Bank of Africa Niger's net profit rose 121.9% to 6.29bn FCFA (€9.59mn) in the first nine months of 2026, after a difficult 2025, the bank said in its third-quarter activity report, posted by the regional stock exchange BRVM on October 26. Net banking income, the lender's main revenue measure, grew 7.9% to 16.86bn FCFA (€25.7mn), while overheads fell 6.2% and the cost of risk declined 23.2%, the bank said.
Analysis: Profit rose much faster than revenue as operating expenses and provisions for problem loans declined. The cost-to-income ratio improved to 54.2% from 63.4%, while lower taxes helped push net profit growth to 121.9%. Nine-month earnings exceeded the bank's entire 2025 profit of 409mn FCFA (€624,000) by more than 15 times. Last year's weak result included a 4.29bn FCFA (€6.54mn) cost of risk, making the comparison unusually favorable. The report does not distinguish possible one-off gains from recurring earnings. Full-year accounts, expected in spring 2027, should provide a clearer measure of the recovery.
Source: Bank of Africa Niger, filed with the BRVM (regional stock exchange), Bank of Africa-Niger, Rapport d'activité trimestriel au 30 septembre 2026 (dated Niamey, 20/10/2026; posted on BRVM 26/10/2026), January–September 2026 and January–September 2025 and September 30, 2026 and 2025
Niger began selling 125 metric tons of subsidized local rice in the Zinder region on November 2, in 25-kilogram bags priced at 8,000 FCFA (€12.2) and 10,500 FCFA (€16.0) depending on the variety, state news agency ANP reported. The sale opens the second phase of a program that aims to reach at least 100,000 households in all eight regions, with the national solidarity fund FSSP contributing 300mn FCFA (€457,000).
Analysis: The cheapest subsidized bag costs roughly 30% less than imported rice in Zinder in September, while the other variety is about 8.5% cheaper, by our calculation. The comparison is indicative because local and imported broken rice are not identical products. Zinder's allocation of 5,000 bags is small relative to the national goal of reaching 100,000 households, and distribution plans for the other seven regions are not public. The program could affect retailers where stocks are available, but its wider price impact remains uncertain. October inflation data, expected around November 10, may offer an early indication.
Source: ANP (state news agency), ANP, 'Lancement officiel à Zinder de la deuxième phase de vente de riz local à prix subventionné', Abdourahamane Salifou, November 2, 2026, November 2026; Institut National de la Statistique (INS) du Niger, INS Niger, Indice Harmonisé des Prix à la Consommation (base 2023), September 2026, September 2026
Niger's cabinet created a mixed public-private company, the Niger Rail Transport Company (SNTR), on October 29 to manage rail traffic under a railway strategy of the Confederation of Sahel States (AES) with Mali and Burkina Faso, the government said. Niger has no operating commercial railway, Ecofin Agency said, while the Kano–Katsina section of the 284-kilometer Kano–Maradi line from Nigeria had passed 75% completion by end-August, according to Nigeria's transport ministry.
Analysis: The new company has no operating railway. The nearest prospective link, the Katsina–Maradi line connecting to Nigeria, is expected by end-2027, according to builder Mota-Engil, while Nigeria has set a December 2026 target for the Kano–Katsina section. EBID approved $100mn for rolling stock in September, but Niger's cabinet has not disclosed the new company's capital or ownership structure. Burkina Faso created a similar rail enterprise in 2024, illustrating the region's interest in new transport corridors. For now, freight operators and investors lack the financial and operational details needed to evaluate Niger's rail plans.
Source: Nigerdiaspora (private aggregator), Nigerdiaspora, "Niger : rail et autoroute Bamako-Ouaga-Niamey, l'AES avance", October 30, 2026, October 2026 and August 2026 and September 2026; Agence Ecofin, Ecofin Agency, "Niger Creates Railway Company, but Lack of Tracks Tests Sahel Alliance's Transport Ambitions", October 30, 2026, August 2024
Niger's equipment minister informed the cabinet on October 29 of planned public purchases for asphalt-concrete paving of the road from Arlit to Assamaka and the Algerian border, and for supervising the works, each worth at least 300mn FCFA (€457,000) under procurement rules, the government said. Arab and African lenders approved financing in 2011 for a 223-kilometer paved road on the route, at a total cost of $102mn, and the OPEC Fund lists its loan as completed.
