Africa has the fastest-growing economies in the world. The African economy is expected to exceed $30 trillion in GDP by 2050, supported by agriculture, natural resource sectors, and trade. The continent’s labor force is growing, supplying enough workers for industrialization’s output. The African continent may be the least developed compared to other continents, although it is apparent that the region is home to a number of wealthy countries with significant potential.
1. Nigeria
None of Africa’s economies are larger than Nigeria’s. Nigeria has the largest economy in Africa due to its large population and vast oil reserves. Nigeria’s economy accounts for around 16% of Africa’s total GDP and ranks 26th in the world in terms of nominal GDP and 25th in terms of purchasing power parity. Political unrest, natural disasters, and military conflict have all plagued Nigeria, the African continent’s largest economy, despite the fact that the country has the continent’s highest growth rate. According to the World Bank, Nigeria’s GDP will grow by 4% in 2021; making it Africa’s fastest growing economy.
2. South Africa
South Africa now has the highest GDP per person. South Africa’s GDP is 800 billion PPP dollars, with a GDP per capita of 400 billion. South Africa’s economy is built on mining, and gold is the country’s most precious export. Agriculture provides only 3% of GDP and rises at a 2% annual rate. T
he country has a sizable industrial sector that contributes 24% of GDP, and it is home to both Sasol, Sub-Saharan Africa’s largest oil company, and AngloGold Ashanti, the world’s second-largest platinum miner. Despite the country’s significant economic growth in recent years, poverty remains a major worry. Forty percent of the population is classified as “poor.”
3. Morocco
With a population of almost 30 million people, Morocco is the most populated African country. The economic recovery in Morocco can be traced back to the introduction of a new constitution in 2011. Civilizations such as Arabic, French, Berber, and European have all left their imprint on the country’s colorful culture.
Morocco has a magnificent oasis in the midst of the desert, and the country’s majestic mountain ranges and coasts are particularly striking in their contrast. Morocco’s citizens have a high level of life, and those interested in adventure and learning about the country’s rich history will find much to keep them busy.
4. Egypt
Egypt has a lower per capita income than the world average and is rated 160th out of 177 nations having a population of more than 90 million people. The economy is based on agriculture, but it exported $3 billion in crude petroleum, ranking it as the world’s 25th largest exporter of crude petroleum in 2021.
Indeed, more than two-thirds of the Egyptian economy is oil-related, implying that it is significantly dependent on the price of oil, which has been falling in recent years. Egypt is the largest economy in Africa and the tenth-largest economy in the Middle East out of 14 countries.
5. Algeria
Despite its tiny population of 45 million people, Algeria boasts the largest economy in Africa. It ranks 12th out of 14 Middle Eastern countries. It also has one of the highest per capita gross domestic product (GDP) on the continent, which measures productive capability.
Since gaining independence from France in 1962, the country has been the largest economy in Africa. Despite its relative poverty in comparison to European nations, Algeria’s per capita GDP has risen to $4,000, which is double that of Sub-Saharan Africa.
6. Gabon
Gabon has a population of 3 million people, according to the most recent censors. It shares borders with Equatorial Guinea, Cameroon, the Democratic Republic of the Congo, and the Gulf of Guinea. It is one of Africa’s ten wealthiest countries per capita.
Gabon is one of Africa’s wealthiest countries due to its abundant natural resources such as oil, lumber, manganese mining, and uranium ore. Nonetheless, due to the country’s dire economic circumstances, Gabon’s oil and gas production has been cut in half. Gabon’s GDP growth rate is slow, while inflation is high; both are at -3%.
7. Kenya
Kenya has a population of approximately 54 million people. Kenya’s economy is mostly based on agriculture, which is aided by the country’s fertile soil and pleasant environment, which aid in the production of coffee, tea, sugarcane, maize, potatoes, and livestock. Kenya’s main agricultural export is cut flowers, which account for more than a quarter of overall exports.
Kenya’s service industry has grown as a result of increased tourism, which has brought in more money. Exports of produced goods, such as processed foods, cement, chemicals, and steel, help Kenya’s industrial sector thrive. Despite the nation’s economic dominance in East Africa, recent political changes have created an unstable economy, resulting in inflation rates of up to 15%. Aside from the aforementioned, Kenya has faced extreme weather circumstances, which have affected its agriculture business, resulting in food shortages and exponentially growing inflation rates.
8. Sudan
Sudan’s substantial natural resources, such as petroleum and mining, account for more than 80% of its exports. Sudan is the greatest producer of oil in Africa and is located in the fifth-largest oil-producing region, known as the “Gulf of Guinea.” Cotton, livestock, wheat, gold, and agricultural resources are also important to the Sudanese economy, employing more than half of the labor force. Sudan’s economy, despite its richness of natural resources, has been deteriorating owing to political crises and civil wars.
9. Ivory Coast
The country has a population of around 30 million people. Agriculture generates more than half of Ivory Coast’s gross domestic GDP. The principal exports of the country are cocoa beans, petroleum products, and palm oil. Ivory Coast, like other African countries, is reliant on international assistance to help its economy recover from civil wars. The country’s GDP is expected to rise by 9% in 2015, but inflation will remain at 15%.
10. Namibia
Namibia is one of Africa’s wealthiest countries. Mining, agriculture, manufacturing, and tourism together account for more than half of Namibia’s GDP. Agriculture contributes about 15% of the GDP, whereas mining contributes about 40%. Namibia’s main agricultural products are cattle, lamb, mutton, dairy products, tobacco, and barley. Namibia’s financial system is stable, with an annual growth rate of more than 6%, contributing to the country’s high GDP per capita.