Nigeria has continued to maintain its position as the largest economy in Africa following its dominance for the fifth consecutive year in 2022.
Its nominal Gross Domestic Product, GDP stands at $477.4 billion.
The country accounted for 17.4% of the African economy in the review year amounting to $2.7 trillion.
According to the World Bank, Nigeria’s economy grew by 8.3% year over year in 2022 from $440.8 billion recorded in 2021.
Close to Nigeria is Egypt, which followed with a GDP estimate of $476.7 billion, having recorded a 12.3% growth in its GDP from $424.7 billion in 2021. In third position is South Africa with an estimate of $405.9 billion.
Other countries that made the list of the top 10 largest economies in Africa include Algeria ($191.9 billion), Ethiopia ($126.8 billion), Kenya ($113.4 billion), Angola ($106.7 billion), Tanzania ($75.7 billion), Ghana ($72.8 billion), and Cote d’Ivoire ($70 billion).
Egypt is now catching up with Nigeria on the list of Africa’s largest economies as the country expanded by 12.3% to $476.7 billion, almost levelling with Nigeria.
Egypt went ahead of South Africa in 2020 as the second-largest African economy and has being in that position to date.
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