Analysis: The cabinet notice does not clarify whether the works will upgrade, repair or complete a road financed almost 15 years ago. It also omits contract values, contractors and the current condition of the route. Because procurement of this scale must be reported to the cabinet, the contracts may still await award. The route matters for trade with Algeria, whose state oil company began supplying jet fuel to Niger in August, although the delivery route was not disclosed. Transport companies have neither a construction start date nor a completion timetable.
Source: Secrétariat général du Gouvernement, Niger (republished by ActuNiger), Communiqué du Conseil des ministres du jeudi 29 octobre 2026, full text republished by ActuNiger, 2023–; OPEC Fund for International Development, OPEC Fund for International Development, project page "Arlit-Assamaka Road Project", 2011– and Approved December 21, 2011
Groundnut haulm, a livestock feed, sold for 2,437.50 FCFA (€3.72) a 100-kilogram sack in Niamey in October, down from 2,843.75 FCFA in September, according to market data from the national network of chambers of agriculture RECA, reported by state news agency ANP. Cowpea husks fell to 10,531.25 FCFA (€16.1) a sack from 11,275 FCFA. Local bran, however, rose to 5,000 FCFA (€7.62) a 25-kilogram bag from 4,625 FCFA.
Analysis: Groundnut haulm prices fell 14.3% in October and cowpea husks 6.6%, while locally produced bran rose 8.1% and Nigerian wheat bran 3.2%, by our calculation. Cheaper roughage therefore offers only partial relief to herders and livestock fatteners who also buy supplements. Groundnut haulm remained more expensive than at the same point in the previous two years, and RECA did not publish traded volumes. Meat prices were still 11.1% above their year-earlier level in September, the statistics institute INS said. October consumer price data, expected around November 10, will indicate whether retail meat inflation eased.
Source: ANP (state news agency), ANP, 'Niamey : Les prix des aliments pour bétail poursuivent leur baisse sur les marchés (RECA)', Abdourahamane Salifou, November 2, 2026 (prices at October 31), October 2026 and September 2026; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, septembre 2026, September 2026
Chart of the week
Niger consumer price inflation, year on year, %, September 2025–September 2026
Source: statistics institute INS monthly consumer price releases; June and July 2026 as published by the regional central bank BCEAO (INS's June release gives the same −2.9%).. Source: Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, septembre 2025 (base 100 en 2023), September 2025; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, octobre 2025 (base 100 en 2023), October 2025; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, novembre 2025 (base 100 en 2023), November 2025; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, décembre 2025 (base 100 en 2023), December 2025; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, janvier 2026 (base 100 en 2023), January 2026; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, février 2026 (base 100 en 2023), February 2026; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, mars 2026 (base 100 en 2023), March 2026; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, avril 2026 (base 100 en 2023), April 2026; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, mai 2026 (base 100 en 2023), May 2026; BCEAO, BCEAO, Note de conjoncture économique des pays de l'UEMOA – août 2026, June 2026 and July 2026; Institut National de la Statistique (INS) du Niger, INS Niger, IHPC National, septembre 2026, August 2026 and September 2026.
Tender of the week
Solar equipment for 32 multiservice digital centers
Buyer
Smart Villages for Rural Growth and Digital Inclusion project (PVI), national information society agency ANSI
Scope
Supply, installation and commissioning of solar power equipment for 32 multiservice digital centers; national open tender (request for bids); sealed paper bids only, opened in public on November 18 at 9:30 a.m.
Value
Not published
Funding
World Bank (IDA), Smart Villages project P167543
Closes
Wednesday, November 18, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Niger's prices rise again after a year of deflation
10 stories with workings, from six areas: banking and prices, farming, transport infrastructure, energy, digital finance, and public finance
Four trackers, from inflation and millet prices to crude export earnings and imports, and every open tender we track, with deadlines
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
