Nigeria Missing as IMF Names Top 10 Richest Countries in Africa in 2024

• A recent list by the International Monetary Fund (IMF) has named countries in Africa with the highest GDP per capita going into 2024
• In the list, Nigeria, Africa's largest economy, was omitted, while IMF included Libya and Mauritius, among others
• The latest list measures the amount of goods and services produced by a citizen in a given period

Legit.ng’s Pascal Oparada has reported Tech, Energy, Stocks, Investment and the Economy for over a decade.

The latest list of Africa's wealthiest countries includes smaller nations such as Mauritius and Libya.

The ranking is based on the listed countries' purchasing power parity (PPP), which takes into account inflation and local cost variations and provides a more accurate comparison of the average standard of living in those nations.

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GDP per capita plays an integral part in assessing Africa’s wealthiest countries, which measures the value of all goods and services produced per citizen.

According to reports, the International Monetary Fund (IMF) released the list of 10 wealthiest African countries by GDP per capita (PPP) as of February 2024. They are:

Mauritius

Mauritius occupies the top spot on the IMF’s list as Africa’s most prosperous country in 2024, with a GDP-PPP of $31,157. Mauritius’ diverse economy has successfully moved beyond its traditional sectors, such as sugar and textiles.

Libya

Despite its political and economic challenges in recent times, the northern African country of Libya is on the list with a GDP-PPP of $26.527. Libya’s wealth comes primarily from its vast oil resources, and efforts to stabilise its economy have become critical in maintaining its position among Africa’s wealthiest nations.

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Botswana

With a GDP-PPP of $20.311, Botswana is known for its stable economic growth and successful diversification strategies. Botswana has effectively managed its diamond resources and invested in tourism and agriculture, contributing to its financial strength.

Gabon

In fourth place is the West African country of Gabon, with a GDP-PPP per capita of $19,865, driven by its abundant natural resources, including oil and minerals.

The country’s government emphasises sustainable development and economic diversification, vital in maintaining its status as one of Africa’s wealthiest nations.

Egypt

The North African giant is in fifth place on the list with a GDP-PPP per capita of $17,786. Egypt’s economy is diverse, with critical sectors including tourism, agriculture, and manufacturing.

Equatorial Guinea

With $17,237 as its GDP-PPP, Equatorial Guinea depends heavily on its vast oil wealth to drive its economic development.

Oil still plays a dominant part in the country’s economy, but it is trying to diversify its economy and invest in sectors like agriculture.

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South Africa

Africa’s second-largest economy ranks seventh on the IMF’s list with a GDP-PPP per capita of $16,625.

The country faces challenges such as inequality and unemployment. South Africa’s diverse economy encompasses mining, manufacturing, and services, making it an essential player in the region.

Algeria

The North African country has a GDP-PPP per capita of $14,227. It relies heavily on hydrocarbons, with ongoing efforts to diversify into other renewable energy and manufacturing sectors.

Tunisia

Tunisia has a GDP-PPP per capita of $13,695 and is a strategic economic player in North Africa. Tunisia focuses on economic reforms, tourism, and manufacturing, contributing to its ranking among Africa’s wealthiest countries.

Morocco

Morocco’s GDP-PPP per capita is put at $10,926. The country has built a diverse economy with strengths in agriculture, tourism, and manufacturing, making it an essential player in Africa.

A recent report by Bloomberg says South Africa will briefly overtake Nigeria and Egypt as Africa’s largest economy in 2024.

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The IMF stated this in its World Economic Outlook, which saw the rainbow nation hitting $401 billion in Gross Domestic Product (GDP) based on current prices in 2024, compared with Nigeria’s $395 billion GDP and Egypt’s $358 billion.

This is not the first time Nigeria would be missing from major rankings in Africa. In March 2023, the country failed to make the list of Africa's most powerful countries.

Least indebted African countries according to IMF

Legit.ng also reported that the IMF said about 10 African countries still have manageable debts compared to their GDP.

The report ranked Nigeria among the countries in Africa with low debt compared to its GDP despite calls by Nigerians for the government to tame its appetite for borrowing.

Nigeria's debt profile recently hit N87 trillion, with the federal government saying it would convert CBN's Ways and Means Advances to loans.

Source: Legit.ng