Confidus Solutions logotype

Confidus Solutions

Economy of Niger

Niger is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Niger may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Niger exports around $1.54 billion and imports roughly $2.31 billion. 0.3% of population in the country are unemployed. The total number of unemployed people in Niger is 66,934. In Niger, 44.1% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Niger is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 4.5% of GDP. The Gini Index of the country is 34. Niger is experiencing good equality. The majority of citizens in Niger fall within a narrow range of income, although some cases may show significant differences. Niger has a Human Development Index (HDI) of 0.337. Niger has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Niger is 2.32. The strength of legal rights index for Niger is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Niger is West African CFA Franc. The plural form of the word West African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XOF. The West African CFA Franc is divided into Centime; there are 100 in one CFA Franc.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Niger.

Central bank

In Niger, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of West African States. Locally, the central bank of Niger is called Banque Centrale des États de l'Afrique de l'Ouest, BCEAO. The average deposit interest rate offered by local banks in Niger is 3.5%.

Public debt

Niger has a government debt of 52.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Niger is set at 30%. Personal income tax ranges from 7% to 24%, depending on your specific situation and income level. VAT in Niger is 19%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Niger is $18003 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Niger was last recorded at $1 million. PPP in Niger is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Niger is 7,407 billion. Based on this statistic, Niger is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Niger was last recorded at $0 million. The average citizen in Niger has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Niger averaged 6.3% in 2014. According to this percentage, Niger is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Niger.

Industry

Major industries in the country are uranium mining, petroleum, cement, brick, soap, textiles, food processing, chemicals, slaughterhouses. The total labor force of Niger is 8,438,930 people, wherein 0.3% of population in the country are unemployed. The total number of unemployed people in Niger is 66,934. The Industrial Production growth rate of Niger is 5.1%.To read more about industrial information within Niger click on industry of Niger.

Agriculture

There are 144784 km2 of arable land in Niger, and it comprises 11% of the country's total territory. There are 144911 km2 of cultivated land in Niger. The country's major agricultural crops and products are cowpeas, cotton, peanuts, millet, sorghum, cassava, rice, cattle, sheep, goats, camels, donkeys, horses, poultry.To read more about agriculture click on agriculture of Niger.