Last updated on December 11th, 2023 at 05:17 pm
Africa is no stranger to political and economic instability, something that has been the root cause of extreme poverty on the continent. But African countries have a huge potential to improve their economy despite appalling economic conditions.
The region is rich in natural resources having arable land, water, wildlife, forest, minerals, oil and natural gas. As per UNEP, it is home to at least 30% of the planet’s mineral reserves, 12% of the oil reserves and 8% of the natural gas.
Africa is a resourceful region and Nigeria in the west of the continent stands out as the most powerful economy. With a Gross Domestic Product estimated at $477 billion in 2022, Nigeria is at the top of the ranking of the richest African countries, leaving behind Egypt and South Africa.
International Monetary Fund growth projections suggest this ranking should not experience any upheaval in the years to come. Nigeria, the most populous country on the continent, will remain Africa’s leading economy for a long time to come.
Home to more than 200 million inhabitants, the country should even see its wealth grow and reach a GDP of $915 billion in 2028, thus widening the gap with Egypt, the second economic power in Africa, in the northeastern part.
Rankings of the richest countries on the continent may vary depending on the criteria used, such as GDP, per capita income, or other economic indicators. Read on for a general list based on GDP in purchasing power parity (PPP) terms for recent years.
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Nigeria: It has a diversified economy, particularly in the oil and gas sectors.
South Africa: It has a notable focus on several sectors, including mining and agriculture.
Egypt: It also has a diversified economy with sectors such as tourism, agriculture, and oil and gas.
Algeria: Its significant oil and natural gas reserves substantially contribute to its economy.
Morocco: Tourism, agriculture, industry and services are some of the key sectors part of Morocco’s diversified economy.
Angola: Oil and natural resources play a major role here.
Kenya: It is a regional economic centre and has a prominent focus on the service sector, agriculture and tourism, among others.
Ghana: Agriculture, oil and gas, and services support Ghana’s economy.
Tanzania: It receives substantial support from agriculture, tourism and natural resources.Ethiopia: It is experiencing rapid economic growth. Sectors including infrastructure, manufacturing and agriculture are noting progress.
