Africa is one of the continent in the world that is well known to be a wealth of natural resources, raw materials, fertile soil and precious metals. With 54 countries in Africa, it is a powerhouse in the world of innovation that some of it's countries are on their way to becoming one the richest countries in the world.
Some of these countries have risen above expectations in terms of growth rate performance and development. Amongst these Africa countries, I have compiled a list of the top 10 richest countries in Africa. Keep reading to see if your favorite African country is on the list.
1. NIGERIA - $446,543 BILLION.
With a population of over 200 million citizens, Nigeria has always dominated the list of the richest countries in Africa. It is well known for its crude oil and other valuable natural resources. It has always led Africa in terms of GDP as a result of being the largest crude oil exporter in Africa.
2. SOUTH AFRICA - $358,839 BILLION.
South Africa is majorly known for being an exporter of raw materials such as gold, platinum metals and iron ore. The state is currently the second richest country in Africa.
3. EGYPT - $302,256 BILLION.
Egypt has been focusing on wholesale and retail trade, construction, tourism and gas. Her GDP growth rate increased with 0.3 percent in 2019. The employment rate also decreased with 2.4 percent.
4. ALGERIA - $172,781 BILLION.
Algeria, very rich in natural gas and oil has made it to the list of the richest countries in Africa. Algeria is a good example of a country with enormous economic growth. Although, in recent times, the issue of political instability has affected her growth immensely.
5. MOROCCO - $119,040 BILLION.
Morocco majorly generates revenue from agriculture, industry and other personal services. Morocco is currently the fifth richest state in Africa.
6. KENYA - $98,607 BILLION.
With stable macroeconomic environment and investor confidence, Kenya has had an economic growth of about 5.7 percent in 2019. They are good and have strong holds when it comes to financial services, technology and agriculture. She has also made it to the list of one of the richest African countries.
7. ANGOLA - $91,527 BILLION.
Most people have often asked if Angola is the richest country being that she is very rich in oil and gas received massive aid and strategy plans from the IMF and World bank to grow it's GDP. For now, Angola is not the richest country in Africa but who knows, the state might be in future listing.
8. ETHIOPIA - $91,116 BILLION.
Every year, Ethiopia records a GDP increase of about 9.9 percent. With this consistent increase in GDP, the state has also made it to the list of richest countries in Africa.
9. GHANA - $67,077 BILLION.
When it comes to exportation of natural resources such as crude oil, gold, cocoa and timber, Ghana is great for it. The state have recorded a growth rate of 6.7 percent in 2019 and this was as a result of high supply cost of natural gas.
10. TANZANIA - $62,224 BILLION.
With a population of about 55 million citizens, the state has various investments such as hydro power plant and also great exporter of cashew, gold, cotton and coffee. The state GDP is estimated to have a growth rate of 5.6 percent by 2019.
Is there any country that should have been on this list? Share your opinions in the comment section and share this article with your friends and family.
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