(Sponsored) an updated list of Top 10 richest countries in Africa 2020, AFDB

(Featured) an updated list of Top 10 richest countries in Africa 2020, AFDB

Top 10 richest countries in Africa based on GDP 2020

Nigeria is the richest country in Africa with the highest GDP of $581 billion according to recent statistics from the African Development Bank (AFDB).

Note: this ranking is based Ecofin Agency data provided by AFDB

1. Nigeria: the richest African country with a GDP of $ 581 billion
2. South Africa: the second richest African country with a GDP of $ 276 billion
3. Egypt: the 3^rd richest country with a GDP of $264 billion
4. Algeria: the 4^th richest African country with a GDP of $170 billion
5. Sudan: the 5^th richest country in Africa with a GDP of $124 billion
6. Morocco: in the sixth position comes Morocco with a GDP of $ 121 billion
7. Angola: the 7^th richest country in Africa with a GDP of $ 104
8. Ethiopia: the 8^th richest African country with a GDP of 93 billion
9. Kenya: the 9^th richest country in Africa with a GDP of $77 billion
10. Tanzania: with a GDP of $ 52 billion, Tanzania closes our list of top 10 richest countries in Africa 2020.

Nigeria: the richest African country with a GDP of $ 581 billion

Nigeria crowns our list of top 10 richest African countries in 2020 thanks to its high value of exports which is estimated to be $ 63, 020 million.

Besides, Nigeria is endowed with a wide range of natural resources including petroleum, crude oil reserves, natural gas reserves and oil which have put it on the forefront over the years.

Nigeria’s current-price GDP accounts for at least 72% of all West African economies.

South Africa: the second richest African country with a GDP of $ 276 billion

In the second position comes South Africa. In 2017, South Africa’s GDP was estimated to surpass the $276 billion mark after recovering from a recession. The country’s natural resources include diamonds, gold and reserves of manganese, beryllium, silver, iron ore, ore, chromium, copper among others.

Egypt: the 3^rd richest country with a GDP of $264 billion

Despite the scanty mineral resources in Egypt, the country still appears in the list of top 10 richest African countries in 2020.

One of its key strongholds however is oil production, a factor that has propelled the country to the greatest GDP heights.

Algeria: the 4^th richest African country with a GDP of $170 billion

Being a predominantly Muslim country, Algeria’s economy is one of the best in Africa. In 2017, the country was ranked the 4^th richest in Africa thanks to its thriving export trade in petroleum and natural gas.

Sudan: the 5^th richest country in Africa with a GDP of $124 billion

With its major resource being oil, Sudan is a commercially viable African country.

Other key sectors that greatly contribute to its GDP include Agriculture, forestry and fishing.

Morocco: in the sixth position comes Morocco with a GDP of $ 121 billion

In the sixth position of the top 10 richest African countries per GDP comes Morocco.

Just like other African colonies, Morocco’s economy is heavily dependent on the exportation of raw materials. Other modern sectors contributing to the high GDP of Morocco include telecommunications and tourism.

Angola: the 7^th richest country in Africa with a GDP of $ 104

Angola being the second-largest oil producer clinches the 7^th position in the list of top 10 richest African countries in 2020.

Ethiopia: the 8^th richest African country with a GDP of 93 billion

Kenya: the 9^th richest country in Africa with a GDP of $77 billion

Tanzania: with a GDP of $ 52 billion, Tanzania closes our list of top 10 richest countries in Africa 2020.

 –