Africa is the world’s second-largest and most populous continent. Africa is rich in natural resources. According to the world bank, Africa holds one-sixth of the natural resources endowment, raw materials, and fertile soils.
It holds approximately 30% of the world’s known mineral reserves with most ranging from gold, diamonds, cobalt, uranium, oil, and massive gas reserves.
Africa has a population of more than a 1.3Billion people which makes the availability of manpower easy. The population contributes to the growing economy by producing $2.2Million in normal GDP.
It thrives in agriculture, natural resources, and trade which makes it the fastest-growing economy in the globe.
It is estimated that the economy will hit a GDP of $29Trillion by the year 2050 the World Bank.
Africa is also rich in diversity of cultural practices extending beyond international relations.
East Africa has the fastest growth and is estimated to have grown by 5% in 2024.
Northern Africa took second place with a growth rate of 4.1% in 2024 and made the largest contribution to Africa’s overall GDP Growth.
West Africa came in the third position with a growth rate of 3.7%
Central Africa with a 3.2% growth rate.
South Africa came last with a growth rate of 1.2% in 2018 which slowed down from 1.2% in 2018 to 0.7% in 2024.
This article is about the top 10 richest countries in Africa by using G.D.P which is defined as the total value of all services and goods produced in a nation’s economy over a set period of time.
The following is a list of the top 10 richest countries in Africa based on both GDP and GDP per capita:-
NIGERIA GDP ($510.58 BILLION)
GDP:$510.5 8BILLION
POPULATION: 215,553,411 (August 2024)
GLOBAL RANKING: 31ST
It’s the second biggest country located in west Africa.
It holds a population of over a 200million people.
Nigeria’s G.D.P is driven by finance, transport, infrastructure, tourism, and crude oil.
Crude oil contributes to 10% of the GDP which is being produced at 1.6million barrels per day. Thus making Nigeria the largest exporter of crude oil in Africa.
The economy is also driven by the export of raw materials, coal, limestone, zinc-lead, tin, natural gas
iron, niobium, and iron ore.
Agriculture contributes to 20% of the GDP by producing cocoa and rubber respectively.
EGYPT GDP ($435.62 BILLION)
GDP:$435.62BILLION
POPULATION: 105,891,415 (August 2024)
GLOBAL RANKING:35TH
Egypt is located in North Africa. It mainly produces petroleum, and natural gas exports, tourism, wholesale and retail trade, construction, and real estate.
It has also invested in service delivery which contributes to half of its GDP. Egypt has also invested in metal products and chemicals.
SOUTH AFRICA GDP (426.16 BILLION)
GDP:$426.16BILLION
POPULATION: 60.689,034 (August 2024)
GLOBAL RANKING:36TH
Its also considered the “Rainbow Nation” of its diversity in both cultural, and people representation.
South Africa’s economy is supported through mining, manufacturing, financial services, and tourism.
It also exports natural resources, and raw materials like gold, diamond, platinum, coal, and iron ore.
South Africa is considered to be the largest producer of coal in Africa.
Tourism also plays a major role together with exporting wine.
ALGERIA GDP ($193.60 BILLION)
GDP:$193.60BILLION
POPULATION: 45,301,688 (August 2024)
GLOBAL RANKING:58TH
Algeria thrives well on good infrastructure and crude oil reserves which make up half of its GDP.
It relies mainly on the discovery of more crude oil reserves.
Agriculture, industrial works, commercial services, and construction are the main exports from Algeria.
Algeria also has the largest supply of ammonia in Africa.
MOROCCO (GDP 133.06 BILLION)
GDP:$133.062BILLION
POPULATION: 37,716,972 (August 2024)
GLOBAL RANKING:60TH
Morocco being based in the North of Africa, it’s the second richest non-oil producing African country.
Its GDP mainly comes from mining and manufacturing while 30% comes from industry and 15% from Agriculture and 5% from commercial services.
Tourism is also doing well in Morocco by contributing over 10% to its GDP. Combining with Agriculture it makes Morocco the third largest producer of phosphorous in the world.
It exports electrical materials, vehicle and vehicle parts, telecom, and textile industries.
ANGOLA (GDP $124.86 BILLION
GDP:$124.86BILLION
POPULATION: 34,749,632 (August 2024)
GLOBAL RANKING:61ST
Angola is considered the biggest reserve of raw materials in Africa.
Its economy is driven by crude oil reserves, and natural gas which is the third of its GDP.
It also specializes in diamond and cargo ships, and agriculture which contributes to half of its GDP.
KENYA (GDP $114.68 BILLION)
GDP:$114.68BILLION
POPULATION: 55,944,116 (August 2024)
GLOBAL RANKING:65TH
It’s the fastest, richest, and most growing county in East Africa.
It’s also the wealthiest in southern and central Africa.
The positioning of its coastline gives Kenya a strategic port for Asian and Arabian traders for centuries which makes it a trade hub for the region.
In 2024, Kenya’s economy grew by 5.7% GDP.
Tourism, Agriculture, a good working environment, and a clear business agenda make Kenya the best place to invest.
The industrial sector contributes 50% while the main products coffee, tea, and maize contribute 35% of its GDP.
The economy is also supported by financial services and technology.
ETHIOPIA (GDP $105.3 BILLION)
GDP:$105.3BILLION
POPULATION: 120,210,483 (August 2024)
GLOBAL RANKING:68 TH
Ethiopia is considered the horn of Africa and a land-locked country split by the great rift valley it’s the
8th richest country in Africa.
Archeologist findings back over 3 million years are found here which makes tourism a huge contributor to its GDP.
It’s the highest country production of coffee and honey in Africa.
Agriculture is considered to be the backbone of the economy by producing legumes, oily seeds, and cut flowers.
Construction, manufacturing, food processing, resources, and energy contribute to 80% of its GDP.
Gold, potassium, salt, and helium give over 10% of its GDP.
TANZANIA ($77.51 BILLION)
GDP:$77.51BILLION
POPULATION: 62,864,118 (August 2024)
GLOBAL RANKING:73 RD
Tanzania is one of the countries that make up the East African Community.
It thrives well in agriculture and industries contribute 30% of GDP and includes, mining, manufacturing, construction, electricity, natural gas, and water supply.
Tanzania mainly exports gold, coffee, cashew nuts, and cotton.
GHANA (GDP $73.89)
GDP: $73.894B
GLOBAL RANKING: 75TH
POPULATION:3,2268,187 (August 2024)
The West African nation of Ghana is known for many things including its rich beaches.
Agriculture mainly cocoa and rubber contribute to the largest GDP of Ghana.
Gold is the main export in Ghana.
The primary exports include gold, bauxite, aluminum, manganese ore, diamonds, oil, cocoa, timber and horticultural products.
Conclusion
Above we have listed the top 10 richest countries in Africa using GDP as a metric of measure.
The data keeps changing, we will always be updating it to make sure it’s up to date.
All figures are based on the latest annual report by the International Monetary Fund (IMF) and the World Bank using GDP current prices in U. S. dollars.
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