Top 3 Richest Countries In Africa 2020 ( Rated By GDP)

The best metric to quantify this value is by using what is referred to as  Gross Domestic Product or GDP. GDP is defined as the total value of all services and goods produced in a nation’s economy over a set period of time, usually a year. This measurement reflects how productive a country is. 

Here we discuss the 3 wealthiest countries in Africa 2020 and the nature of their economies:

3. EGYPT (GDP: $302.256 Billion)

GDP: $302.256 Billion (nominal, 2019 est.)
Global Ranking: 40th
Population: 100,000,000
GDP per capita: $3,046 (nominal, 2019 est.)
Country group: developing lower-middle income economy
Value of exports: $23.3 billion (2017 est.)
Current account balance: −$14.92 billion (2017 est.)
Currency: Egyptian Pound (EGP, E£)

This ancient land in Northern Africa held a spot in part of the richest country in Africa for many years. However, the economy suffered severely and foreign exchange reserves tumbled following the 2011 revolution during the Arab uprising. With the most recent GDP of over $300 billion, Egypt now holds the third spot on this rich list. Economic activities have improved and stabilized over the last decade to experience positive economic growth.

2 . SOUTH AFRICA (GDP: $358.839 Billion)

GDP: $358.839 Billion (nominal, 2019 est.)
Global Ranking: 35th
Population: 58,775,022
GDP per capita: $6,100 (nominal, 2019 est.)
Country group: developing upper-middle income economy
Value of exports: $108 billion (2017)Current account balance: −$8.584 billion (2017 est.)
Currency: South African Rand

This southernmost country in Africa is another significant player on the continent as the second richest African country. With a highly developed economy, advanced infrastructure, and a GDP of over $350 billion, the country is considered one of the fastest-developing countries in the world

1. NIGERIA – THE RICHEST COUNTRY IN AFRICA (GDP: $446.543 Billion)

GDP: $446.543 Billion (nominal, 2019 est.)
Global Ranking: 27th
Population: 195,874,740
GDP per capita: $2,222 (nominal, 2019 est.)
Country group: developing lower-middle income economy
Value of exports: $46.68 billion (2017)
Current account balance: $10.38 billion
Currency: Nigerian Naira (NGN, ₦)

This West African country, with a population of over 200 million citizens, makes up an essential part of the African economy. With a GDP just under $450 billion, Nigeria holds the position of the richest country in Africa.

The sizeable GDP is mainly driven by finance, transport, infrastructure, tourism, and an abundance of crude oil. The country records around 1.6 million barrels of crude oil a day, according to OPEC, making it the largest exporter of crude oil in Africa. These petroleum exports make up 10% of the total GDP and over 80% of the export sector revenue.

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