The Portuguese arrived in Benin's territory in the fifteenth century, and established significant trading posts in Benin's coastal areas. Soon following the Portuguese came French, Dutch, and British traders. Over time, Benin's coast developed into the largest center of the slave trade in Africa, run by the Fon people, who dominated the Dahomey government and actively sold their neighboring peoples to the Europeans. As the slave trade increased in volume (10,000–20,000 slaves shipped off per day), the coast of Benin became known as the Slave Coast. Around this time, the port cities of Porto-Novo and Ouida were founded and quickly became the largest and most commercially active cities in the country, while Abomey became the Dahomey capital.
The fall of the Dahomey Kingom was precipitated by the banning of slavery throughout Europe in the mid-19th century, followed by the French annexation of the territory under colonial rule. Much of the Dahomey leadership broke even in the annexation, being appointed to top government posts throughout all the French colonies in West Africa. In 1960, Dahomey gained its independence, under the name République du Dahomey, which set off a long and destabilizing series of coups. In the course of just one decade, 1960—1972, the government changed hands nine times, and experienced four violent coups.
In 1972, Major Mathieu Kérékou, a staunch Marxist, organized the fourth of the military coups, and renamed the country the People's Republic of Benin. Kérékou's regime proved more successful at maintaining power, and reorganized the country on his interpretation of the Maoist model. In 1989, the French government, in exchange for financial support of Benin's flailing economy, persuaded the Benin government to abandon its one-party Socialist rule, and to move to a multiparty republic. In 1990, the country was renamed the Republic of Benin, and in 1991, Benin held its first free elections with significant success, and Kereku lost to Nicephore Soglo—Benin was thus the first African nation to successfully coordinate a peaceful transfer of power from a dictatorship to a functioning democracy. Soglo remained president through 1996, but his administration was marred by poor economic performance, leading to his electoral defeat to Mathieu Kérékou in 1996, who ruled the country and maintained popularity despite corruption scandals until 2006. The current president of Benin is today Yayi Boni, a technocrat who served under the tutelage of former President Soglo.
Today, Benin remains as an extremely poor country, suffering from poverty and corruption. Infrastructure remains very poor in condition, and the struggling economy is recovering after decades of political unrest.