Africa is the second largest continent and the one with the highest number of countries in the world. Let’s take a look at the richest countries in Africa according to their GDP.
Note: The GDP figures are that of the International Monetary Fund (IMF) World Economic Outlook as of the fourth (4th) quarter of 2018 and projections made by World Bank for 2019.
Recommended reading: Super Easy Business Ideas In Africa Now.
Richest Country In Africa According To GDP
Here is the list of the richest countries in Africa from the wealthiest to the least. This ranking is purely based on the Gross Domestic Product (GDP) of the country:
GDP of Nigeria is 397.472 billion dollars.
Nigeria or the Federal Republic of Nigeria. Its capital is Abuja. Nigeria is currently the most highly populated country in Africa, with a population of more than 150 million inhabitants.
Nigeria is the richest country in Africa based on GDP in 2019.
Related Article: How To Start Palm Oil Business In Nigeria.
2. South Africa
GDP of South Africa is 376.679 billion dollars.
South Africa or the Republic of South Africa. Its administrative capital is Pretoria. Nelson Mandela, the former president, is synonymous with this country.
South Africa was the richest country in Africa based on GDP until Nigeria took over.
GDP of Egypt is 249.471 billion dollars.
The capital of the Arab Republic of Egypt is Cairo. Egypt impresses the world with its pyramids and mysterious stories. It was one of the great civilizations of the world.
GDP of Algeria is 188.342 billion dollars.
Algeria or People’s Democratic Republic of Algeria. Its capital is Alger. Algeria has the tenth largest reserve of natural gas in the world and is the sixth largest gas exporter on the planet.
GDP of Morocco is 118.178 billion dollars.
Morocco, or the Kingdom of Morocco, is a constitutional monarchy. Rabat is the capital.
GDP of Angola is 114.504 billion dollars.
The capital of the Republic of Angola is Luanda. Oil and diamond mining is Angola’s main industries.
GDP of Kenya is 89.591 Billion dollars.
With a population of 46.73 million and an urbanization rate of 26.56%, Kenya is one of the wealthiest countries in East Africa and even the continent at large.
The capital of Kenya is Nairobi. Kenya gained its independence in 1963 from the British.
Over one-third of Kenya’s GDP is produced by agriculture. United States, Tanzania, and Uganda are the major export partners.
Read Also: Excellent Business Opportunities In Kenya.
GDP of Ethiopia is 83.836 billion dollars.
Ethiopia, or the Federal Democratic Republic of Ethiopia. Its capital is Addis Ababa. The city, Addis Ababa, is also the headquarters of the African Union.
The economy of the country is based on agriculture, with coffee being one of the most exported products.
GDP of Tanzania is 55.645 billion dollars.
Tanzania is the product of two sovereign states: Tanganyika and Zanzibar. Tanganyika gained independence on the 9th December 1961 whereas Zanzibar became independent on the 10th December 1963.
On 26th April 1964, Tanganyika and Zanzibar came together to form the United Republic of Tanzania.
Dar es Salaam is the main administrative and commercial city of Tanzania, but Dodoma is the official capital city. The currency is the Tanzanian Shilling (TZS).
GDP of Ghana is 51.815 billion dollars.
Ghana is located on the precious coast of the Gulf of Guinea in West Africa with a population of over 30 million.
Ghana has long been the role model of significant economic growth with the export of cocoa, gold, and many resources.
The urbanization rate of 55.41% and trade balance of 1.19 billion US dollars among many other factors make Ghana one of the richest countries in Africa.
11. Cote D’Ivoire
GDP of Cote d’Ivoire is 45.875 billion dollars.
Being the largest economy in the West African Economy and Monetary Union, Cote d’Ivoire is one of the wealthiest countries in West Africa.
Cote d’Ivoire is the top exporter of cocoa and cashew in the world. It is one of the most vibrant economies in Africa.
GDP of Libya is 43.236 billion dollars.
Its capital and largest city is Tripoli.
Libya’s energy sector is the primary driver of its economy, which generates approximately 95% of its revenues, 80% of GDP and 99% of government revenues.
GDP of Congo is 42.692 billion US dollars.
With a population of a little over 5 million and ranking among the top 10 of Africa’s oil-producing countries, Congo is endowed with riches.
Congo has a huge hydrocarbon reserve estimated to value over 90 billion cubic meters of natural gas and 1.6 billion barrels of oil.
According to the publication by African Business Magazine, the mineral wealth of Congo is estimated at 24 Trillion US dollars.
This is almost equivalent to the combined GDP of the United States of America and Europe.
Congo should, undoubtedly, be the richest country in the world. Kinshasa is the capital of Congo, and the currency is the Congolese Franc.
GDP of Tunisia is 41.662 billion dollars.
Tunisia, or the Tunisian Republic, is located in the extreme north of Africa. Its capital is Tunisia. The main economic drivers are exports, foreign investment, and tourism.
GDP of Cameroon is 38.445 billion US dollars.
Cameroon is a lower-middle income country with timber, agricultural products, minerals, and oil and gas as its main natural resources.
The population of Cameroon is over 24 million. It is one of the largest economies in central Africa and one of the richest countries in Africa in terms of resources.
GDP of Sudan is 33.249 billion dollars.
Sudan, or the Republic of Sudan. Its capital is Khartoum. The income of this country comes mainly from oil exploitation and export.
GDP of Uganda is 27.855 billion US dollars.
The economy of Uganda has slowed recently which has reduced its effect on income and poverty reduction.
World Bank attributed this slowdown to unrest in South Sudan as well as adverse weather conditions among others.
The capital of Uganda is Kampala, and the currency is the Ugandan Shilling.
GDP of Zambia is 25.778 billion US dollars.
Zambia is rated as one of the fastest growing economies in the world. The Zambian currency is the Kwacha, and the capital city is Lusaka.
It is rated lower middle income with GDP per capita of 1,509.80 US dollars. However, rural poverty and unemployment still remain a significant problem in Zambia.
GDP of Senegal is 24.240 billion dollars.
Senegal gained independence from France in 1960. It is among one of the most stable countries in Africa.
It has enjoyed annual economic growth of over 6% in the last four (4) years. The capital is Dakar and a population of 15.85 million.
GDP od Zimbabwe is 19.367 billion dollars.
Zimbabwe is located in Southern Africa with an estimated population of 15 million people. The capital of Zimbabwe is Harare.
The economy of Zimbabwe is heavily dependent on agriculture and mining.
Now you know the richest country in Africa and also the business opportunities available for investors.
The list is too far from perfect so let me hear from what you think in the comment section below.