NDIMUH B. SHANCHO
Statistics from the African Development Bank, AfDB, in 2018, has ranked Nigeria as the richest country in Africa. This is thanks to strong oil production and the recovery in world commodity prices. The country’s current-price GDP is expected to reach $ 581 billion this year, up from $ 519 billion in 2016, accounting for more than 72 percent of all West African economies.
The second richest country in Africa, coming far behind Nigeria, is South Africa, with a GDP of $ 276 billion, after just recovering from recession in the second quarter. South Africa is immediately followed on the third position by a North African country, whose economy is still convalescent, Egypt, with a GDP of $ 264 billion.
Egypt’s North African counterpart, Algeria, comes on the fourth position with a total GDP of $ 170 billion, accompanied by Sudan on the fifth position with $ 124 billion as GDP.
The sixth country, possibly known for the dynamism of its economy marked with a sharp start of diversification is Morocco with a GDP of $ 121 billion. The 2017 richest African country, Angola, is on the seventh position with a $ 104 billion GDP, despite being Africa’s second largest oil producer.
On the eighth spot there is Ethiopia, often referred to by many as the engine of African growth, with $ 93 billion GDP as against 84 billion in 2016. Meanwhile, Kenya occupies the ninth spot with a GDP of $ 77 billion, and Tanzania on the 10 spot with a $ 52 billion GDP.
Though often referred to as the breadbasket of West and Central Africa, and Africa miniature, Cameroon does not feature amongst the first 10 richest countries in Africa.