Trade, agriculture, human resources, and industry are the major components of the African economy. As of 2012, Africa housed 1.07 billion people in the 54 countries of the continent. Though the country is rich in resources, the people of the country have been exploited for decades and are poverty stricken. It is expected that the African economy will reach a GDP of $29 trillion by 2050. However, it is also estimated that the disparity in income will deter the wealth distribution among the people of the continent. Currently, a number of African countries are among the poorest while others have some of the fastest growing economies in the world.
Here we discuss the ten richest countries in Africa and the nature of their economies.
10. Namibia – $11,800
Namibia can be found in Southern Africa. With a per capita GDP of $11,800, it is the tenth richest country in Africa. Mining, agriculture, manufacturing, and tourism all play large parts in the country’s economy. The country is sparsely populated, with a population of around 2 million.
However, cost of living in Namibia remains relatively high. Many goods that are consumed within the country are imported, which contributes to their high costs. Furthermore, there is a monopoly over many commodities, which also further escalates this cost. The unemployment rate in Namibia is also high, at around 27.4%. The country today is characterized as an emerging economy.
9. Egypt – $12,100
Egypt is a transcontinental country with territories stretching from Africa’s northeast corner to Asia’s southwest corner across the Sinai Peninsula. Egypt shares its borders with the Gaza Strip and Israel, the Red Sea, Gulf of Aqaba, Red Sea, Sudan, and Libya. Cairo is the capital of the country. It ranks ninth on our list with a per capita GDP of $12,100.
The economy of Egypt depends on agriculture, tourism, natural gas, and petroleum imports, as well as revenues from the Suez Canal. A large number of Egyptians also work abroad. The remittances of these workers contribute to the wealth of the nation. Despite the abundant natural resources and nearness to the sea, overpopulation, desertification and decreasing water levels of the Nile are the major factors threatening the Egyptian economy. The infiltration of terrorist groups and internal rebellions also serve to damage the country’s economic stability.
8. South Africa – $13,500
South Africa, the southernmost country on the continent, is bordered by Namibia, Zimbabwe, Botswana, Swaziland, Lesotho, and Mozambique. The country has a mixed type of economy and has a relatively high GDP compared to other African countries. Despite this fact, South Africa has high rates of unemployment, poverty, and a wide gap between the rich and the poor. Nonetheless, it ranks eighth on the list with an average per capita income of $13,500.
South Africa is enlisted among the top 10 countries in the world for income inequality. The economic disparity among South Africa’s population is primarily a result of the apartheid regime in the country which ended in 1994. Gradual improvements in the country’s economy have occurred since then. Tourism is one of the biggest revenue generating industries in South Africa. Germany, US, Japan, and China are the biggest trade partners of South Africa outside of Africa.
7. Libya – $14,200
Libya is located in North Africa. It is the fourth largest country in Africa by land area. The population is around 6 million, and the per capita GDP is $14,200.
A country rich in oil reserves, Libya ranks as the 7th richest country in Africa by per capita GDP. Its oil reserves account for almost all of the country’s exports, and make up the fast majority of the country’s GDP as well. Libya is also rich in natural gas and gypsum. Libya is defined as being an “Upper Middle Income Economy” by the World Bank.
Like most entries on this list, the GDP of Libya is greatly due to its oil reserves and relatively small population. Per capita GDP does not take income inequality into consideration. Unemployment in Libya is high, and wavers around 21%.
6. Algeria – $15,000
Algeria, the largest country in Africa, is located in the Northern part of the continent. It is the 6th richest country in Africa with a GDP per capita of $15,000. The country has a population of over 40 million. Like many countries on this list, it is considered by the World Bank to be an upper middle country.
Traditionally, the state has played a large role in the economy of Algeria. However, in recent years, the economy has diversified. To date, unemployment rates remain high, especially among youth. The country’s economy relies greatly on hydrocarbons (petroleum and natural gas).
5. Botswana – $16,900
Botswana is located in southern Africa. The country is known for its reputation as a stable democracy. It has a population of around 2.1 million, and a land area of around 224,610 square miles.
The economy of Botswana grew very quickly. It is considered to be a middle-income country. The country is also home to a highly sophisticated banking system and a low level of foreign debt. Metals and gemstones are important to the economy of Botswana, and include resources such as uranium, gold, diamonds, copper, and, to a lesser extent, gold.
4. Gabon – $19,300
A Central African country, Gabon is located on the west African coast and is bordered by Equatorial Guinea, Cameroon, and the Republic of the Congo. Libreville is the capital and biggest city of the country. It ranks fourth on this list with an average GDP of $19,300.
The economy of Gabon centers around oil. However, over recent decades, oil production in Gabon has been declining, with some experts predicting that it is soon to run out. The Gabonese government has been accused of overspending. Again, it is important to note that income inequality is not taken into consideration when per capita GDP is reported. A low population of 1,475,000 and a high amount of oil revenue explains Gabon’s position on the list of richest countries. However, many of its residents continue to live in poverty.
3. Mauritius – $20,500
Mauritius is an island country located in the Indian Ocean off of the southeast coast of the African continent. Throughout its history, the country has been at times a Dutch colony, a French colony, and a British colony. It has been independent since 1968 and has a population of around 1.3 million. It is the third richest country in Africa with a GDP per capita of $20,500.
