• June 19, 2021

Report Ranks Nigeria As Africa’s Richest By GDP

By Lucky Uwakina (AGENDAWATCHDOG) – According to a report in the World Population Review’s 2021 Richest African Countries Ranking, Nigeria is the richest African country by Gross Domestic Product (GDP), surpassing South Africa and Egypt with a GDP figure of N514.05 billion.

The report also states that Nigeria is the continent’s most populous with a head count of over 211 million, pointing out that the country’s humongous population had been a major contributor to the large GDP.

Nigeria was listed as a middle-income, mixed economy and emerging market with growing financial, service, communications and technology sectors, in the report.

Egypt ranks second behind Nigeria with a GDP of $394.28 billion, and is the third most populous country with 104 million people. It is a mixed economy with an emerging information and communications technology sector.

Coming from the rear are South Africa, ranked number 3, with a GDP of $329.53 billion, Algeria with $151.46 billion, Morocco with $124 billion, and others.

The reported also pointed out that most of the world’s poorest nations are in Africa, as most economies are unstable and poverty is widespread.

Agenda Watchdog

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