A debt reality that contradicts the official narrative

For years, the message from Niamey has been one of economic liberation and a clean break from foreign influence. Yet the consolidated figures from the Central Bank of West African States paint a starkly different picture. At the close of 2024, Niger’s international investment position stood deeply in the red, exposing a structural reliance on external capital that shows no sign of easing.

Assets versus obligations: a widening gulf

The numbers are difficult to ignore. Niger’s financial liabilities to the rest of the world reached a staggering 12,933.5 billion FCFA. Against this, the financial assets held by Nigerien residents abroad amounted to just 1,356.9 billion FCFA.

This immense gap tells a simple story: the national economy remains largely owned beyond its borders. The bulk of infrastructure, capital and credit that keeps the country moving is still controlled by non-resident actors, leaving little room for genuine economic self-determination.

Private companies carry the heaviest burden

Contrary to a common assumption, this external financial grip is not limited to sovereign debt taken on by the public treasury. A closer look at the liability breakdown reveals a more complex reality:

• Non-financial corporations account for 59.4% of total liabilities, or 7,685 billion FCFA. This reflects the overwhelming presence of multinationals and foreign investors in strategic sectors such as oil, mining and telecommunications.
• General government holds 34.2%, equivalent to 4,428.7 billion FCFA, in the form of external debt.
• The remaining balance is split between the central bank and commercial banking institutions.

Far from being a mere accounting entry, the dominance of foreign private capital means that the engines of national growth respond directly to the decisions and capital allocations of outside players.

A shift in geopolitical dependence, not a solution

The geographic distribution of these liabilities dismantles any claim of escaping external oversight. The category of “other countries” — which includes partners outside the eurozone and outside WAEMU, with China at the forefront — alone represents 78% of Niger’s external financial commitments. The eurozone now accounts for roughly 18%, while regional financial integration within WAEMU remains marginal at close to 5%.

By swapping traditional lenders for new hegemonic creditors, Niger has not achieved financial sovereignty — it has simply changed guardians. With more than 12,900 billion FCFA in external liabilities, the government’s room to manoeuvre is exceptionally narrow. The figures serve as a reminder that political rhetoric alone cannot erase the hard facts of economic dependence.