What is the richest country in Africa?

The richest country in Africa is Nigeria based on Gross Domestic Product (GDP).

GDP is the combined value of all the finished goods and services produced within the confines of a country’s borders in a set period of time.

At the end of the fiscal year 2019, Nigeria’s economy was estimated at being worth a whopping $446.543 Billion. This is the highest in any African country and automatically makes her the richest country in Africa.

Currently, this West African nation has an estimated population of about 200 million people. This also makes it the most populous country on the continent. The number of people and the several types of economic activities they can engage in, in order to boost the country’s economy, accounts for this enormous GDP.

Economic goods and services like petroleum or crude products, finance, transport, construction, and tourism are the engines that drive this massive Nigerian economy.

1.6 million barrels of crude oil is drilled a day, as stated by the Organization of the Petroleum Exporting Countries OPEC. This makes it the biggest exporter of petroleum products in the whole of Africa. These petroleum exports account for 10% of the total GDP.

Apart from petroleum products exports, raw materials like natural gas, iron ore, tin, lead, limestone, and coal make a lot of money in exports. Agriculture makes up over 20% of the Gross Domestic Product.

Nigeria is the richest African country when we use GDP and this makes it the wealthiest.

Summary

• Estimated GDP in 2019: $446.543 Billion
• The total value of exports: $46.68 billion (2017 estimate)
• Currency: Naira (NGN, ₦)