ECONOMICS

Main Crops: Cowpeas, cotton, peanuts, millet, sorghum, cassava (tapioca), rice; cattle, sheep, goats, camels, donkeys, horses, poultry

Natural Resources: uranium, coal, iron ore, tin, phosphates, gold, petroleum.

Major Industries: cement, brick, textiles, food processing, chemicals, slaughterhouses, and a few other small light industries; uranium mining

Niger is a landlocked, Sub-Saharan nation located in West Africa. Its economy is largely based on subsistence agriculture and livestock, as well as its large deposits of uranium. Agriculture accounts for around 40% of GDP and provides livelihoods for more than 80% of the population. However, Niger is one of the least developed countries in the world, according to the UN, due to a range of issues including food insecurity, a lack of industry, high population growth, a weak educational sector, and limited employment opportunities beyond subsistence farming and herding.

In recent years, Niger's public debt has increased due to efforts to increase public investment, particularly in infrastructure, as well as increased security spending. The government relies heavily on foreign donor resources to fund its budget. The economy has also been impacted by terrorism near uranium mines, instability in Mali and the Diffa region, and low uranium prices. In order to sustain future growth, the government of Niger plans to develop its resources in oil, gold, coal, and other minerals. However, the prolonged drop in oil prices has reduced profitability. Niger also faces ongoing issues with food insecurity and drought, and the government is planning to invest more in irrigation.

To address these challenges, Niger has received financial support from international organizations such as the IMF and the World Bank. In addition, a $437 million Millennium Challenge Account compact for Niger, starting in FY18, aims to promote sustainable increases in agricultural productivity and sales through large-scale irrigation infrastructure development and community-based, climate-resilient agriculture. However, attracting formal private sector investment for economic diversification and growth remains a challenge due to the country's limited domestic markets, access to credit, and competitiveness. Despite efforts by President ISSOUFOU to attract foreign investors, including from the US, there were no US firms operating in Niger as of April 2017. In November 2017, the National Assembly passed the 2018 Finance Law, which aims to increase government revenues and reduce reliance on international support.