Niger's Economy Rebounds in 2024 Thanks to Large-Scale Oil Exports and a Good Agricultural Season
Niger's economy recorded robust growth in 2024, driven by large-scale oil exports. However, short-term sources of growth remain limited and exposed to downside risks, according to the World Bank's latest economic update for Niger, published today.
The report analyzes the country's economic, and poverty trends and provides a three-year outlook. A special chapter is dedicated to analyzing Niger's agri-food system, offering recommendations for its effective transformation.
According to the report, Niger's economy grew by 8.4% in 2024, up from 2% in 2023. This acceleration was primarily fueled by the start of large-scale oil exports and strong agricultural production, supported by favorable weather conditions. Despite high inflation, including rising food prices, sustained growth contributed to a reduction of extreme poverty. Government revenues fell in 2024 due to a decrease in tax revenues – particularly trade-related taxes – leading to a reduction in investment spending. The resulting deficit, combined with a rapid accumulation of debt, led the IMF and World Bank to jointly downgrade Niger's debt sustainability risk rating from moderate to high.
' Economic growth is expected to remain relatively high in the short-term, but Niger's sources of growth – oil and rain-fed agriculture – are limited and vulnerable to shocks and volatility,' said Han Fraeters, World Bank Country Manager for Niger. ' Investing in an efficient and resilient agri-food system is crucial if Niger is to achieve long-term, sustainable, and inclusive growth.'
Economic growth is projected to slow down in 2025, due to a high base effect from 2024 but is expected to remain above 6%, supported by the continued expansion of the oil sector. Inflation is expected to ease, thanks to the strong 2024 harvest. The extreme poverty rate is project to decline in 2025-2027 if agricultural output remains robust. However, food insecurity will remain a challenge.
' If security risks are contained and efforts to expand irrigation are successful, growth could be higher,' said Danon Gnezale, Economist at the World Bank and co-author of the report. ' Several options exist to strengthen the agri-food system, including strengthening value chains and producer organizations, investing in climate-smart agriculture technologies, adopting better regulations, and improving infrastructure.'
Distributed by APO Group on behalf of The World Bank Group.
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