✏️ BY: Dr. Hana Saada
Algiers, Algeria | June 1st, 2024 — Algeria is setting its sights on becoming a dominant force in Africa, aiming to be the continent’s second, if not the foremost, economic power. This ambitious vision was articulated by President Abdelmadjid Tebboune during his recent working visit to the wilaya ‘province’ of Khenchela, where he highlighted the nation’s strategic path towards robust economic growth and regional influence.
Strengthening Economic and Military Foundations
President Tebboune emphasized that Algeria’s strategy is built on two critical pillars: a strong economy and a formidable military. He stated, “We are working to build a strong economy that lays the foundation for development, benefiting all citizens and regions across the country.” Highlighting the integral role of the People’s National Army (ANP), he added, “A powerful nation is one that possesses a strong army and a strong economy. Our ANP is strong and will continue to enhance its capabilities.”
Tebboune also underscored the importance of national unity and internal strength, asserting, “We must be strong internally to project strength externally.” This internal cohesion is seen as essential for maintaining stability and achieving the nation’s ambitious goals.
Promising Economic Indicators
Algeria’s economic prospects appear promising, with all the necessary ingredients for substantial growth. President Tebboune predicted in March that the country’s Gross Domestic Product (GDP) would surpass $400 billion by 2026, driven by a series of strategic initiatives and investments.
Strategic Investments and Mega Projects
The government’s new economic strategy includes significant investments aimed at revitalizing key sectors. Notable projects include:
– Mining Sector: Major investments in the exploitation of iron ore at Gara-Djebilet in Tindouf, zinc and lead in Oued Amizour, Bejaia, and phosphate in the wilaya of Tébessa. These projects aim to position Algeria as a global leader in the production and export of raw materials and fertilizers.
– Agricultural Sector: A $3.5 billion agricultural mega-project in partnership with Qatar, focused on creating a giant dairy farm in southern Algeria. This initiative aims to meet 50% of the country’s powdered milk needs, significantly boosting the agricultural sector.
Positive International Outlook
International experts share Algeria’s optimistic outlook. Alexandre Mirlicourtois, Director of Economic Outlook and Forecasting at the French firm Xerfi, predicted that Algeria could ascend to the second position among African economies, a spot currently held by Egypt with a GDP of $373 billion (2022-2023).
Solid Financial Position
Algeria’s robust foreign exchange reserves further bolster its economic strength. The country leads Africa with reserves exceeding $69 billion, surpassing South Africa ($62.3 billion), Egypt ($40.4 billion), Morocco ($35.2 billion), and Nigeria ($34.3 billion). This financial stability is a testament to Algeria’s prudent economic management and the confidence of international investors.
According to the Bank of Algeria, the nation’s foreign exchange reserves witnessed significant growth in 2023 and are projected to reach $85 billion by year’s end. This financial resilience provides a strong foundation for sustained economic development and regional leadership.
Algeria’s ambitious vision, backed by strategic investments and a strong economic and military foundation, sets the stage for it to become a leading power in Africa. As the nation continues to pursue these goals, it aims to not only enhance its own prosperity but also to play a pivotal role in the economic landscape of the continent.
Translated with adaptation from:
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