Nigeria, Africa’s leading economy with an estimated GDP of 477 billion dollars in 2022, tops the list of the continent’s wealthiest countries, followed by Egypt as the second economic power in Africa.
Today, Africa has 54 United Nations (UN) member states and four territories.
According to International Monetary Fund (IMF) growth projections, the ranking of the 10 most powerful African countries is not expected to change in the coming years. Nigeria, the most populous country on the continent with over 200 million inhabitants, is expected to remain Africa’s leading economy for a long time and is projected to increase its wealth to reach a GDP of 915 billion dollars by 2028.
This would, as emphasized, widen the gap between Nigeria and Egypt, the second economic power in Africa, which has 110 million inhabitants.
Furthermore, the ranking of the richest countries can vary depending on the criteria used, such as GDP, income per capita, or other economic indicators.
Based on the general list founded on GDP in terms of purchasing power parity, Nigeria has led in recent years, followed by Egypt, South Africa, Algeria, Morocco, Angola, Kenya, Ghana, Tanzania, and Ethiopia.
It is noted that Nigeria, as the most populous country in Africa, has a diverse economy, particularly in the oil and gas sector. South Africa excels in mining, agriculture, and services, while Egypt has a well-developed economy in the tourism, oil, gas, and agriculture sectors.
Algeria’s economic power is based on significant reserves of oil and natural gas, which substantially contribute to its economy.
Morocco records successes thanks to tourism, agriculture, industry, and various services, while natural resources play a crucial role in Angola’s economy.
Kenya, as a regional economic center, achieves results thanks to its diversified economy, service sector, agriculture, and tourism.
Ghana’s success is supported by sectors such as agriculture, oil and gas, and services.
Agriculture, tourism, and natural resources contribute to Tanzania’s excellent economic position.
Ethiopia is experiencing rapid economic growth, with sectors including agriculture, manufacturing, and infrastructure, Biznis Info writes.
E.Dz.
