By Abiola Olawale
The International Monetary Fund (IMF) has recently named the top 10 richest countries in Africa for the year 2024.
However, something seems to be amiss as Nigeria, one of the most prominent African nations, is conspicuously absent from this list. This is a surprising development considering Nigeria’s vast economic potential and significant contributions to the African economy.
The agency, in a statement, said it assessed the wealthiest countries in Africa, based on the GDP per capita, a measure of the value of all goods and services produced per resident.
This list, featuring smaller nations like Mauritius and Libya, is based on purchasing power parity (PPP) which accounts for inflation and local cost variations, providing a more accurate comparison of the average standard of living in these countries.
According to the International Monetary Fund (IMF), Here are the 10 richest countries in Africa by GDP per capita (PPP) in Africa 2024 – IMF as of February 22.
Mauritius
Mauritius claims the top spot as the richest country in Africa in 2024, with a GDP-PPP per capita of $31,157. Known for its diverse economy, Mauritius has successfully diversified beyond its traditional sectors like sugar and textiles.
Libya
Despite facing political and economic challenges in recent years, Libya is second on the list with a GDP-PPP per capita of $26,527. The country’s wealth is primarily derived from its vast oil reserves, and efforts to stabilize its economy have played a crucial role in maintaining its position among Africa’s richest nations.
Botswana
Botswana, with a GDP-PPP per capita of $20,311, is recognized for its stable economic growth and successful diversification strategies. The country has effectively managed its diamond resources and invested in sectors such as tourism and agriculture, contributing to its economic resilience.
Gabon
Gabon, ranking fourth, boasts a GDP-PPP per capita of $19,865, driven by its abundant natural resources, including oil and minerals. The government’s emphasis on sustainable development and economic diversification has played a pivotal role in maintaining Gabon’s status as one of Africa’s wealthiest nations.
Egypt
Egypt secures the fifth position on the list with a GDP-PPP per capita of $17,786. As one of the most populous countries in Africa, Egypt’s economy is diverse, with key sectors including tourism, agriculture, and manufacturing.
Equatorial Guinea
With a GDP-PPP per capita of $17,237, Equatorial Guinea relies heavily on its oil wealth to drive economic development. While oil remains a dominant factor, efforts to diversify the economy and invest in sectors like agriculture and infrastructure have contributed to its economic success.
South Africa
South Africa, the continent’s economic powerhouse, ranks seventh with a GDP-PPP per capita of $16,625. Despite facing challenges such as inequality and unemployment, South Africa’s diverse economy encompasses mining, manufacturing, and services, making it a key player in the region.
Algeria
In eighth place, Algeria has a GDP-PPP per capita of $14,227. The country’s economy is heavily reliant on hydrocarbons, but efforts to diversify into other sectors, such as renewable energy and manufacturing, have been underway to ensure sustained economic growth.
Tunisia
Tunisia, with a GDP-PPP per capita of $13,694, has positioned itself as a strategic economic player in North Africa. The country’s focus on economic reforms, tourism, and manufacturing has contributed to its ranking among the top 10 richest nations in Africa.
Morocco
Morocco secures the tenth position with a GDP-PPP per capita of $10,926. Renowned for its stability and strategic geographic location, Morocco has built a diverse economy with strengths in agriculture, tourism, and manufacturing, making it a key player in the region.
