In a noteworthy development, Nigeria has solidified its status as the continent’s economic powerhouse. The country boasts a staggering GDP estimated at $477bn in 2022, placing it firmly at the pinnacle of Africa’s wealthiest nations, surpassing both Egypt and South Africa.
According to growth projections from the IMF, Nigeria’s economic supremacy is poised to endure in the foreseeable future. With a population exceeding 200 million, Nigeria, already the most populous nation in Africa, is anticipated to maintain its leading economic position for an extended period.
Projections indicate that Nigeria’s economic prosperity will continue its upward trajectory, with the GDP expected to reach an impressive $915bn by 2028. This substantial growth is set to widen the economic gap between Nigeria and Egypt, the second-largest economic power on the continent.
It is important to note that rankings of the wealthiest nations are subject to variations based on different criteria, such as gross domestic product (GDP), per capita income, and various economic indicators. The following list provides a general overview based on GDP in purchasing power parity (PPP) terms for recent years, though these rankings may evolve with updated economic data:
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1. Nigeria: Boasting a diverse economy, Nigeria’s key sectors include oil and gas, contributing significantly to its economic prowess.
2. South Africa: With a diversified economy spanning mining, agriculture, and services, South Africa maintains a prominent position among Africa’s economic leaders.
3. Egypt: Known for its diversified economy, Egypt relies on sectors such as tourism, oil and gas, and agriculture to fuel its economic engine.
4. Algeria: Endowed with substantial oil and natural gas reserves, Algeria’s economy is heavily influenced by these vital resources.
5. Morocco: A nation with a diversified economic landscape, Morocco thrives on tourism, agriculture, industry, and services.
6. Angola: Oil and natural resources play a pivotal role in Angola’s economic framework.
7. Kenya: Serving as a regional economic hub, Kenya’s diversified economy encompasses the service sector, agriculture, and tourism.
8. Ghana: Supported by sectors including agriculture, oil and gas, and services, Ghana’s economy continues to exhibit resilience.
9. Tanzania: The Tanzanian economy benefits from contributions by agriculture, tourism, and natural resources.
10. Ethiopia: Experiencing rapid economic growth, Ethiopia’s key sectors include agriculture, manufacturing, and infrastructure development.
As the economic landscape evolves, these rankings may undergo changes based on the latest economic data, reflecting the dynamic nature of Africa’s economic powerhouse hierarchy.
