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The Economy of Niger

Nigerien Economy

Niger's map

Economy - overview: Niger is one of the poorest countries in the world, ranking near last on the United Nations Development Fund index of human development. It is a landlocked, Sub-Saharan nation, whose economy centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Drought cycles, desertification, and strong population growth have undercut the economy. Niger shares a common currency, the CFA franc, and a common central bank, the Central Bank of West African States (BCEAO), with seven other members of the West African Monetary Union. In December 2000, Niger qualified for enhanced debt relief under the International Monetary Fund program for Highly Indebted Poor Countries (HIPC) and concluded an agreement with the Fund on a Poverty Reduction and Growth Facility (PRGF). Debt relief provided under the enhanced HIPC initiative significantly reduces Niger's annual debt service obligations, freeing funds for expenditures on basic health care, primary education, HIV/AIDS prevention, rural infrastructure, and other programs geared at poverty reduction. In December 2005, Niger received 100% multilateral debt relief from the IMF, which translates into the forgiveness of approximately US $86 million in debts to the IMF, excluding the remaining assistance under HIPC. Nearly half of the government's budget is derived from foreign donor resources. Future growth may be sustained by exploitation of oil, gold, coal, and other mineral resources. Uranium prices have increased sharply in the last few years. A drought and locust infestation in 2005 led to food shortages for as many as 2.5 million Nigeriens.

GDP:

GDP - real growth rate: 5.9% (2008 est.) 3.3% (2007 est.) 5.2% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 39% industry: 17% services: 44% (2001)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 0.8% highest 10%: 35.4% (1995)

Distribution of family income - Gini index: 50.5 (1995)

Inflation rate (consumer prices):

Labor force: 70,000 salaried workers, 60% of whom are employed in the public sector (1995)

Labor force - by occupation: agriculture: 90% industry: 6% services: 4% (1995)

Unemployment rate: NA%

Budget: revenues: $320 million (includes $134 million from foreign sources) expenditures: $320 million (2002 est.)

Industries: uranium mining, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses

Industrial production growth rate: 5.1% (2003 est.)

Electricity - production: 240 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 443.2 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 225 million kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 5,550 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 5,425 bbl/day (2005)

Oil - proved reserves: NA bbl

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: cowpeas, cotton, peanuts, millet, sorghum, cassava (tapioca), rice; cattle, sheep, goats, camels, donkeys, horses, poultry

Exports: $428 million f.o.b. (2006)

Exports - commodities: uranium ore, livestock, cowpeas, onions

Exports - partners: France 57%, Nigeria 26.4%, Ghana 4.1% (2007)

Imports: $800 million f.o.b. (2006)

Imports - commodities: foodstuffs, machinery, vehicles and parts, petroleum, cereals

Imports - partners: France 15.9%, French Polynesia 8.8%, Nigeria 8.6%, Belgium 8.6%, US 6.9%, Cote d'Ivoire 5.6% (2007)

Debt - external: $2.1 billion (2003 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 447.81 (2008 est.), 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004) note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par

Fiscal year: