Niger WT/TPR/S/118
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I. ECONOMIC ENVIRONMENT
(1) OVERVIEW
1. Niger is a landlocked country in the heart of Africa and is one of the poorest of the least-
developed countries (LDCs).  According to the UNDP, Niger is the 172nd of 173 countries as regards
its level of human development.1 Economic growth depends above all on trends in the agricultural
sector, which vary considerably according to fluctuations in rainfall as Niger has no control over itswater resources.  Due to the high rate of demographic growth, economic growth over the period
1990-2002 was too modest to lessen poverty, which affects two adults in three.
2. In order to combat poverty more effectively, in 2002 Niger drew up a poverty reduction
strategy paper (PRSP)
2 as part of the Highly Indebted Poor Countries Initiative (HIPC) and received
an important reduction in its external debt in December 2000.3  The growth strategy focuses on the
following: boosting of agriculture and livestock breeding; social services; opening up the country;
promoting the private sector, in particular exports; and good governance.  The authorities hope to
benefit from the support of WTO Members through a technical cooperation programme (Annex II.1),
which would help Niger become better integrated in international trade.
3. Following the devaluation of the CFA franc in January 1994, a macroeconomic stabilization
and structural reform programme was launched, with the support of the IMF and the World Bank.
The aim is State withdrawal from economic activity by liberalizing prices and trade and privatizing
State enterprises.  Despite the delays caused by political upheavals, Niger has been able to meet the
requirements at different stages of the programme and to complete important structural reforms.4
Nevertheless, the authorities recognize the scope of the effort that still needs to be made in order fullyto meet the macroeconomic convergence requirements laid down by the West African Monetary
Union (WAMU), incorporated into the West African Economic and Monetary Union (WAEMU).
(2) 
BACKGROUND5
4. Niger covers an area of 1,267,000 km2, of which two thirds are in the Saharan region.  It has
common borders with Algeria and the Libyan Arab Ja mahiriya to the north, Chad to the east, Nigeria
and Benin to the south, and Burkina Faso and Mali to the west.  The Niger River flows through the
western part of the country from north to south.  It is the main source of water for agriculture and isshared with neighbouring countries.
5. In 2001, Niger’s population was estimated to be around 10.8 million, corresponding to a
density of 8.5 inh/km
2.  The population is mainly concentrated in the south of the country, which has a
Sahel-type climate.  The high rate of demographic growth means that the population is young, and the
birth rate is 3.3 per cent per annum, so job creation is one of the major aims of economic policy.Some 86 per cent of the adult population is illiterate, although an improvement is expected in the
medium term as a result of the priority given by the Government since 1999 to the building of schools
and the supply of educational services.  As part of the preparation of the PRSP, studies on poverty
showed that around two thirds of the population was poor,  84 per cent of them in rural areas.  The aim
of the authorities is to lower this level by 50 per cent by the year 2015.
                                                     
1 UNDP (2002).
2 Government of Niger (2002).
3 IMF press release No. 00/76.  The nominal value of the reduction was US$890 million and the
actuarial value was US$590 million, corresponding to 53.5 per cent.
4 IMF (2000), Annex I.
5 World Bank (2002), Government of Niger (2002) and IMF (2002a).WT/TPR/S/118 Trade Policy Review
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6. In 2002, Niger’s GDP was estimated to be CFAF 1,402 billion, an increase of 9.7 per cent in
comparison with the CFAF 1,278 billion in 2001.  The main activities are agriculture and
stockbreeding (36.7 per cent), trade, tourism and transport (23.6 per cent) and the mining of uranium
and other minerals (3.7 per cent), while manufacturing is not very developed (Table I.1).  It should be
noted that these are average rates and that the data are not wholly reliable because of the size of the
informal sector, which the authorities estimate represents around three quarters of economic activity.
