Africa Business News

Here Are The Richest Countries in Africa

It is Nigeria, a country in West Africa, which stands out as the most powerful economy on the continent. With a GDP estimated at $477 billion in 2022, Nigeria is at the top of the ranking of the richest African countries, ahead of Egypt and South Africa.

According to IMF growth projections, this ranking should not experience any upheaval in the years to come. Nigeria, the most populous country on the continent, with more than 200 million inhabitants, will remain Africa’s leading economy for a long time to come. 

The country should even see its wealth grow and reach a GDP of 915 billion dollars in 2028. It would thus widen the gap with Egypt, the second economic power in Africa.

Rankings of the richest countries may vary depending on the criteria used, such as gross domestic product (GDP), per capita income, or other economic indicators. Here is a general list based on GDP in purchasing power parity (PPP) terms for recent years. However, these rankings may change depending on updated economic data:

Nigeria: As the most populous country in Africa, Nigeria has a diversified economy, particularly in the oil and gas sectors.

South Africa: South Africa has a diversified economy with sectors such as mining, agriculture, and services.

Egypt: Egypt has a diversified economy with sectors such as tourism, oil and gas, and agriculture.

Algeria: Algeria has significant oil and natural gas reserves, which contribute significantly to its economy.

Morocco: Morocco has a diversified economy, with sectors such as tourism, agriculture, industry and services.

Angola: Oil and natural resources play a key role in Angola’s economy.

Kenya: Kenya is a regional economic center with a diversified economy, including the service sector, agriculture, and tourism.

Ghana: Ghana’s economy is supported by sectors such as agriculture, oil and gas, and services.

Tanzania: Agriculture, tourism and natural resources contribute to Tanzania’s economy.

Ethiopia: Ethiopia is experiencing rapid economic growth, with sectors including agriculture, manufacturing, and infrastructure.

Source: Africa News