Nigeria emerges as Africa’s powerhouse, boasting a GDP of $477 billion in 2022, surpassing Egypt and South Africa. IMF forecasts suggest Nigeria will maintain its lead due to its vast population exceeding 200 million and anticipates a GDP surge to $915 billion by 2028, solidifying its position.
Rankings of wealthy African nations vary by criteria, including GDP and per capita income. Notable economies include:
- Nigeria: Diversified economy, notably in oil and gas.
- South Africa: Diverse sectors like mining, agriculture, and services.
- Egypt: Features tourism, oil, gas, and agriculture.
- Algeria: Rich in oil and gas reserves.
- Morocco: Diversified sectors including tourism and agriculture.
- Angola: Economy heavily reliant on oil and natural resources.
- Kenya: Regional hub with a diverse economy including services and agriculture.
- Ghana: Supported by agriculture, oil, and services.
- Tanzania: Relies on agriculture, tourism, and natural resources.
- Ethiopia: Experiencing rapid growth in agriculture, manufacturing, and infrastructure.
These rankings may shift based on evolving economic data and circumstances.