Economy of Niger

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{island, water, area}
{rate, high, increase}
{food, make, wine}
{country, population, people}
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{specie, animal, plant}
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The economy of Niger is based largely upon internal markets, subsistence agriculture, and the export of raw commodities: food stuffs to neighbors and raw minerals to world markets. Niger, is a landlocked Sub-Sahara African nation, and over the past two decades has consistently been ranked near or at the bottom of worldwide indexes of the Human development index, GDP, and percapita income. Economic activity centres on subsistence agriculture, animal husbandry, re-export trade, and export of uranium. The 50% devaluation of the West African CFA franc in January 1994 boosted exports of livestock, cowpeas, onions, and the products of Niger's small cotton industry. Exports of cattle to neighboring Nigeria, as well as Groundnuts and their oil remain the primary non-mineral exports. The government relies on bilateral and multilateral aid - which was suspended briefly following coup d'états in 1996 and 1999 - for operating expenses and public investment. Short-term prospects depend on continued World Bank and IMF debt relief and extended aid. The post 1999 government has broadly adhered to privatisation and market deregulation plans instituted by these funders.

Contents

Macro-economic trend

This is a chart of trend of gross domestic product of Niger at market prices estimated by the International Monetary Fund[3] with figures in millions of CFA Francs.

Mean wages were $0.37 per manhour in 2009.

Overall

Niger's economy is based largely on subsistence crops, livestock, and some of the world's largest uranium deposits. Drought cycles, desertification, a 3.4% population growth rate and the drop in world demand for uranium have undercut an already marginal economy. Traditional subsistence farming, herding, small trading, and informal markets dominate an economy that generates few formal sector jobs. Between 1988 and 1995 28% to 30% of the total economy of Niger was in the unregulated Informal sector, including small and even large scale rural and urban production, transport and services.[4]

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