- Nigeria: You’ve probably heard speeches or read stories in which Nigeria was referred to as Africa’s largest economy. That’s primarily due to the magnitude of its GDP. Nigeria has Africa’s biggest GDP, estimated to be $514.05 billion in 2021.
- Egypt: This North African country boasts Africa’s second-largest GDP. It has the biggest GDP in North Africa, $394.28 billion, and is one of just three countries from the region in the top 10.
- South Africa: With a GDP of $329.53 billion, this country in Southern Africa is third on the list. South Africa is one of just two Southern African countries to be included on the list.
- Algeria is the second Northern African country to appear on this list. Algeria has the fourth largest GDP in Africa, according to Statista, with $151.56 billion.
- Kenya has a GDP of $106.04 billion and is located in East Africa. It is the only country from Eastern Africa that has made the top 10 list.
- Ethiopia is the only country from the Horn of Africa to appear on this list. According to Statista, the country’s GDP is $93.97 billion dollars.
- Ghana is the second-largest economy in West Africa, with a GDP of $74.26 billion dollars.
- Ivory Coast: With a GDP of $70.99 billion, this francophone West African country ranks eighth in Africa.
Which African nation has the most prosperous economy?
After missing out on the Rand Merchant Bank’s list of nations to invest in for 2021, Nigeria had a great year. According to Statista, the country’s gross domestic output reached $514 billion in 2021, making it the African country with the highest GDP.
Which African country is the most developed?
With an HDI of.804, Mauritius is Africa’s most developed country, narrowly missing out on the “very high human development” criteria. Mauritius is noted for its modern economy, free health care, and education, and has a life expectancy of 75 years and a literacy rate of 91.3 percent. Mauritius still ranks 66th out of 189 countries studied globally, demonstrating the continent’s disparity with the rest of the world, but other African countries can learn from the country’s achievements. Seychelles (7.96) is ranked 67th, just behind Mauritius. Tourism is the country’s main source of revenue, and its GDP has expanded approximately sevenfold since 1976. Algeria is Africa’s third most developed country, with an HDI score of.748. With a life expectancy of 76.3 years, Algeria has the greatest life expectancy of all African countries. Check out the table below to see how each African country ranks on the Human Development Index.
Tunisian Dinar
Tunisia’s currency, the dinar, is the most valuable in Africa. This country is also an Arabic country in Northern Africa, and it has one of the most unusual currencies in the world, which attracts foreign corporate investors.
The Tunisian Dinar is tied to the Euro since it is used to construct a single currency with Algeria’s Dinar. This is due to its stability, as it is backed by another country.
Is Nigeria more prosperous than Kenya?
Nigeria ranked 32nd in the world with a GDP of $397.3 billion dollars, whereas Kenya placed 66th with $87.9 billion dollars. Nigeria and Kenya were placed 132nd and 25th, respectively, in terms of GDP 5-year average growth and GDP per capita.
What African country has the lowest GDP?
Burundi is the poorest country not only in Africa, but also in the world, according to per capita GDP and GNI statistics from 2020. Somalia, Africa’s second poorest country, has the same distinction. In fact, much of the list follows this trend. With the exception of Afghanistan, an Asian country with a GNI per capita of $500, which would put it at #6 on the second list, Africa’s ten poorest countries are statistically the world’s ten poorest. To be honest, this ranking comes with one major caveat: it’s probable that more non-African countries, particularly North Korea, Syria, and/or Yemen, might feature in the bottom ten if they disclosed their GDP/GNI data openly, but they normally don’t. African countries, though, would still account for the majority of the list.
When looking at the data in isolation, it can be difficult to appreciate the magnitude of Africa’s economic issues. To put things in perspective, we might look at the GDP figures of the world’s wealthiest countries. Luxembourg has the greatest GDP per capita (PPP int.$) according to 2020 data, with a value of $118,356more than 150 times more than Burundi’s $771. Similarly, Norway’s world-leading 2020 GNI per capita (Atlas method, current US$) of $78,250 appears modest until one considers that it is 289 times larger than Burundi’s $270. The economic situation in Africa may not always be so dire. Over the last two decades, a few African countries have experienced tremendous economic growth and development. Many Africans may have a more promising economic future if this progress can be sustained and expanded. See the table below for a complete list of African countries and its 2020 GNI per capita (Atlas approach, current US$).
Which African country offers the highest standard of living?
The KPMG Africa Good Life Index places Mauritius #1. The top three countries are all in Southern Africa (Mauritius, Botswana, and Namibia), with Botswana being the only landlocked country in the top ten. Southern Africa has four slots in the top ten, North Africa has three, and West Africa has two.
Is Nigeria more prosperous than Ghana?
Ghana vs. Nigeria: A Comparison of Economic Indicators Nigeria ranked 32nd in the world with a GDP of $397.3 billion dollars, whereas Ghana ranked 73rd with $65.6 billion dollars. Nigeria and Ghana were rated 132nd and 46th, respectively, in terms of GDP 5-year average growth and GDP per capita.
What African country is the safest?
Mauritius is the safest country in Africa, with a ranking of 24 on the Global Peace Index. Mauritius is a cosmopolitan island nation that is safe and welcoming to families. Mauritius has an extremely low overall crime rate, and the crime that does occur is mostly petty theft and non-violent. The US Department of State has issued a Level 1 travel alert for Mauritius, advising people to take usual precautions.
