Economy
The economy of Niger centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Drought cycles, desertification, a 2.9% population growth rate, and the drop in world demand for uranium have undercut the economy.
Niger shares a common currency, the CFA franc, and a common central bank, the Central Bank of West African States (BCEAO), with seven other members of the West African Monetary Union. Niger is also a member of the Organization for the Harmonization of Business Law in Africa (OHADA).
In December 2000, Niger qualified for enhanced debt relief under the International Monetary Fund program for Heavily Indebted Poor Countries (HIPC) and concluded an agreement with the Fund for Poverty Reduction and Growth Facility (PRGF). Debt relief provided under the enhanced HIPC initiative significantly reduces Niger's annual debt service obligations, freeing funds for expenditures on basic health care, primary education, HIV/AIDS prevention, rural infrastructure, and other programs geared at poverty reduction.
In December 2005, it was announced that Niger had received 100% multilateral debt relief from the IMF, which translates into the forgiveness of approximately $86 million USD in debts to the IMF, excluding the remaining assistance under HIPC. Nearly half of the government's budget is derived from foreign donor resources. Future growth may be sustained by exploitation of oil, gold, coal, and other mineral resources. Uranium prices have recovered somewhat in the last few years. A drought and locust infestation in 2005 led to food shortages for as many as 2.5 million Nigeriens.
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—Henry David Thoreau (1817–1862)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
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—Ralph Waldo Emerson (1803–1882)