Niger is a uranium-rich region; the naturally occurring element is mined in an area to the west of the Aïr Mountains, approximately 900km northeast from Niamey. The prevalence of uranium puts Niger among the top five uranium producers in the world and its export constitutes two thirds of foreign revenue. Other raw materials mined in Niger include coal, gold, iron, tin and a number of other minerals; the first goldmine was opened in 2004.
Oil has been discovered in Niger, and with the help of funds provided by Chinese investment, an oil refinery and pipeline have been built. It is predicted that oil production in the region is to grow exponentially over the coming years.
As highlighted by its low position on the UN’s Development Index, Niger is a very poor nation; as such, it receives a great deal of international support in the form of foreign aid and debt relief. In 2005, the International Monetary Fund wiped 80 million dollars off Niger’s national debt.
Niger is predominantly a cash-based society, with very few of the local establishments accepting credit cards, even some of the high-end hotels and restaurants.
If one plans on working in Niger, a work visa is required. One needs to present documents including passport and a letter from the company that one plans to conduct business on behalf of while in Niger to the relevant embassy.
A sponsorship is required: a work contract or a letter of invitation from a company may be necessary in order to obtain a work permit in the country.
Niger’s currency is the CFA Franc (XOF), the currency of the African Financial Community Zone.
Regarding personal taxation, any individual whose tax domicile is registered in Niger is subject to a progressive tax that begins at 1% for an income between 0 XOF to 25,000 XOF; then progresses to 35% for those with an income above 1 million XOF.
A company is granted residence in Niger if its registered office, permanent establishment or center of activities is located within the nation. The company is then liable for corporate taxation at a rate of 30% on profits. Dividends are subject to 10% withholding tax, and any interest generated, at a rate of 20% withholding tax. Any royalties paid to non-residents are subject to a withholding tax of 10%. Both of the latter rates are mitigated if the company is in possession of a tax treaty.