Botswana
Botswana is Africa’s second safest country. Botswana is a famous tourist destination with attractions such as Chobe National Park, game reserves, and the Tsolido World Heritage Site, which is ranked 30th on the GPI. The US Department of State has issued a Level 1 travel advisory for Botswana.
Malawi
Malawi has a GPI value of 40, making it the safest African country. Malawi is now only one position behind Italy. In Malawi, crime is typically low, with the most serious risks being handbag snatching and petty stealing. Demonstrations and big crowds should be avoided, especially in the Mulanje district. Malawi is safer than other popular tourist locations such as the United Kingdom, Vietnam, Greece, and France, according to the Global Peace Index.
Ghana
On the Global Peace Index, Ghana is the fourth safest country in Africa, ranking 44th. Although Ghana is still deemed safe, it has dropped five places in the Global Peace Index (GPI) from 2018 and 2019. Ghana is seen as a safer travel destination than Argentina, the United Kingdom, South Korea, France, Greece, and other major tourist locations. According to the US Department of State, Ghana has a Level 1 travel advisory and is usually safe to visit.
Zambia
Zambia is ranked 48th in the GPI, along with Timor-Leste. Zambia is the safest country in Africa. Travelers who fly into wilderness areas are unconcerned about their safety. The majority of people encounter higher levels of theft in cities. Zambia’s political situation is also very stable. The US Department of State has issued a Level 1 travel warning for Zambia.
Sierra Leone
Sierra Leone is an East African country with a coastline. The country is ranked 52 on the Global Peace Index, down 18 places from 2018. While Sierra Leone is still generally safe to visit, the United States Department of State has issued a travel warning. In Sierra Leone, violent crime such as assault and armed robbery is frequent, and local police officers lack the training and capacity to adequately respond to such situations.
Tanzania
Tanzania is the safest country in Africa. On the Global Peace Index, Tanzania is rated 54th. The Serengeti Plains, Tanzania’s most popular tourist destination, provide visitors with the ultimate safari experience. Tanzania is subject to a Level 2 travel warning. Avoiding secluded regions, especially at night, and taking taxis that are empty of other passengers and from known taxi firms are recommended.
Madagascar
Madagascar is tied for 55th place on the GPI with South Korea, and is Africa’s eighth safest country. Although Madagascar’s general crime rate is lower than that of most other African countries, it has recently increased, particularly in muggings and robberies, as a result of the political uncertainty, which has resulted in greater unemployment rates. The travel alert for Madagascar is at Level 2, although it is still safer than other major tourist destinations like Vietnam, France, and Greece.
Senegal
Senegal is Africa’s seventh safest country. Senegal is just one position below Vietnam on the Global Peace Index, and is safer than France and Greece. Senegal has a low rate of crime and disease, and its people are regarded for being welcoming to visitors. Senegal is subject to a Level 1 travel warning.
Liberia
Liberia is ranked first among Africa’s 10 safest countries. Liberia is ranked 59th on the GPI, just one spot behind Senegal and one spot ahead of France. The Liberian police are notorious for being corrupt, though not to the extent that they once were. Visitors to Liberia must get a tourist visa as well as a yellow fever vaccination.
What accounts for Nigeria’s high GDP?
Nigeria’s economy is a mixed-income, rising market with growing manufacturing, finance, service, communications, technology, and entertainment industries. In terms of nominal GDP, it is the world’s 27th largest economy, and in terms of purchasing power parity, it is the 24th largest. Nigeria has Africa’s largest economy. In 2013, the country’s resurgent manufacturing sector became the continent’s largest, producing a major amount of goods and services for the West African region. Furthermore, as of 2019, the debt-to-GDP ratio was 16.075 percent.
Nigeria’s GDP has nearly tripled in purchasing power parity (PPP) from $170 billion in 2000 to $451 billion in 2012, while estimates of the size of the informal sector (which is not included in official data) put the true amounts closer to $630 billion. Following that, the GDP per capita doubled, rising from $1400 in 2000 to an estimated $2,800 in 2012. Again, when the informal sector is factored in, GDP per capita is projected to be roughly $3,900 per person. The population of the country grew from 120 million in 2000 to 160 million in 2010. When measures were to be reassessed following the rebasing of its economy in April 2014, the GDP statistics were to be revised upwards by as much as 80% (percent).
Despite accounting for two-thirds of governmental revenues, oil only accounts for roughly 9% of GDP. Only about 2.7 percent (percent) of the world’s oil is produced in Nigeria. Despite its importance, as government revenues are still strongly reliant on it, the petroleum sector remains a minor part of the country’s overall economy.
The agricultural industry, which is mostly subsistence, has not kept up with the country’s rapid population expansion. Nigeria used to be a significant net food exporter, but it now imports some of its food. Mechanization has resulted in a renaissance in the manufacture and exporting of food goods, and a shift toward food sufficiency has resulted. Nigeria reached an arrangement with the Paris Club in 2006 to buy back the majority of its unpaid loans in exchange for a cash payment of approximately US$12 billion.
Nigeria would have the highest average GDP growth in the world between 2010 and 2050, according to a Citigroup analysis issued in February 2011. Nigeria is one of only two African countries among the 11 Global Growth Generators.