Official speeches in Niamey continue to celebrate a clean break with the old economic order, yet the figures compiled by the Central Bank of West African States paint a far less flattering picture. When the 2024 fiscal year closed, Niger’s net international investment position sat deep in negative territory, a clear sign that the national economy still leans heavily on capital owned beyond its borders.

Assets and commitments: the size of the gap

At the end of 2024, the financial obligations Niger owed to non-residents had climbed to 12,933.5 billion FCFA. Set against that, the financial assets held by Nigerien residents abroad amounted to only 1,356.9 billion FCFA.

The distance between those two numbers is difficult to overstate. Most of the infrastructure, capital and claims that keep the country running remain in the hands of foreign investors and institutions, leaving residents in control of only a modest slice of their own wealth.

Private companies absorb the largest share of the burden

Contrary to a widely held assumption, this external financial grip is not limited to the sovereign debt contracted by the public treasury. A closer look at the liabilities shows how the weight is distributed:

• 59.4% of the total — 7,685 billion FCFA — is carried by non-financial corporations, reflecting the dominant position of multinationals and foreign investors in strategic sectors such as oil, mining and telecommunications.
• 34.2% — 4,428.7 billion FCFA — falls directly on the public administration in the form of external debt.
• The remaining balance is split between the central bank and the commercial banking sector.

These are not merely accounting entries. The prominence of foreign private capital shows how much of Niger’s growth capacity is decided by the choices and arbitrage of outside investors rather than by domestic actors.

The geography of the debt: new creditors, same dependence

Where the money comes from further weakens the narrative of an economy that has slipped free of external tutelage. The category labelled “other countries” — partners outside the euro area and outside the West African Economic and Monetary Union, with China leading the group — alone accounts for 78% of Niger’s external financial commitments. The euro zone now weighs in at roughly 18%, while regional financial integration within the union remains marginal, at close to 5%.

By trading traditional lenders for new hegemonic creditors, Niger has not conquered its financial sovereignty; it has simply changed guardians. With more than 12,900 billion FCFA owed to the outside world, the margin for manoeuvre available to the authorities is narrow — a reminder that political rhetoric alone cannot erase the realities of economic dependence.

By Mariama Hamani — Analyst