Africa is home to some of the richest countries in the world mainly due to the benefit of its rich natural resources, diversified economies, geopolitical positions, and access to markets which continue to attract investors. In 2022, Nigeria’s GDP amounted to nearly $477.4 billion, which is rated as the highest in Africa.
According to statistics provided by the World Population Review,ranked according to overall GDP, these are currently the top 10 richest countries in Africa.
1. Nigeria: GDP – $440,834 billion:
Earning the highest GDP in Africa, Nigeria takes the top spot as Africa’s largest economy. Rapid growth in its financial sector and leadership in petroleum exports fuel its economic prowess. Lagos being the second-largest metropolitan area in Africa has also established itself as a major tech hub, attracting foreign investment.
2. South Africa — $419,015 billion:
South Africa ranks at second place. Major contributing factors towards South Africa’s economic strength is their diversified economy that includes mining, manufacturing, agriculture, and services. Rich mineral resources including gold and platinum further contribute towards its growth. Johannesburg is also a major financial hub for Africa, home to the Johannesburg Stock Exchange (JSE), which is one of hte largest stock exchanges in the world.
3. Egypt — $404,143 billion:
Egypt’s economy boasts diverse industries, from tourism to agriculture to textiles and petroleum. The country’s strategic location at the crossroads of Africa and the Middle East enhances its significance on the continent. Egypt also has one of the longest histories of any modern country, arising in the tenth millennium BCE as one of the world’s first nation states.
4. Algeria — 163,044 billion:
Algeria is abundant in oil and natural gas reserves. The country’s petrochemical industry contributes to its overall GDP positioning the nation as a major economic force in North Africa. Historically, hydrocarbons have been the backbone of Algeria’s economy, providing significant portion of its public sector revenues and expert earnings.
5. Morocco — $142,866 billion:
Morocco shines as one of the most competitive economies in Africa with its vibrant tourism and agriculture sectors, and investments in renewable energy and industrialization. The country also holds the status as the world’s largest exporter of phosphates, a critical mineral resource used in fertilizers.
6. Ethiopia — $111,271 billion:
Ethiopia’s GDP is mostly fueled by its agricultural and manufacturing sector. It contends as one of the fastest-growing economies attracting foreign investments.
7. Kenya — $111,271 billion:
Kenya’s thriving economy is mainly attributed to outstanding developments in its tech sector. Nairobi is a thriving and vibrant metropolitan city that provides a business-friendly environment. The country also hosts the offices of major global enterprises. Well-established and innovative mobile payment and banking system, led by widely used service M-Pesa is marking the nation as a leader in the provision of innovative digital banking solutions.
8. Ghana — $77,594 billion:
Ghana’s political stability, renowned for its democratic transitions, supports a favorable environment for economic growth. The country’s significant gold and cocoa production industries drive export revenues, contributing to its economic prosperity.
9. Ivory Coast — $70,043 billion:
Ivory Coast is among the world’s largest producers and exporters of cocoa beans and palm oil that are major contributors towards its overall economic status.
10. Tanzania — $67,404 billion:
Tanzania fairs as the tenth in the list of Africa’s richest countries in the world which can mostly be attributed to its thriving tourism, agriculture, and mining industries. Strategic ports and potential in natural gas also contribute significantly toward its growing influence in East Africa.