Nigeria has been named the richest African country by Gross Domestic Product (GDP), surpassing South Africa and Egypt with a GDP figure of N514.05 billion in the World Population Review’s 2021 Richest African Countries Ratings.
According to the World Population Review, Nigeria is not just Africa’s richest country but also its most populous with a head count of over 211 million. It noted that the country’s humongous population had been a major contributor to the large GDP.
The World Population Review listed Nigeria as a middle-income, mixed economy and emerging market with growing financial, service, communications and technology sectors.
Following behind Nigeria is Egypt which is the third most populous country with 104 million people. Egypt with a GDP of $394.28 billion is also a mixed economy with an emerging information and communications technology sector.
Noting that many of the world’s poorest nations are in Africa, it said most economies are unstable and poverty is widespread. “There are, however, some African countries that have the fastest-growing economies in resources and the African economy is expected to reach a GDP of $29 trillion by 2050.”
GDP information from the International Monetary Fund was used to determine the wealthiest African countries. Six African countries have GDPs of over $100 billion. “While there are several ways to compare a nation’s wealth, one of the best ways to measure is by taking a look at the purchasing gross domestic product – or GDP – of a nation.
“This is the value of the goods and services that come from a nation for one year. GDP does not consider the difference in the cost of living and inflation rates between countries, as GDP per capita at purchasing power parity (PPP) does.”
Others on the list of top 10 richest African countries are South Africa which is number three on the list with a GDP of $329.53 billion, Algeria with $151.46 billion, Morocco with $124 billion.