Table I.1
Basic economic indicators for Niger, 1995-2001(Share of GDP in current prices)
1995 1996 1997 1998 1999 2000 2001
 Primary 34.1 34.8 33.8 38.1 38.5 36.9 36.9
Agriculture 19.6 20.6 19.2 24.3 24.2 21.9 27.0
Stockbreeding 10.5 10.4 10.6 10 9.9 10.3 9.8
Fisheries and forestry 3.9 3.8 4.0 3.9 4.4 4.6 4.1
Mining and quarrying 3.9 4.0 4.0 3.3 2.6 2.9 2.5
Manufacturing, energy and crafts 8.8 8.7 8.7 7.9 8.2 8.4 7.9
Industry and crafts 6.7 6.8 6.9 6.5 7.0 7.1 6.7
Energy 2.0 1.9 1.8 1.4 1.2 1.3 1.2
Construction and public works 2.2 2.3 2.5 2.6 2.8 2.8 2.9
 Trade, transport and services 35.9 35.8 36.3 33.8 34.3 35.0 33.1
Trade 17.2 17.7 18.1 16.9 16.6 16.9 16.3
Transport 6.5 6.6 6.7 5.9 6.4 6.8 6.6
Services 12.1 11.5 11.5 11.0 11.3 11.3 10.2
Government 11.6 10.3 10.0 9.0 8.8 8.8 7.6
Source:  Authorities of Niger.
7. In 2000, per capita income was estimated to be US $169; according to the IMF, without the
debt reduction given in 2000, per capita income would be only US $410 by 2020, with an annual
growth rate of 5 per cent and a 2.9 per cent drop in the rate of demographic growth.  These figures
underline the magnitude of the economic performance required in order to reach the poverty reduction
objective set by the authorities for 2015.
(3) RECENT ECONOMIC DEVELOPMENTS6
(i) Macroeconomic indicators
8. Due to favourable rainfall in the 2000-2001 season, Niger had an exceptional rate of real
economic growth of 5.9 per cent in 2001, well above the average of 1.9 per cent for the decade
1990-2000, followed by 3 per cent in 2002 (Table I.2); the economic performance recorded before therestoration of democracy in 2000 is not indicative of Niger’s potential because of the political
upheavals the country faced during that period, which discouraged both foreign and domestic
investment.
                                                     
6 Government of Niger, “Letter of Intent and Memorandum of Economic and Financial Policies”,
8 August 2002 (on line).  Available at: http://www.imf.org [15 March 2003].Niger WT/TPR/S/118
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Table I.2
Economic indicators for Niger, 1995-2001
1995 1996 1997 1998 1999 2000 2001
(%)
Real economy
Change in real GDP 1.9 3.9 2.4 9.8 -1.6 -0.2 5.9
- Primary -1.4 4.8 -0.2 19.6 1.0 -4.6 10.3
- Secondary -0.3 4.9 4.7 3.7 -8.0 2.3 4.9
 - Tertiary 5.4 2.9 3.5 5.0 -1.5 2.6 2.8
(CFAF billions)
External economy
Current transactions -74.4 -55.6 -77.9 -89.9 -84.6 -74.2 -67.7
- Balance in goods -8.6 -13.4 -16.5 -41.2 -29.9 -29.2 -43.1
   - Exports, f.o.b. 143.8 166.3 158.5 197.0 176.6 201.2 199.7
   - Imports, f.o.b. -152.4 -179.7 -175.0 -238.3 -206.5 -230.4 -242.8
- Net services -58.2 -60.7 -66.8 -69.1 -64.9 -67.2 -66.3
- Current transfers 15.7 32.7 22.2 34.3 22.1 33.7 52.7
Financial transactions current account 29.5 47.6 37.3 41.1 38.2 39.4 n.a.
Debt reduction 1.6 44.3 14.1 26.8 7.5 157.7 n.a.
Overall total -35.1 -31.8 -32.6 -41.9 -46.6 -21.7 n.a.
n.a. = not available.
Source: Authorities of Niger; IMF (2002a), Government of Niger (2002), Table 10.
9. With regard to the external economy, since 1995 Niger has had a deficit in its current
transactions balance.  This is, however, decreasing and fell from 8 per cent of GDP in 1995 to 6 per
cent in 2000.  This can be explained by the deficit in trade in goods, partly offset by current transfers.
The trade balance deficit tends to increase when there is a downturn in agricultural production
because of increased imports of cereals or when there is an upward trend in global prices of
hydrocarbons, which Niger does not produce (see section (4)).  An improvement in the financial
transactions account, due in particular to the debt reduction in 2000, points to an overall deficit of
CFAF 32.7 billion in 2001.
(ii) Monetary and exchange policy
(a) Institutional arrangements
10. Niger is a founding member of the WAEMU, set up in 19947, which complements the West
African Monetary Union (WAMU) by an economic integration component (Chapter II(4)(ii)),
incorporating the measures already adopted, for example a common currency administered by theCentral Bank of West African States (BCEAO) , a specialized autonomous institution of the
WAEMU.
