Niger's economic growth to hit 7.5 percent in 2014 on oil

NIAMEY (Reuters) - Niger's economic growth will hit 7.5 percent in 2014 from a revised 5.9 percent this year on improved petroleum production at its Agadem oil field, the government said in a budget report seen on Monday.

The Sahel nation and the International Monetary Fund trimmed Niger's 3.6 trillion CFA franc economy from 6.2 percent growth this year due to security concerns weighing on its uranium mining sector and power outages.

An Islamist suicide attack on a uranium mine operated by France's Areva in the northern town of Arlit in May, shut down production for more than a month. Uranium accounts for more than 40 percent of exports from Niger, the world's fourth largest producer.

However, that Niger's economy will bounce back next year, the government said in the report seen by Reuters.

"Based on the assumptions in the 2014 budget, real rate of economic growth is projected at 7.5 percent," it said.

A $3.74 billion budget adopted for 2014, up 22 percent on the previous year, took into account improvement on oil production and a decrease in interest payments on debt for its share of the country's Zinder oil refinery, it said.

Niger owns a 40 percent stake in the 20,000 bpd capacity refinery, a joint venture with China National Petroleum Corporation.

Niger, which ranks bottom in the world in U.N. human development index, deployed some 680 troops to neighbouring Mali to fight the growing Islamist threat as part of a French-led military intervention.

Source: http://news.yahoo.com/nigers-economic-growth-hit-7-5-percent-2014-065414992--finance.html
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