The African continent has always been referred to as “The Sleeping Giant”. Such terminology usually points to the great potential of Africa. It is well endowed with resources of all kinds. This applies to both natural and human resources. In the recent past, African economies have flourished, with the following countries making the list of Africa’s top ten economies.
Largest economies in Africa
10. Ethiopia
GDP – $72.37 billion
Per capita – $706.76
About three decades ago, the whole world came tothe help of Ethiopia. The country experienced a terrible famine. Three decades later, Ethiopia is emerging as one of the top economies in the region. With a GDP of US$51 billion, Ethiopia ranks 10th. Its economy mainly depends on agriculture. It is the second largest corn producer on the continent. Coffee and horticulture (flowers) have done quite well recently.
9. Kenya
GDP- $70.53 billion
Per capita – $1,455.36
Kenya has an estimated GDP of over $70 billion dollars. The country’s main economy is the service sector, while agriculture is the second largest contributor to the country’s gross domestic product. In 2005, agriculture accounted for around 24 percent of GDP, wage employment for 18 percent and export earnings for 50 percent. In addition to the two sectors mentioned, tourism has become Kenya’s most important source of foreign exchange.
8. Sudan
GDP – $95.58 billion
Per capita – $2,415.04
Up until mid-2008, Sudan was notorious for civil wars. This devastated the country greatly. After 2008, however, the country’s economy recovered. As of 2018, the East African country had a GDP of $64 billion. The main economic sectors are agriculture, gold and oil production. It is the third largest sesame producer in the world. Other products include cotton, coffee, cottonseed, wheat, sugar cane, tobacco, peanuts and more.
7. Libya
GDP – $34.7 billion
Per capita – $5,602.55
Libya has an estimated GDP of $34.7 billion. The country’s main source of income is oil mining. It is among the largest oil reserves in the world. Better world oil prices have certainly favored the desert country in the recent past. Libya also has some significant deposits of steel ore.
See also: 10 African Minerals of Highest Economic Value
6. Morocco
GDP – $101.4 billion
Per capita – $2,832.43
The Kingdom of Morocco has been among the top economies on the continent for many decades. This is largely due to good politics and stable political structures. According to a recent report, the country has seen an apparent increase in its GDP to $101.4 billion. The country’s main industries are fishing, agriculture and mining. Morocco is among the top producers of cannabis. It also has good reserves of lead, phosphates and silver.
5. Angola
GDP – $102.643 billion
Per capita – $7,300
A few years ago Angola was always in the news for civil wars and political unrest. However, it looks like the 25-year war has finally brought about peace. The once war-torn country overtook the Kingdom of Morocco to become Africa’s fifth largest economy. The GDP amounts to 102.643 billion US dollars. The main industry is the mining of diamonds, oil and natural gas.
4. Algeria
GDP – $219.453 billion
Per capita – $14, 717
Algeria has always been a regional rival to Egypt. The North African country’s GDP is estimated at US$219 billion. The main economic activities in the country are agriculture, fishing and mining. The country is rich in valuable minerals. These include iron, copper, zinc, mercury, lignite, calamine, antimony and phosphate. Algeria ranked sixth based on its per capita income of $7,095. a step up from their GDP position.
3. Egypt
GDP – $330.779 billion
Per capita – $11,800
Egypt, known as the “Jewel of the Nile”, placed convincingly in third place. The average annual GDP is estimated at $330.779 billion. Given the political unrest of recent years, this came as a big surprise to many skeptics. In fact, many expected the economy to collapse. Egypt relies heavily on its natural resources such as copper, natural gas, aluminium, steel and iron ore. It also has a thriving horticultural and tourism industry. Their per capita price of $11,800 isn’t bad, ranking fifth. just two steps down.
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2. South Africa
GDP – $312.798 billion
Per capita – $13200
South Africa, which has always been revered as the Africa’s top economy, was once again beaten to second place by Nigeria in 2018. Southern Africa’s GDP was around $312 billion. The South African economy has struggled in the recent past. This has been particularly observed in the mining industry where reserves of valuable minerals such as gold, platinum, palladium and diamond are dwindling.
South Africa ranked 3rd per capita. With a per capita price of USD 13,200. South Africa is still essentially the richest African country.
1.Nigeria
GDP – $594.257 billion
Per capita – $6,003
Nigeria has always been called the giant of Africa, both in terms of economy and population. Nigeria has topped the list of richest African countries in terms of gross domestic product (GDP) since 2014. The country had overtaken South Africa, which had had an iron grip on the helm for decades. Nigeria’s GDP is currently estimated at US$594.257 billion. This is mainly due to the huge oil and gas reserves.
Unfortunately, the exploding population of Nigeria has impoverished the citizens and residents in the midst of plenty. Despite all the riches and the top spot on the list of the largest economies, Nigeria slips to 16th place with a GDP per capita of just USD 6,003.
Table summarizing the top ten African countries with the largest economies
| S/N | country | GDP in billion dollars ($) | Per capita ($) |
| 1. | Nigeria | 594,257 | 6.003 |
| South Africa | 312,798 | 13200 | |
| Egypt | 330,779 | 11,800 | |
| Algeria | 219,453 | 14, 717 | |
| Angola | 102,643 | 7,300 | |
| Morocco | 101.4 | 2,832 | |
| Libya | 34.7 | 5,602 | |
| Sudan | 95.58 | 2,415 | |
| Kenya | 70.53 | 1, 455 |
| Ethiopia | 72.37 | 706.76 |