8 Consequently, the member countries of the WAEMU have common monetary and
                                                     
7 The WAEMU Treaty was signed on 11 January 1994 by Benin, Burkina Faso, Côte d’Ivoire, Mali,
Niger, Senegal and Togo; Guinea-Bissau acceded to the Treaty on 1 January 1997.  WTO document
WT/COMTD/N/11 of 3 February 2000.
8 Monetary cooperation among member countries of the WAMU (created in 1962 with a new Treaty
signed in 1973) and France, dates back to the colonial era.  The BCEAO is the result of a monetary cooperationagreement signed with France in 1972 and supplemented by the transactions account agreement of 1973.WT/TPR/S/118 Trade Policy Review
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exchange policies.  Niger accepted Article VIII of the Articles of Agreement of the IMF on
1 June 1996.
11. The franc of the CFA (African Financial Community) is the WAMU’s currency unit.  Until
1 January 1999, when the euro became the currency of countries belonging to the European Monetary
Union, including France, the CFA franc had fixed parity with the French franc.9  The CFA franc now
has fixed parity with the euro:  CFAF 1,000 = €1.52449017.10 The introduction of the euro did not
lead to any substantial changes as far as the arrangements in the franc zone are concerned.11
12. The BCEAO is responsible for issuing CFA francs and ensuring their stability.  Its
responsibilities are set out in its articles of inco rporation as follows: to implement the monetary policy
guidelines defined by the WAMU Council of Minister s; to transact exchange operations; to hold and
administer member countries’ exchange reserves; and to promote the proper functioning of theUnion’s system of payments.  Consequently, there is no monetary policy at the national level.
13. The BCEAO defines its monetary policy in such a way as to maintain the rate of external
cover for the currency at a satisfactory level and to sustain economic activity in member countries
without inflationary pressure.  It supports each member country’s monetary policy by fixing
objectives for the money supply and credit on an annual basis.  These take into account the generalfinancing needs of each member country’s economy and the resources needed to meet them, as
determined by each national credit committee.  There are ceilings for advances to National Treasuries,
which are subject to an interest rate fixed by the BCEAO, with a penalty if the ceiling is exceeded.
Advances have now been frozen at the 31 Decem ber 2002 levels while awaiting the consolidation
planned by the monetary authorities.  The long-term objective is gradually to guide States towards
financial markets by issuing public securities.
14. Maintaining a common monetary policy calls for financial discipline on the part of each
country belonging to the Union, which keeps its own decentralized economic policy.  The WAEMU
has established a Convergence, Stability, Growth and Solidarity Pact
12, subject to multilateral
monitoring, based on the European Union’s preparations for monetary union.  Since 2000, each of the
WAEMU’s member States has been subject to this Pact.  According to the latest reports from the
WAEMU Commission, dating from December 2002, Niger could have met one of the eightconvergence criteria before the expiry of the timetable set for 2002 – an inflation rate of below 3 per
cent.
13
(b) Foreign exchange regulations14
15. Foreign exchange transactions in euros between the BCEAO and Niger’s commercial banks
are at a fixed rate, as are exchange transactions by economic operators.  In addition, the buying andselling rates for other currencies are determined on the basis of the rate for the euro on the foreign
exchange market.
                                                     
9 When the CFA franc was devalued by 50 per cent in 1994, the fixed rate became CFAF 1,000 = F 10.
10 The same parity applies to the CFA (Central African Financial Cooperation) franc, which is the
currency of the member countries of the Central African Economic and Monetary Union (CEMAC), whosestructure is similar to that of the WAEMU.
11 Decision of the Council of the European Union of 23 November 1998 concerning exchange matters
relating to the CFA franc and the Comoran franc (98/683/EC).
12 Additional Act No. 4/99.
13 WAEMU Commission (2002).  For a description of the convergence criteria, see IMF (2001).
14 IMF (2002b).Niger WT/TPR/S/118
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16. All exchange operations in Niger must go through intermediaries approved by the Ministry of
Finance, which verifies the exchange operations related to exports or imports ex post facto  on the
basis of the statistical registration form issued at the single window for foreign trade formalities of the
Chamber of Commerce, Agriculture and Industry of Niger (CCAIN).  Any bank transfer to a third
country (not a member of the WAEMU) is subject to an exchange tax of 0.25 per cent paid to the
Ministry of Finance.  For operations between member countries of the WAEMU, the statisticaldeclaration forms are issued directly by the single window.
