International Monetary Fund (IMF)’s statistics released in 2018 for 2017 has revealed that Nigeria and South Africa are the largest economies in Africa with a combined Gross Domestic Product (GDP) which is around $750 billion.
According to the African Exponent, there will have to be conscious practical efforts in improving the non-oil sectors if the continent can compete with top economies in the world.
With over 200 million population, Nigeria has $376.284bn in GDP, making the country the highest GDP on the continent. Nigeria's other non-oil resources are cocoa, peanuts, rubber, palm oil with a growing tech industry.
2. South Africa
South Africa follows Nigeria on the ranking with a GDP of $349.299bn. IMF data in 2017 showed that the country's economy increased by 1.3% which surpassed the national treasury’s expectation of 1.0%.
However, recent political tensions have been a big challenge to the country’s economy. Chrome, Iron, Ore, Chrome, diamonds, fruits are some of the things helping to grow the country’s economy.
Egypt at number three is believed to have fallen off its earlier position due to the 2011 revolution that rocked the country as the country’s reserves fell from $36 billion in December 2010 to almost half at $16.3 billion. The GDP in 2017 was at $237.037 billion.
Algeria has a GDP of $178.287 billion in 2017 as the country’s economy is challenged by the unstable oil market and the reduction in hydrocarbon production. Petroleum and natural gases are some of the country’s strongest mineral resources.
Angola at the fifth position with a GDP of $124.209 billion is considered as one of the few fastest-growing economies in the world despite its struggles with the recent instability in the oil market.
Fish, coffee, sisal, cotton, diamonds, crude oil are some the exports of the country.
Morocco’s GDP stood at $109.824 billion with its once-upon-a-time booming tourism sector which fell due to insecurity caused by extremist groups in the country.
Important exports of the country are electric components, inorganic chemicals, transistors, fruits, vegetables, and fish.
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Meanwhile, Legit.ng earlier reported that a new report by the World Bank group put Nigeria among nations whose economies did not progress between 1995 to 2018.
This was revealed in a report titled Africa’s Pulse released on Monday, April 8, which is an analysis of issues concerning Africa’s future
According to the report, Nigeria was among the 19 countries which were at the bottom in terms of economic performance.
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Minister of industry says economy is improving; Nigerians disagree | Legit TV