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2023 Richest Countries In Africa



the following are the richest countries in Africa:





1. Nigeria

GDP: $ 504.2 billion


With a nominal GDP of $504.2 billion, Nigeria is the strongest economic power in Africa due to its human potential, abundance of natural resources, and its GDP in purchasing power parity of $1.3 billion, which is the second largest on the continent.






2. Egypt

GDP: $469.1 billion


Occupying northeast Africa and divided by the lush Nile River Valley, Egypt is the leading economic force on the African continent in terms of GDP PPP and the second richest country in Africa.





3. South Africa

GDP: $41billionlion


South Africa, the most industrialised and technologically sophisticated nation on the continent, is the third richest country in Africa. It features a two-speed economy, with one sector on par with industrialised nations and another in severe need of basic infrastructure.


In 2019, the financial sector of South Africa contributed $41.4 billion to the country's gross domestic product, and by 2021, South African financial institutions were handling more than $1.41 trillion in assets.




4. Algeria

GDP: $187.1 billion


Algeria is one of the continent's primary oil and gas producers, the continent's third economic power in terms of GDP PPP, and the fourth richest country in Africa. Like many OPEC countries, Algeria is extremely reliant on its oil exports and worldwide market volatility.





5. Morocco

GDP: $142.9 billion


The Kingdom of Morocco is a market economy that has developed at an average annual rate of 4% over the previous decade, with a projected GDP of $142.9 billion in 2022, making it the fifth richest country in Africa.



 

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6. Angola

GDP: $124.8 billion


With an economy highly reliant on the extraction and sale of natural commodities such as oil and minerals, Angola is the sixth richest country in Africa. Despite four decades of independence and civil conflicts, economic development skyrocketed between 2002 and 2016, averaging 9% in the period leading up to 2008.





7. Kenya

GDP: $114.9 billion


Kenya, the only lower-middle-income nation in East Africa according to the World Bank, is the seventh richest country in Africa. The government maintains an open foreign economic exchange system and a market economy with a few state-owned firms.





8. Ethiopia

GDP: $111.2 billion


With one of the highest GDP growth rates in the world, at over 10 per cent per year, Ethiopia is the eighth richest country in Africa. Its remarkable GDP growth has allowed a substantial section of the population to transcend severe poverty, dropping from 55.5% in 1999 to 26.7% in 2016 (threshold: $1.90).





9. Tanzania

GDP: $76.6 billion


A country heavily reliant on agricultural processing and certain consumer goods, Tanzania is the ninth richest country in Africa. Agriculture accounts for a quarter of the country's gross domestic output, employs around 80% of the labour force, and accounts for approximately 85% of exports.




10. Ghana

GDP: $76 billion


Ghana, a prominent petroleum and natural gas producer with the sixth-largest crude oil reserves in Africa and the twenty-fifth-largest in the world, is the tenth-richest country in Africa.






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