17. For economic operators in Niger, Article 5 of the Investment Code (Chapter III(4)(ii))
stipulates that access to foreign currency and freedom to transfer capital must comply with the rules of
the franc zone.  The following are the main provisions:
- Sums to cover operations relating to current transactions may be freely transferred
subject to the submission of supporting documents;
- the obligation to repatriate earnings from exports to countries outside the WAEMU
and their conversion into CFA francs;
- in principle, capital may enter freely from any country;
- outflow of capital to countries outside the WAEMU is subject to verification based on
the submission of supporting documents (declaration giving the reasons for the
transfer and issue of a transfer authorization by the services of the Ministry of the
Economy and Finance).
15
Niger allows foreign investors to repatriate capital invested and the profits from their operations, and
to repatriate savings on the salaries of expatriate staff (Chapter III(4)(ii)).
(iii) Budget policy
18. Since the launching of the post-devaluation programme in 1994, Niger’s objective has been to
control government expenditure by monitoring current spending and increasing revenue.
Considerable progress was made: between 1995 and 2002, revenue increased from 7.2 per cent of
GDP to 9.2 per cent, while current spending increased from 11.3 per cent of GDP to 12.2 per cent.
The budget deficit (excluding grants) remained at around 8 per cent of GDP due to increased
investment spending by the Government (5.7 per ce nt of GDP), largely financed by external funds.
Between 1995 and 2001, the base global deficit showed a favourable trend, but its level of 3.4 per cent
in 2001 exceeded the WAEMU’s community figure.
19. The rise in revenue was achieved in the context of trade liberalization within the WAEMU,
the effect of which is to lower import duties and consequently revenue.  The following are the
principal measures taken by the authorities: the introduction of value-added tax (VAT) at a single ratein 1994 (17 per cent and subsequently 19 per cent); a decrease in the number of exemptions granted
under the Investment Code, inter alia, privatized enterprises became ineligible for the Code’s
incentives; streamlining of the taxation regime; better procedures for collecting duties, taxes and
charges; and the application of sanctions for non-compliance.  Nevertheless, the authorities draw
attention to the difficulties faced in improving the collection of revenue because of the size of the
                                                     
15 According to the provisions of Article 6 of Regulation No. 09/98/CM/UEMOA on financial relations
among member States of the WAEMU, investment, loans, deposits and in general all capital movements amongmember States of the WAEMU are free and not subject to restrictions, pursuant to Articles 76, paragraph (d), 96and 97 of the WAEMU Treaty and Article 4 of the WAMU Treaty.WT/TPR/S/118 Trade Policy Review
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informal sector, particularly as regards international tr ade.  It is difficult to identify operators in the
informal sector and, even when they are identified, import duty is applied at a flat rate.  In 2002,
import duties accounted for 32.19 per cent of budget revenue.
20. As regards spending, Niger has also taken considerable measures to exert better control.  It
has continued with the reforms introduced with a view to limiting the number of employees and
controlling the payroll so as to rationalize the ci vil service and modernize the administration and thus
provide a more efficient public service.  The authorities have also adopted priority action focusing on:
rationalization and strict control of subsidies; controlling and restructuring current expenditure, in
particular by taking into account the recommendations made in reviews of government spending in
the health, education and agricultural sectors; im proving and ensuring observance of the procedures
for awarding government procurement contracts.  As  far as improving the institutional framework for
the preparation, implementation and follow-up of the budget is concerned, these reforms have been
completed by the application of the State’s new harmonized budgetary nomenclature and accounting
plan since 1 January 2003.  This important reform will strengthen transparency and good governance
in relation to government finance, as well as budget administration as a whole, by including
operational and investment expenditure in a single budget.
21. Although Niger benefited from a large reduction in  its public external debt in 2000, the debt-
servicing indicators continue to raise questions of  sustainability and compatibility with the PRSP’s
objectives.  On average, the external debt servicing figure for countries benefiting from the HIPC
Initiative should be 8.8 per cent of exports over the period 2001-200516, a criterion which in principle
also applies to Niger.17  However, the accumulation of arrears during the period 1997-99 and revised
figures for the stock of debt raised Niger's debt service to around 30 per cent of export earnings in
2002.  It is estimated that servicing the external and internal debt will absorb around half of budgetrevenues in 2002, the same level as before the reduction.  Nevertheless, the Government will continue
to pursue a prudent debt policy in order to ensure the medium- and long-term viability of its debt.  In
pursuit of this aim, the authorities are seeking new external financing, giving priority to the
mobilization of non-reimbursable aid and the negotiation of loans on highly concessional terms.  Non-
accumulation of further internal and external arrears is an equally important priority.
