Top Ten Richest Countries in Africa

International Monetary Fund (IMF) and IT News Africa has released a list of top ten richest countries in Africa. Africa is a continent endowed with numerous mineral resources that have given the continent an upper hand over others. Here is a list of the top ten richest countries in Africa:

1. Nigeria

The GDP of Nigeria is $594.257 billion or an equivalent of 59.43 trillion shillings. Nigeria is also the most populous nation in Africa with over 170 million people. The country’s economy thrives on oil as the nation is one of the major contributors of oil in Africa and in the world. The major challenge facing the economy of the nation is attack from the terrorist group, Boko Haram.

2. South Africa

The GDP of South Africa is $341.216 billion or 34.13 trillion shillings. The country is endowed with such precious minerals s gold and diamond. Tourism also has been a major boost to the economy of South Africa with such cities as Johannesburg providing unique scenery for tourists.

3. Egypt

The total GDP of Egypt is $284.860 billion or 28.49 trillion shillings. The country is known for her historic artefacts that date back to 10 BC and the ancient pyramids that attract many tourists.

4. Algeria

The country has a GDP of $227.802 billion or 22.78 trillion shillings. The economy of this country thrives on oil and gas. The country has large oil deposits from which much revenue is gotten. Apart from oil and gas, Algeria is also known for such precious stones as onyx, red and white marbles, iron, lead, and zinc that are deposited in large quantities.

5. Angola

This country has a total GDP of $131.4 billion or 13.14 trillion shillings. The country’s economy thrives on large oil deposits, gas and a fertile land that make her rich for agricultural produce. Despite the fact that the country was in civil war for 27 years, the economy has continued to rise and economists project that she will soon take the second position.

6. Morocco

Morocco was ranked as the first most competitive economy in North Africa. The total GDP of this nation is $112.552 billion or 11.36 trillion shillings. The economy of this North African Nation thrives on Tourism, Telecoms, Textiles and agriculture.

7. Sudan

Sudan is always an economic quiet nation. A little is known about the country apart from their President, Hassan Ahmed Omar Alba Shir being on an arrest warrant of ICC. The total GDP of Sudan is $73 billion or 7.3 trillion shillings. The country has large oil deposits where most of her revenue comes from as well as from the farming of cotton and peanuts.

8. Kenya

Kenya, the country that has a city that has a National Park in the world. The total GDP of Kenya stands at $55.3 billion or Sh5.3 trillion shillings. Kenya discovered oil deposits recently in Turkana County and the economy is expected to thrive even further. The country now has the largest economy in terms of GDP in the whole of South East and Central Africa.

9. Libya

Libya, most of the time referred to as the country of Gadhafi with a total GDP of $49.341 billion or 4.94 trillion shillings. The revenue of the country majorly depends on oil which accounts for 80 percent.

10. Tunisia

With a total GDP – $49.122 billion or 4.91 trillion shillings, the economy of this country depends on oil, tourism and car manufacturing. Tunisia is one of the wealthiest countries in Africa.

Article by Juma Fred