Ethiopia, IMF, Africa's Richest Countries

Africa’s top 10 richest countries

INSPIRATIONAL STORIES | FEBRUARY 6, 2015 BY HOMECOMING REVOLUTION |

Africa is home to some of the richest countries in the world, in part due to its oil-rich soil and human capital.

According to statistics provided by the International Monetary Fund, these are currently the top 10 richest countries in Africa.

1. Nigeria: GDP – $594.257 billion

The most populous country in Africa is a major contender on this list, its manufacturing sector being the third largest in Africa while it contributes a considerable share of the world’s oil. Taking into account this country’s population of 170 million, Nigeria is on track to becoming one of the 20 largest economies in the world by 2020.

2. South Africa: GDP – $341.216 billion

South Africa is one of the world’s youngest and most progressive democracies, a multi-faceted country with its diverse cultures and languages. It is a country undergoing continual and unprecedented changes and has a rapidly developing emerging market with strong economic growth. South Africa has several sectors of the economy, including mining and industrial, that rival the best in the world and has one of the most strictly controlled financial services industries.

3. Ethiopia: GDP – $284.860 billion

As one of the fastest growing economies in the world, Ethiopia has had to contend with the rising number of able youths eager to work. The Ethiopian economy depends largely on agriculture and learning the tools of the farming trade, although you wouldn’t find such people in the country’s capital, Addis Ababa. Most young people in Addis Ababa are into telecommunications and the financial industry.

4. Algeria: GDP – $227.802 billion

Oil and gas exports have placed Algeria on this list. Much of its wealth is received from oil deposits deep within the North African soil. Also rich in natural minerals, you can find onyx, red and white marbles, iron, lead, and zinc in large quantities. It’s capital city, Algiers offers rare beauty in the intricate architecture of its most famous buildings.

5. Morocco: GDP – $112.552 billion
   Morocco was named the first most competitive economy in North Africa. Tourism, telecoms, textiles and agriculture are Morocco’s biggest biggest money pullers.

6. Sudan: GDP – $112.552 billion

More than once, we have mentioned oil and gas as the main source of income for countries on this list. Sudan also falls into that category but in a more diverse way. It depends on oil but with a third of its GDP contributed by agriculture. Cotton and peanuts constitute its major agricultural exports. You may not notice a “Made in Sudan” tag on the shirt you buy in Khartoum but cotton from Sudan has fuelled the textile industry in many parts of the world.

7. Kenya: GDP – $53.40 billion
   The capital, Nairobi, is a regional commercial hub. The economy of Kenya is the largest by GDP in Southeast and Central Africa. Agriculture is a major employer; the country traditionally exports tea and coffee and has more recently begun to export fresh flowers to Europe. The service industry is also a major economic driver. Kenya is a member of the East African Community. Compared to other African countries, Kenya enjoys relatively high political and social stability.
8. Angola: GDP – $49.857 billion
   Angola has a large deposit of oil and gas resources, diamonds, and bountiful agricultural land. Still recovering from the 27-year civil war that lasted from 1975-2002, Angola has made efforts to revive its economy with heavy oil and agricultural exports. Cities like Luanda are undergoing major reconstruction to make Angola a top African destination.
9. Libya: GDP – $49.341 billion
   The Libyan economy depends primarily upon revenues from the oil sector, which accounts for 80% of GDP and 97% of exports. Libya holds the largest proven oil reserves in Africa and is an important contributor to the global supply of light, sweet crude.Apart from petroleum, the other natural resources are natural gas and gypsum.The International Monetary Fund estimated Libya’s real GDP growth at 122% in 2012 and 16.7% in 2013, after a 60% plunge in 2011.
10. Tunisia: GDP – $49.122 billion
    Oil, tourism and car manufacturing parts are the name of the game in Tunisia. It is one of the wealthiest countries in Africa so you won’t wander too far into its cities like Tunis before finding a pleasant spot to relax. The city is covered with bits of opulence from as far back as the 12th century. Year-round sunshine and the affordable Tunisian lifestyle have drawn tourists here who now call this place home.

This article first appeared on IT News Africa.

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