Africa is a land blessed with enormous natural resources . However the Citizens of Africa are known to be productive.
Here are the richest African country based on their nominal.
10. Tanzania ($62,224 Billion)
Tanzania is the 10th in our list of Richest countries in Africa.
The poverty rate has decreased in the last few years. Tanzania mainly exports gold, cashew nuts, coffee and cotton.
9. Ghana ($67,077 Billion)
Ghana is the 9th in our list of Richest countries in Africa.
Ghana mainly exports resources such as cocoa, crude oil, gold and timber. The country experienced an economic expansion of 6.7%, with non-oil growth at 6%.
8. Ethiopia ($91,166 Billion)
Ethiopia is the 8th in our list of Richest countries in Africa
Ethiopia’s Prime Minister, Abiy Ahmed, who took office in 2018.
He has launched an ambitious economic reform which will aim to increase economic transformation.
7. Angola ($91,527 Billion)
Angola is the 8th in our list of Richest countries in Africa.
Angola has been working on political and structural reforms in order to stabilise its economy. Angola id an economy built on oil. 90% of its export revenue is derived from crude oil sales.
6. Kenya ($98,607 Billion)
Kenya is the 6th in our list of Richest countries in Africa.
Kenya is one of the quickest growing economies in Sub-Saharan Africa.
The recent economic expansion has been boosted by a stable macroeconomic environment.
Kenya is fast growing in both technology and financial services
5. Morocco ($119,04 Billion)
Morocco is the 5th in our list of Richest countries in Africa.
Morocco derives just under 15% of its GDP from agriculture, 30% from industry and the remaining 55% from services.
4. Algeria ($172,781 Billion)
Algeria is the 4th In our list of Richest countries in Africa.
Algeria is a country highly exposed to the performance of hydrocarbons, including oil and natural gas. In fact hydrocarbons make up nearly 70% of their total GDP.
3. Egypt ($302,256 Billion)
Egypt is the 3rd In our list of Richest countries in Africa.
Real GDP growth reached 5,6% in 2019, up from 5,3% in 2018. Unemployment has also fallen to 7.5% in the 4th quarter, from 9.9% a year before.
With more than 50% of GDP being derived from service-based employment. Egypt diversify itself from raw material exports.
2. South Africa ($358,839 Billion)
South Africa is the 2nd In our list of Richest countries in Africa.
South Africa went into a recession after 2 consecutive quarters of negative GDP growth.
South Africa has diversified its revenue from mainly raw material exports such as gold, iron ore and platinum group metals.
1. Nigeria ($446,543 Billion)
Nigeria is the Richest African countries In our list.
Nigeria has a population amounting to half of West Africa over 202 million. Nigeria has an abundance of natural resources.
Nigeria is Africa’s largest crude oil exporter. Apart from petroleum, Nigeria’s other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land.