(4) 
TRENDS IN TRADE
(i) Breakdown of trade
22. The structure of Niger’s exports has changed little since 1995 (Table I.3).  Uranium is still the
major export product, with a share of 61 per cent in 2002, although this is less than in the 1980s.  Live
animals come next, followed by fresh vegetables such as cowpeas and onions.  The absence of exportsof manufactures should be noted; it is the result of the low level of development in this sector of
Niger’s economy (Chapter IV(4)), even though manufactures (especially automobile products) appear
among the re-exports, particularly to Nigeria.  On the other hand, manufactures occupy an important
place among imports, under agro-food products as well as under chemicals and transport machinery
and equipment (Table I.4).  Niger also imports fuel and rice.
                                                     
16 IMF (2000c), Table 3.
17 IMF (2000), p. 24.Niger WT/TPR/S/118
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Table I.3
Structure of exports, 1995-2002
(Percentage)
1995 1996 1997 1998 1999 2000 2001 2002
Primary products 99.0 98.7 99.0 98.4 99.1 98.5 98.6 98.6
Agriculture 17.9 33.5 26.6 30.1 37.3 47.4 40.4 37.0
Food products 17.9 33.3 26.1 29.6 36.7 47.0 40.1 36.6
Live animals (sheep and goats) 2.2 6.5 7.2 6.0 7.8 13.6 15.0 12.8
Live animals (bovine) 3.8 10.1 7.0 6.9 8.4 12.2 10.7 8.5
Other vegetables 9.2 11.9 7.4 11.5 11.8 8.5 3.9 4.4
Products of the mining and quarrying
industries81.1 65.2 72.4 68.361.8 51.1 58.361.6
Mineral ores and other minerals 81.0 65.2 72.4 68.3 61.8 51.1 58.2 61.6
Uranium 81.0 65.1 72.3 68.2 61.3 50.5 57.7 61.1
Manufactures 0.9 0.5 1.0 1.6 0.9 1.5 1.4 1.4
Source: Authorities of Niger.
23. According to official statistics, the EU is Niger’s leading trade partner.  The EU’s share of
exports in 2001 was 40.3 per cent (Table I.5) and its share of imports 28.8 per cent (Table I.6).
Uranium is Niger’s major export to the EU and Niger’s output is used principally to meet the fuel
needs of French nuclear power stations and, to a less er extent, those of Japan.  Exports from the EU to
Niger are mainly manufactures, especially automobile products (32 per cent of the total in 2000) and
agro-food products.  The WAEMU countries are also among Niger’s principal suppliers.
24. Nigeria is Niger’s second most important trade partner, with an export share of 37.1 per cent
and a 10.3 per cent share of imports in 2001.  It is the main destination for Niger’s exports of
livestock products and fresh vegetables.  According to  a study by Niger’s authorities, Nigeria is also
the destination for substantial trade in the re-export of products imported into Niger (for example,
cigarettes between 1995 and 1998, and textiles in 2000).18 The value and composition of re-exports
changes greatly from year to year depending on the sp eculation that is typical of this type of trade.
Niger’s imports from Nigeria are principally fuel, electricity, fertilizer and cereals, although the latter
varies depending on the harvest in Niger.
                                                     
18 Government of Niger, Ministry of Finance (2000).WT/TPR/S/118 Trade Policy Review
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Table I.4
Structure of imports, 1995-2002
(Percentage)
1995 1996 1997 1998 1999 2000 2001 2002
Primary products 49.0 50.8 61.1 59.6 59.3 59.6 64.8 60.9
   Agriculture 35.6 38.9 49.4 46.6 45.5 42.9 49.4 44.1
    Food products 35.4 38.9 49.4 46.6 45.5 42.7 49.3 44.1
          Rice 7.6 10.1 15.5 13.7 12.0 11.7 16.5 16.3
          Palm oil 7.3 7.6 8.6 8.7 11.1 7.5 6.9 7.9
          Other beet or cane sugar, raw 10.1 9.0 9.3 8.6 7.3 6.7 5.3 3.6
          Cigarettes 1.9 2.9 4.4 4.9 5.6 4.8 5.6 4.8
          Wheat or meslin flour 0.7 1.9 3.9 3.9 3.7 4.1 4.7 4.4
           Milk and dairy cream, condensed
           or sugared5.8 5.0 5.0 4.33.8 4.1 4.53.8
Products of the mining and quarrying industries 13.0 11.9 11.8 13.1 13.8 16.7 15.4 16.8
      Fuel 11.2 10.3 10.0 11.8 12.7 15.4 14.4 16.0
Manufactures 51.3 49.2 38.9 40.4 40.7 40.4 35.2 39.1
Chemicals 18.7 17.2 15.4 15.7 13.4 16.2 12.1 12.4
Automobile products 10.0 10.6 2.9 6.2 6.8 6.6 6.6 6.0
Source: Authorities of Niger.
