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The Richest African Country - Investment - Nairaland

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The Richest African Country by DollarsNaira(m): 1:24pm On Jun 16, 2020
1. Nigeria - $504.573 billion
The richest African country is Nigeria, with a GDP of $504.573 billion [1]. It is ranked 26th in the world in terms of GDP and is the largest economy in Africa. Nigeria is ranked as the 21st largest economy in the world in terms of nominal GDP.

2. South Africa - $386.727 billion
South Africa comes second with a GDP of $371.298 billion [*]. South Africa has a mixed economy, the second largest in Africa after Nigeria.

3. Egypt - $353.003 billion
Egypt comes third with a GDP of $353.003 billion. Real Gross Domestic Product (GDP) growth increased in Egypt to 5.6% in fiscal year 2019 and was sustained throughout the first half of fiscal year 2020, which was driven mainly by investments and the improving balance of net exports. 

4. Algeria - $193.056 billion
Algeria is classified as an upper middle income country by the World Bank. The hydrocarbons sector is the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings.

5. Morrocco - $130.417 billion
The Moroccan economy remains heavily dependent on the export of raw materials. Tourism is the second largest foreign exchange earner in Morocco after the phosphate industry.

6. Angola - $124.600 billion
Angola is the seventh-largest country in Africa. It is the largest and wealthiest of the Portuguese-speaking African states. And the second largest oil producer in Africa.

7. Kenya - $109.116 billion
The country's economy is rated the third largest economy in Sub-Saharan Africa, coming behind Nigeria and South Africa.

8. Ethiopia - $103.607 billion
In 2000, Ethiopia, the second-most populous country in Africa, was the third-poorest country in the world. With more than 50% of the population lived below the global poverty line, the highest poverty rate in the world. 

9. Ghana - $69.757 billion
The economy is a mixture of private and public enterprise. About three-fifths of the GDP is derived from the services sector, agriculture contributes almost one-fifth, and industry about one-fourth.

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