Niger has signed a $400 million memorandum of understanding with China National Petroleum Corp (CNPC), a state-owned oil behemoth, tied to the sale of crude oil from its Agadem oilfield.
- Niger has signed a $400 million memorandum of understanding with China National Petroleum Corp (CNPC.)
- On another end, there is a growing concern that China may be planning to establish a second military base in Africa.
- Niger’s government has harboured anti-west sentiments as it looks to initiate its style of government.
Niger state television RTN announced this development, however, it didn't provide detailed information about the specifics of the deal.
"China is a great friend to Niger; we can never say it enough," Prime Minister and Minister of Economy and Finance Ali Mahaman Lamine Zeine said at the signing ceremony, which was broadcast by RTN.
"This signature demonstrates the friendship ... and fruitful cooperation between the two states," Chinese ambassador Jiang Feng said.
On another end, there is a growing concern that China may be planning to establish a second military base in Africa, as the United States struggle to maintain its military presence in Niger.
Niger's economy
The Republic of Niger experienced a coup d'état on July 26, 2023, when President Mohamed Bazoum was detained by the presidential guard.
Since then, Niger’s government has harboured anti-west sentiments as it looks to initiate its style of government.
In an interesting turn of events, with a growth projection of 11.2%, Niger sits firmly at the top of African nations on the list of fastest-growing economies in 2024. Senegal comes next at 8.2%, according to the African Development Bank (AfDB).
While the recent political developments have raised concerns about Niger's stability and governance, they have not derailed the country's economic progress.
The Niger-Benin pipeline, with a capacity of 110,000 barrels per day (b/d), recently got completed and is expected to boost Niger's crude production fivefold, transforming it into a major exporter.
People have argued that Niger's challenges havespurred renewed efforts to address underlying issues and strengthen the country. Its zealous leadership and access to precious minerals such as Uranium, coal, and gold make for a potentially successful economy.
