Africa’s Third Economy: Algeria Cuts Imports, Achieves Fuel Self-Sufficiency
President Abdelmadjid Tebboune announced that Algeria has established itself as the third largest economy in Africa, highlighting substantial progress in the nation's economic transformation. Speaking to economic operators, the President noted a significant reduction in the national import bill, which has decreased from $62 billion to between $40 billion and $42 billion, without impacting the availability of goods for citizens. This development reflects the government's efforts to strengthen the national economy and achieve greater financial autonomy.
Further demonstrating economic strides, President Tebboune confirmed that Algeria has achieved full self-sufficiency in gasoline, with no imports of the fuel by Sonatrach since 2023. The nation aims for complete self-sufficiency in diesel by 2027, coinciding with the operationalization of the Hassi Messaoud refinery. Additionally, Algeria has increased its domestic production of medicines, now meeting 84% of its needs, a considerable rise from just 10% a decade ago. The country's economic growth rate has reached 3.9%, a figure the President contrasted with lower rates in some other robust economies.
The President also elaborated on Algeria's ongoing transition from a managed economy to a free economy, a complex shift few nations have navigated. He specified that the private sector now constitutes 85% of the national economy, with the public sector accounting for the remaining 15%, which includes productive public enterprises. Despite this fundamental transformation towards economic liberalization, President Tebboune affirmed the Algerian state's unwavering commitment to its social role, ensuring the protection of citizens and the preservation of social balances throughout this period of economic adjustment and growth.
