The African continent is home to the most beautiful and mineral wealthy countries. But, unfortunately, it also has some of the poorest nations on earth, primarily due to centuries of colonial plunder and poor Governance committed against the inhabitants of this most beautiful continent.
Africa – The Continent of Have & Have Nots
Although much of the continent is poverty-stricken, a few countries are on their way to brighter futures.
Among these are South Africa and Nigeria, which are considered the two powerhouses of the African continent. These countries have been vying for years about who holds the title of the wealthiest country in Africa.
Even though Africa has vast amounts of natural resources from which precious metals and diamonds get mined, they still seem to account for most economies under threat from unemployment and poverty in general.
South Africa Versus Nigeria GDP
The Republic of South Africa is the southernmost country on the African continent and is coincidentally and simultaneously the 24th largest country and the 24th most populous nation in the world. Known as the “rainbow nation”, the region is a mixing pot of cultures and ethnicities from around the globe.
South Africa derives its wealth mainly from the mining of natural resources, which is one of the reasons for its growing economy. However, the agriculture sector provides a significant injection to its GDP. Moreover, strong strategic partnerships with China, Russia, India and Brazil ensure that the country keeps vying for the top spot on this list.
South Africa currently has a GDP of $371.298 billion and scores second place on our list of Richest African countries. It wasn’t until very recently that they were knocked off the podium for the top spot they held for quite some time; however, it could only be a matter of time before they reclaim their former title.
One industry proving to be even more lucrative for the country is the tourism niche. We’re optimistic that there is not a soul on this earth that wouldn’t love to go on a safari to witness the big five first-hand on the African plains.
South Africa is, of course, not only industrialised but boasts some of the continents best entertainment venues, including Sun City Casino Complex & Emperors Palace. So if you want to mix Gambling with a bit of Golf & some wildlife, it can all be done in a single day.
Nigeria Is The Richest Country In Africa
The Federal Republic of Nigeria has often gotten referred to as the Giant of Africa. With a population size of 206 million and growing, the largest population on the continent and 7th most populous country in the world, it is no wonder they are titans in Africa.
According to its nominal GDP, Nigeria has recently claimed the pole position in terms of being the wealthiest country in Africa and managed to dethrone South Africa in 2019.
Classified as a mixed economy emerging market, Nigeria made its way to top dog thanks to what seems like an infinite supply of natural resources and well-developed communications, legal, financial and transport sectors. Currently, their GDP stands at $444.9 billion, a number that is set to grow over the next few decades thanks to their trade partnerships with influential countries.
A number of factors hamper this West African Giant. It is a somewhat fractured country with conflict taking place in parts along with banditry. This hampers the growth of the economy as resources need to be shifted to simply maintaining order.
There are though a huge range of positives, Nigerians are an industrious hard working people who dont let circumstance hold them back. If they did the world would be a lot poorer as there have been some very notable Nigerians in the Entertainment and Fashion industries.
Sport though is where Nigerians excel. Football & The Super Eagles is what most Nigerians will be interested in. Nigerians Footballers have graced many of the best clubs in Europe with their amazing skills. The Premiership in particular has been fortunate to witness the skills of players like Nwankwo Kanu, Jay Jay Okacha in the past.
Nigerian origin sports stars also feature in Basketball and NFL teams in the United States. It is fair to say that Nigerians are a sports loving nation and a net exporter of sporting talent.
Rising African Economies – The Select Few
Kenya Is Technology
Kenya is currently ranked as the 6th most prosperous country in Africa. It is widely believed that it will continue rising through the ranks as its GDP grew at a rate of 5.1% in 2019, thanks to the recovery of its agricultural sector. Kenya’s GDP now sits at an approximate value of $99.246 billion.
This East African country is more than Safari & Kilimanjaro. A thriving tech sector leads the way in terms of mobile useability. A young, dynamic population that is increasingly connected online plus decent Governance in African terms means Kenya is set to compete for the Richest in Africa Title, we think.
Ethiopia Diversity & Water
With a current GDP of $90.9 billion, this previously profoundly impoverished country has shown resilience thanks to the construction and services sector. With growth averaging 10.3% in the last ten years, it is safe to assume that Ethiopia will soon climb the ranks.
Another country with a vast population, Ethiopia, is a land-locked country with a fast-growing economy until the recent fractures in its society occurred. The marvels of Ethiopia include the underground Churches and a vibrant tech sector that was burgeoning. The creation of the new Mega Dam was set to boost its productivity and GDP even further before the recent conflict. It will be a while yet till they challenge for the Richest in Africa Title