Nigeria Retains Its Position as Africa’s Largest Economy for the Fifth Consecutive Year
Written by Broadstreet Admin on July 21, 2023
In 2022, Nigeria maintained its status as the largest economy on the African continent for the fifth year running, boasting a nominal GDP of $477.4 billion. Often referred to as the “Giant of Africa,” Nigeria accounted for a substantial 17.4% of the continent’s economy, which reached $2.7 trillion in the same period.
Data released by the World Bank revealed that Nigeria has consistently topped this list since 2018 when it surpassed South Africa as the largest African economy. In 2022, Nigeria’s economy exhibited remarkable growth, surging by 8.3% year over year from the previous year’s GDP of $440.8 billion.
Following closely behind Nigeria was Egypt, registering an estimated GDP of $476.7 billion with a notable growth rate of 12.3% from $424.7 billion in 2021. South Africa occupied the third position with an estimated GDP of $405.9 billion.
Notably, the top three economies on the continent collectively accounted for nearly half of Africa’s total economic output, amounting to 49.5%.
Among the top 10 largest economies in Africa, other notable countries included Algeria with a GDP of $191.9 billion, Ethiopia with $126.8 billion, Kenya with $113.4 billion, Angola with $106.7 billion, Tanzania with $75.7 billion, Ghana with $72.8 billion, and Cote d’Ivoire with $70 billion.
Egypt’s remarkable economic growth rate of 12.3% in 2022 indicated its progress in catching up with Nigeria on the list of largest African economies, nearly reaching parity. Egypt had surpassed South Africa in 2020 as the second-largest African economy and maintained its position until the present.
