou on October 26. IFAD's board document shows a financing gap of $15.0mn, or 10.1% of the total.
Analysis: IFAD's financing covers roughly one-quarter of the program, while its board expects another $41.7mn from businesses, banks and participants themselves. A further $15mn has not been secured. The IFAD package comprises three loans, including one on ordinary terms, rather than grants, while the OPEC Fund is expected to provide another $35mn loan. The project's reach therefore depends partly on farmers' and private lenders' willingness to participate. Input suppliers and agricultural financiers may benefit, but no date has been given for the OPEC Fund agreement or closure of the remaining funding gap.
Source: International Fund for Agricultural Development (IFAD), IFAD, President's report EB 2026/LOT/P.5 (May 14, 2026), ProPEA Benin, 2026-2033
The International Finance Corporation (IFC) and France's development finance company Proparco will each provide about €14mn for four solar plants totaling 62 megawatts-peak in Natitingou, Djougou, Parakou and Bohicon, developed by AXIAN Energy Green and Sika Capital, Proparco said on November 2. Bénin Web TV put the financing signed on October 29 at €30mn, for a €45mn program due to start commercial operation in the first quarter of 2028.
Analysis: The four plants would represent roughly 10% of Benin's installed generating capacity, according to Proparco. Their projected 110 gigawatt-hours of annual output equates to an average of about 12.6 MW, or 3.3% of the 380 MW demand estimate cited by the government in February, by our calculation. The projects would therefore complement, rather than immediately displace, a system still dominated by thermal generation. Long-term electricity purchase tariffs and contract terms have not been disclosed. Commercial operations are not expected before early 2028.
Source: Bénin Web TV, Bénin Web TV, « Bénin : 30 millions d’euros de financement pour quatre centrales solaires », October 29, 2026, Signed October 29, 2026 and Project (2026–2028) and Planned, commercial operation Q1 2028 and Planned, from 2028 and 2022 and From Q1 2028; World Bank / Government of Benin, Benin National Energy Compact (Mission 300), 2024; Bénin Web TV, Bénin Web TV, February 12, 2026 (presidential adviser Janvier Yahouedehou), February 2026; Proparco (Agence française de développement group), Proparco, « Bénin : Proparco et IFC soutiennent Axian et Sika pour financer 62 MWc de nouvelles capacités solaires », November 2, 2026, Announced November 2, 2026 and November 2026
Benin will host the first African edition of the Black Travel Summit in Cotonou in 2027, organized with tourism agency Bénin Tourisme, the government said on October 18, after the announcement at the Black Travel Awards in Milwaukee on October 17. The summit gathers tourism entrepreneurs, professionals and content creators, but no dates or attendance targets have been published.
Analysis: The event would add to Benin's efforts to attract diaspora visitors through cultural and heritage tourism. Travel generated a net 125.7bn FCFA (€192mn) in 2024, according to the regional central bank BCEAO, while hotel and restaurant activity grew 8.8% year on year in the second quarter. Yet recent official visitor and overnight-stay figures are unavailable, and a previously reported total of just over 120,000 international arrivals dates to 2023. That makes the summit's potential impact difficult to quantify. Hotels and tourism operators in Cotonou are awaiting confirmed event dates before assessing demand.
Source: Gouvernement de la République du Bénin (gouv.bj), Government of Benin portal, article 3710 (October 18, 2026), 2027; BCEAO, BCEAO, Balance des Paiements et Position Extérieure Globale 2024 – Bénin, 2024; INStaD, INStaD, Note sur les Comptes Nationaux Trimestriels, 2e trimestre 2026 (N°02, septembre 2026, base 2023), Q2 2026; Various, Forbes Afrique, 'Tourisme : un nouveau levier de croissance' (no official document named), 2023
Benin scored 0.667 on the financial inclusion index of the regional central bank BCEAO for 2025, the highest of the eight West African Economic and Monetary Union (WAEMU) countries and above the union's 0.616, the bank said in its annual dashboard. About 92.8% of adults used a bank, microfinance or mobile money account, against 76.1% across the union, a gap of 16.7 points.
Analysis: Mobile money and microfinance underpin Benin's lead. Conventional account ownership remains much lower, at 39.8% of adults, although still above the union's 26.9% rate. Benin has 540 financial service points per 10,000 adults, 2.4 times the regional average, indicating a relatively extensive distribution network. But its inclusion index barely improved from 0.663 in 2024. Further progress may depend less on opening new access points than on deepening savings, credit and regular account use. Higher regional wallet limits taking effect November 2 could support greater use, although their impact remains uncertain.
Source: Banque Centrale des États de l'Afrique de l'Ouest (BCEAO), BCEAO, Tableau de bord de l'inclusion financière dans l'UEMOA au titre de l'année 2025, 2025
Chart of the week
Benin goods exports recorded by customs, bn FCFA, 2019–2025
498.4
485.9
568.8
560.1
639.4
685.5
483.5
2019202020212022202320242025
Exports of goods recorded by customs (FOB), in billions of FCFA: 498.4 in 2019, 485.9 in 2020, 568.8 in 2021, 560.1 in 2022, 639.4 in 2023, 685.5 in 2024 and 483.5 in 2025, when exports fell 29.5% to 483.5bn FCFA (€737mn). Source: statistics agency INStaD, review of foreign trade in 2025 (September 2026). The lead's series, BOA Bénin's share price, has only two checked closes, so the deep dive's series is shown.. Source: Institut National de la Statistique et de la Démographie (INStaD), INStaD, Grands traits du commerce extérieur du Bénin en 2025 (September 2026), 2019 and 2020 and 2021 and 2022 and 2023 and 2024 and 2025.
Tender of the week
Supervision engineer for SBEE grid extension in Mono, Couffo and Borgou (PEDER+)
Buyer
Power distributor SBEE (Société Béninoise d'Énergie Électrique)
Scope
Call for expressions of interest to shortlist six engineering firms for a restricted tender to supervise the PEDER+ grid project: completing studies, environmental and resettlement plans, supporting the works tenders and supervising medium- and low-voltage distribution works in 750 localities of 15 communes; three works lots, one per department; target of 120,000 connections, including 45,000 ready-board kits.
Value
Not published
Funding
Loans from the French Development Agency (AFD), the European Investment Bank and the EBRD, and a European Union grant (loan CBJ 1318 01, grant CBJ 1318 02)
Closes
Tuesday, November 24, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Benin's exports rebound as cotton sales recover
10 stories with workings, from stocks and public debt, banking and financial inclusion, energy, farm finance, tourism, local government finance and the national lottery
Four key figures (inflation, the three-month bill yield, Port of Cotonou cargo, goods exports), the tender of the week and every open tender we track, with deadlines
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