Table I.5
Exports by destination, 1998-2001(Percentage)
1998 1999 2000 2001
  Europe 51.0 43.2 34.3 40.5
  European Union 50.9 42.9 34.2 40.3
      France 46.9 38.7 30.6 36.4
      Spain 3.6 4.0 3.2 3.8
  Asia 15.9 17.4 14.0 16.5
  Japan 15.9 17.3 13.9 16.5
  Africa 32.0 39.4 48.9 42.6
  Nigeria 20.6 28.5 39.8 37.1
  WAEMU 8.0 7.3 5.9 3.1
Source: Authorities of Niger.
25. It should be noted, however, that the composition and geographical structure of trade is
difficult to circumscribe because of the importance of informal channels.  According to the studyfurnished by Niger’s authorities, Niger’s trade with Nigeria is difficult to estimate because of the
informal channels that operate across the very long and badly controlled border with Nigeria; the
study indicates that imports are underestimated by 212 per cent and exports by 41 per cent.
19  Th e
asymmetry between imports and exports is attributable to the incentive for fiscal fraud that exists as
far as imports are concerned because Nigeria is not a member of the WAEMU but of the ECOWAS,in which economic integration is much less advanced (Chapter II(4)(ii)).
                                                     
19 Ministry of Finance (2000), Analyse des liens économiques entre le Niger et le Nigéria.Niger WT/TPR/S/118
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Table I.6
Imports by origin, 1998-2001
(Percentage)
1998 1999 2000 2001
  America 8.0 5.2 5.7 7.4
    United States 6.4 3.3 5.0 5.8
  Europe 42.7 37.5 33.1 30.1
    European Union 41.3 35.0 31.7 28.8
         France 26.3 22.4 19.6 19.1
          Netherlands 1.7 1.9 2.8 1.7
  Asia and Middle East 18.3 22.1 21.7 24.2
    China 4.1 8.3 8.4 6.4
    Japan 4.7 6.3 5.9 4.8
    Pakistan 3.8 3.3 2.6 6.2
  Africa 28.6 33.3 37.9 37.3
    WAEMU 16.0 20.7 22.7 22.1
    Benin 1.8 2.1 2.8 1.9
    Côte d’Ivoire 10.9 15.1 14.2 14.6
    Togo 1.4 2.2 2.6 2.7
     Nigeria 8.9 8.0 10.1 10.3
Source: Ministry of Finance and the Economy (2002), Commerce extérieur, Résultats définitifs .
(5) OUTLOOK
26. The restoration of democracy in 2000 and the conclusion of peace agreements covering the
national territory have made it possible to envisage new economic prospects for Niger, even though
economic performance and social well-being are still vulnerable to rainfall, which remains a major
concern.  The large reduction in Niger’s external debt granted by donors in 2000 means that it should
eventually be possible to develop human capital through increased spending on the relevant socialservices which encourage this, for example, health and education.
27. Niger has made important progress in its macroeconomic stabilization and structural reform
programme currently under way.  The authorities are counting on annual growth of 4 per cent on
average for 2001-2005, which should raise per capita income by 0.7 per cent a year and reduce
poverty by two points.  For the future, the authorities are aware of the importance of achieving the
objective of controlling government finance and enhancing the quality of government spending in the
context of the PRSP, and also of completing the structural reform.
28. Niger’s economic and financial prospects in 2003 will depend on the settlement of the crisis
that has affected Côte d’Ivoire since September 200 2 and the evolution of the international situation,
particularly as regards the price of petroleum products.  The Government’s efforts in 2003 are aimed
at consolidating the progress made since June 1999, particularly the improvement in government
finance and the accelerated implementation of the poverty reduction strategy.  The majormacroeconomic objectives for 2003 are the following:  to achieve a rate of growth in real GDP of
4 per cent; to maintain the level of inflation below 3 per cent; and to limit the deficit in the balance of
payments current account (excluding government transfers) to 9 per cent of GDP.