Africa is a great continent with an abundance of raw materials. See the Richest African Countries with precious metals, natural resources, and fertile land. Many African nations are among the poorest in the world. Read on for more details.
Africa’s economic development varies widely from nation to nation and area to region because of variances in major resources, international linkages, culture, trade, and historical history. The GDP is one of the main metrics used to identify the wealthiest nations in Africa.
However, the Gross Domestic Product (GDP) is the total value of all goods and services generated in a nation during a specific period, often a year. It provides insight into the production of a nation.
Using information from the 2022 GDP report of the International Monetary Fund, they identified the richest African nations.
Top 10 Richest African Countries
Let’s take a look at the 10 richest African countries in 2022 with that in mind.
1. Nigeria – $514.05 Billion GDP
Nigeria, with its rich cultural heritage, many ethnicities, stunning natural surroundings, and sizable population, continues to be the richest nation in Africa and the top GDP producer on the whole continent.
They mostly attributed the huge GDP of the nation to the sectors of finance, transportation, infrastructure, tourism, and an abundance of crude oil.
Besides petroleum, Nigeria boasts a range of raw materials and natural resources, which add to the wealth of the area. Among these are coal, limestone, zinc, lead, tin, natural gas, niobium, and iron ore.
2. Egypt – $435.62 Billion GDP
For many years, this historic region of Northern Africa was the richest nation on the continent. However, during the 2011 upheaval during the Arab uprising, the economy suffered significantly and foreign exchange reserves plummeted.
Egypt is now ranked second on this list of wealthy African nations, with a most recent GDP of more than $400 billion.
Over the past ten years, economic activity has increased and stabilised, resulting in good economic growth. The government and the IMF recently completed a program of economic reform aimed at strengthening and reforming the economy.
3. South Africa – $426.16 Billion GDP
As the third-richest nation in Africa, this continent’s most southern nation is an important actor. With a GDP of more than $400 billion and a highly developed economy, they regarded the nation as one of the fastest-developing nations in the world.
one of the few nations on this list that is not dependent on a single source of income is South Africa, also known as the “rainbow nation.”
Mining, manufacturing, financial services, and tourism are all well-represented in the nation. Additionally, it exports a lot of raw materials, including coal, iron ore, gold, diamonds, and platinum.
4. Algeria – $151.46 Billion GDP
The fourth-richest nation in Africa is Algeria, the largest nation in the continent’s north. With a GDP of over $150 billion and a sizable economy and infrastructure, the county has made remarkable strides in the last 20 years to reduce poverty by 20%.
The economy of this developing Saharan nation heavily depends on its huge crude oil deposits. So much so that the country’s revenue is primarily derived from hydrocarbons (oil and natural gas).
This country’s rapidly developing industrial sector has benefited from the recent discovery of additional crude oil reserves.
5. Morocco – $133.06 Billion GDP
The fifth-richest nation in Africa, with a GDP of more than $130 billion, is Morocco. This North African nation’s economy is diverse and stable, and it has grown in several industries over the past ten years. It is the second-richest African nation that does not produce oil.
Mining and manufacturing are the two industries that power the nation’s economy. Industry accounts for 30% of Morocco’s GDP, agriculture for 15%, and services for 55%.
In a burgeoning tourism industry, where inhabitants are kind toward visitors and support this the government places a high priority on drawing tourists to the nation noted for its attractions.
6. Angola – $124.86 Billion GDP
One of Africa’s largest reserves of raw minerals is in the nation of Angola. It could rank higher on this list of the richest countries in Africa.
However, the country’s economy has suffered because of inefficient resource management and internal corruption. It ranks sixth on this list, with a GDP of over $124 billion.
Large oil and natural gas reserves, which account for over one-third of Angola’s GDP, are the foundation of the country’s economy. Crude oil exports and production both considerably boost the country’s foreign exchange.
7. Kenya – $114.68 Billion GDP
With a GDP of over $100 billion, Kenya, an East African nation renowned for its expansive landscapes and animals, is the next richest nation in Africa.
This country is the wealthiest in southeast and central Africa because of its stable living conditions, well-established coffee and tea industries, and fast-expanding agricultural sector.
The region’s commerce hub was formerly home to several strategically important ports for Asian and Arabian traders along its coastline. Kenya’s economy doesn’t rely on the oil industry like so many other nations on our list, but it grows in a variety of ways.
8. Ethiopia – $105.32 Billion GDP
Ethiopia, a landlocked nation in the Horn of Africa divided by the Great Rift Valley, is the ninth richest nation in Africa. We know this ancient country for being the first location where the coffee bean was discovered, with archaeological artefacts dating back over 3 million years.
The country produces the most coffee and honey in Africa, which contributes significantly to the country’s foreign exchange. Oily seeds, cut flowers, and legumes are some of the additional exports.
Agriculture, building, manufacturing, tourism, food processing, resources, and energy make up more than $100 billion in GDP. The most potential resource in the area is agriculture, which accounts for over 40% of the GDP, 60% of exports, and over 80% of all jobs.
9. Tanzania – $77.51 Billion GDP
Tanzania, which is ranked ninth on this list of the richest nations on the African continent, recently made the cut with a GDP of over $75 billion.
The nation has a lower-middle mixed-income economy and is known as the location of some of the most well-known national parks on the continent, including Kilimanjaro, of course.
Agriculture accounts for roughly 25% of the nation’s gross domestic product and employs half of the labour force.
Industries, which make up about 30% of GDP and include mining, manufacturing, construction, electricity, natural gas, and water delivery, are a developing sector of the economy. Gold, coffee, cashew nuts, and cotton are the principal exports.
10. Ghana – $73.89 Billion GDP
Ghana, with a GDP slightly shy of $74 billion during the previous year, completes this ranking of the top 10 richest nations in Africa.
Ghana, a country in West Africa, has a resource-rich and diverse economy. The nation was the first in sub-Saharan Africa to achieve both the goal of halving extreme poverty and its freedom from colonial authority.
Because of its favourable business environment, the country has attracted foreign investment. Its economy has grown by a little over 6% during the past two years.
Nearly 30% of Ghana’s workforce is employed in the service sector, which accounts for about 50% of the country’s GDP. Agriculture comes in second with a contribution to GDP of just under 25%.
As was already established, there are many ways to compare a country’s wealth. One such prominent and widely used indicator is GDP, as was just said. You can share if you find this article informative.