Top 10 Wealthiest African Countries: Nigeria Leads the Ranking with $915 Billion GDP by 2028

2023-10-02 00:30:34

The International Monetary Fund (IMF) has updated its data on global wealth measured on the basis of gross domestic product (GDP), at current prices, expressed in dollars. At the top of the ranking, we find Nigeria, with a GDP estimated at $477 billion in 2022, followed by Egypt ($475 billion), then South Africa ($406 billion). The three countries are then followed, in terms of wealth, by Algeria, Morocco and Kenya. Ivory Coast and Ghana leave this Top 10 while Angola makes its return thanks to the surge in the price of a barrel of oil, of which it is the second largest African producer, and the DRC enters thanks in particular to its mining production and the structural reforms put in place by the authorities.

In its new report, the IMF extends its growth projections to 2028 and it emerges that in Africa, the ranking of the 10 richest countries will experience little upheaval. The International Monetary Fund’s projections for the period 2021-2028, on the other hand, show a significant increase in GDP (a measure generally used to assess the wealth of a country).

Over the period 2021-2028, these countries will see their cumulative GDP increase from 2,000 billion to 3,145 billion dollars, an increase of 57.25%.

But if the wealth of the major African economies will grow significantly until 2028, this strong growth will not be completely uniform.

Nigeria: $915 billion in GDP in 2028!!!

Having the largest gas reserves in Africa, Nigeria, relying on its demographics of 220 million consumers, remains, and for a long time to come, the continent’s leading economy. After regaining its place as Africa’s leading oil producer, the country, which had a GDP of $477 billion last year, is expected to see its wealth grow significantly in the years to come, reaching $915 billion in 2028. The African giant should greatly widen the difference with its immediate pursuer, Egypt. The country of the pharaohs, the second economic power on the continent, will remain there. Its GDP will increase from 475 billion dollars today to 510 billion in 2028, after however a clear slowdown in 2023 and 2024.

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South Africa completes this top three. The structural problems that South Africa is going through, in particular the electricity deficit, but also the problems of corruption and insecurity mean that the country should, according to this study, only see its GDP grow over the period 2022-2028. of 62 billion dollars, going from 406 to 468 billion dollars, an increase of 8.87%.

In terms of changes, Algeria will have to cede 4th place as an African power in terms of GDP to Ethiopia, a country which was the most dynamic economy on the continent during the decade preceding the appearance of Covid-19, but whose The pace of development has been weighed down over the last three years by the combination of three destabilizing factors: The pandemic, the Russia-Ukraine crisis and the war between the federal state and the rebels in the north of the country. Thanks to these performances, Ethiopia should move from the rank of 7th African economic power in 2022 to that of 4th richest country in Africa, from 2026, according to the IMF.

Morocco is expected to rank 6th among major African economies with a GDP expected to increase from $138 billion to $182 billion over the period 2022-2028, an increase of $44 billion.

Note that most of the countries in the top 10 are also the most populated countries on the continent and those with significant natural resources. Nigeria, Algeria and Angola, ranked 8th in 2028, are the main African oil producers.

Par WritingEditorial committee –
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