Nigeria Emerges as the Largest Economy in Africa
Posted on 12/19/2021
With a total gross domestic product (GDP) of US$ 432.3 billion for 2020, Nigeria has become the biggest economy on the African continent over the last 30 years. The top two countries for GDP in 2020 for Africa, both have sovereign wealth funds – the Nigeria Sovereign Investment Authority (NSIA) and the Sovereign Wealth Fund of Egypt.
Nigeria has a fast-growing financial sector, coupled with a growing middle class.
| Rank | Gross Domsetic Product in USD Billions | 2020 | 2005 | 1990 |
|---|---|---|---|---|
| 1 | 432.3 | Nigeria | South Africa | South Africa |
| 2 | 363.1 | Egypt | Nigeria | Algeria |
| 3 | 301.9 | South Africa | Algeria | Nigeria |
| 4 | 145.2 | Algeria | Egypt | Egypt |
| 5 | 112.8 | Morocco | Morocco | Morocco |
| 6 | 107.6 | Ethiopia | Libya | Libya |
| 7 | 98.8 | Kenya | Angola | Sudan |
| 8 | 72.4 | Ghana | Tunisia | Cameroon |
Source: World Bank