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FINANCIAL NEWS
Libya’s conflict threatens Niger’s economy
03 Jul 2011
(MENAFN) Niger’s President, Mahamdou Issoufou, said that the country lost revenues from taxes trade and stemmed the flow of remittance from around 200,000 migrants who were forced to return to their country due to the Libyan crisis, reported Arab News.
Issoufou added that Niger started to encounter severe social and security outcomes from the war in Libya, adding that the tourism sector in the country was hit by security fears as a result of weapons flow from the war affected country.
He also said that he had to cut 2011’s budget by 6.55 percent to USD2.9 billion since the country lost large amounts of money in taxes after trade was restrained between the two countries.
It is worth noting that for decades, Niger has produced uranium but remains one of the poorest countries in Africa due to constant food crises.
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