• Niger saw the highest growth rate in WAEMU in 2024, reaching 8.8%, compared to 2.4% in 2023.
• The country's industrial production and oil sector saw a major boost, contributing to the strong performance.
• Despite challenges, including floods and sanctions, Niger’s economy is expected to continue growing, with a 7.9% forecast for 2025.

Niger posted the highest growth rate in the West African Economic and Monetary Union (WAEMU) in 2024, with its economy expanding by 8.8%. This is a significant increase from the 2.4% growth recorded in 2023, according to a report from the Central Bank of West African States (BCEAO) published on April 17, 2025.

While specific details on the major contributors to this growth were not provided, the WAEMU economic outlook noted that Niger saw strong performance in its oil production and agriculture sectors during the fourth quarter of 2024, contributing to a 14.4% growth in that period.

Industrial production more than doubled, with a record 138.9% growth in the fourth quarter, thanks to a massive increase in crude oil production (+374.2%) and a rebound in uranium and gold production. "Overall, mining and extraction industries saw a significant improvement of 403.9% in the fourth quarter of 2024 compared to the same period the previous year," the report highlighted.

In addition, the agricultural sector, particularly food crop production, grew by 19%, while business creation saw an increase of 39.5%. Despite challenges such as flooding, liquidity tensions in the banking sector, and restrictive financing conditions, Niger’s economy has shown resilience. Economic growth had been impacted by sanctions imposed by ECOWAS following a coup, but the country is slowly recovering, particularly through oil production. The International Monetary Fund (IMF) projects a robust 7.9% growth for Niger in 2025, though it also notes that worsening security conditions could further affect economic activity.

Regional Performance Improves

During the same period, Senegal and Benin recorded the second-highest growth rates in WAEMU, both at 6.7%. Mali had the lowest growth at 4.9%.

Overall, WAEMU’s economic growth increased in 2024, reaching 6.2%, compared to 5.3% in 2023. This growth was largely driven by a recovery in both the primary and secondary sectors. The primary sector saw strong progress, thanks to a rise in agricultural production, especially food crops, during the 2024/2025 growing season. The secondary sector benefitted from the boost in industrial and extractive activities, fueled by the start of oil production in Senegal and its expansion in Niger for export.

Inflation in WAEMU reached 3.5% in 2024, down from 3.7% in 2023. This slowdown was attributed to lower global food prices and stable petroleum product prices.

Lydie Mobio (intern)