The economy of Mauritius is greatly centered around tourism. Although agriculture used to play an important role in the country’s economy, its important has shrunken. The World Bank refers to Mauritius as an “upper middle income economy”. It has been applauded for its free economy. Tourists are drawn to Mauritius for its pleasant climate, beautiful beaches, and warm ocean water.
2. Seychelles – $28,000
Seychelles is also an island country found in the Indian Ocean. It is actually made up of around 115 small islands. With a population of only 92,000, it has the tiniest population of any country in Africa. It ranks as the second richest country of Africa, with a reported per capita GDP of $28,000.
Seychelles is characterized as a highly developed country. However, income inequality is also rampant. The country’s economy is largely based on tourism, by an overwhelming margin. Fishing and the processing of natural resources such as coconut also play a part. Before tourists began to visit the country, plantations used to drive the economy of Seychelles. In recent decades, the government has tried to come up with initiatives of how they can reduce their dependence on tourism. Although it has been suspected that Seychelles may harbor offshore oil reserves, to this date none have been found.
1. Equatorial Guinea – $38,700
Equatorial Guinea is a country located in Central Africa. It is relatively small, covering only around 10,830 square miles. The population measures at around 1,222,245. It is partly this low population that helps the GDP to remain relatively high. It comes in first place with a GDP per capita of $38,700.
Although this number may appear to be high, on the UN’s Human Development Index, Equatorial Guinea ranks 136th. This is mostly due to the extreme income inequality that is found within the country. It is difficult to determine what exactly the median income for those living in Equatorial Guinea would be, as access to the country is still rather limited. Although the country’s GDP is very high, it has been noted that many residents of Equatorial Guinea lack basic rights such as access to clean water.
Talk show host Ebuka Obi-Uchendu recently appeared on the “Menisms Podcast” and shared a surprising story about his beginnings. Ebuka revealed that he was actually a contestant on the very first season of Big Brother Nigeria way back in 2006! He emphasised that he never went on the show to become famous; it was just something he decided to do.
“I was 23 when I first started Big Brother. We were in the first season of Big Brother Nigeria. It was even called Big Brother ‘Nigeria’ then, not ‘Naija’. Naija wasn’t a thing then and I feel like we were just guinea pigs because nobody knew what the show was going to be like if they were going to watch, what to expect and all that,” he began.
Ebuka’s Big Brother NIgeria poster [Big Brother Wiki]
Ebuka dished on the podcast about how he ended up on Big Brother Nigeria. He saw an ad for the show and, in a spur-of-the-moment decision, decided to audition as a dare from his sister.
He admits that part of the motivation was seeing all the attractive ladies at the audition. But, to be honest, the grand prize money probably didn’t hurt either.
“I didn’t go in to blow, which is what you get now. Now it’s like a path to entertainment for people. Back then the prize was even $100,000 and they still advertised in newspapers because there wasn’t social media then.”
He continued,
“So I saw the ad in the newspaper and it wasn’t something I would have ever done. I was a lawyer then and my sister dared me to do it, so I auditioned, they called me and I saw mad babes and I was like ‘I have to do this’. But the main motivation was the money. I wanted to win the money, go to Yankee and get my master’s. That was the plan I had at the time and there was no entertainment in my path.”
Ebuka went on the podcast to share that even though he auditioned for the money and the pretty faces at the Big Brother Nigeria auditions, he ended up finding his calling in entertainment after the competition ended. In other words, going on the show for a dare turned into a whole new career path for him.
“Of Course, I didn’t win and then everything went left. I had gotten the fame and I wasn’t enjoying being a lawyer and I was kind of broke. And that’s how this started, people kept telling me that I had a great voice and I looked good, so I started going for auditions and then I got my first job with NTA. I started doing this strictly for the money,” he said.
Ebuka gets evicted from Big Brother Nigeria [Big Brother Wiki]
Little did Ebuka know that his dare to audition for Big Brother show would change his life. Even though he originally went on the show for the money and the fun, his time on Big Brother Nigeria launched him into the entertainment industry.
Ebuka has become one of Nigeria’s most popular media personalities and TV hosts. And ironically, the host of the very same reality show that gave him his big break!
Nollywood actress Beverly Naya recently talked to media personality Chude Jideonwo about a tough time in her career. She said that all the negativity and bullying online got to her mental health so much that she considered quitting acting altogether. Naya said she felt like the online bullies were unfairly targeting her.
She said,
“There was this particular blog that literally kept coming for me and always had the most negative things to say about everything that I was in and it felt like a personal attack.”
The actress admitted that the constant online attacks really got to her and even made her think about leaving acting altogether. “I felt like I was being attacked again, like, ‘Why am I always being singled out?’ So it really got to me and it damaged my self-esteem and made me doubt myself and I didn’t want to continue in this industry.”
She recounted a particularly hurtful post that has stayed with her ever since. Narrating how the words broke her down, she said,
“There was a particular post that I can never forget, they said ‘Nollywood can we stop trying to make Beverly Naya happen.’ When I saw it, I was crushed and I cried my eyes out because of that. I was angry because I felt like I worked hard. At the time I wasn’t perfect, I’m still not perfect but I was willing and I was pushing myself and I really felt like I did my best and I was trashed and singled out and irrelevant. I was borderline depressed during that period.”
Beverly Naya is a well-respected Nollywood actress who has starred in many popular films. Some of her most notable movies include “Forgetting June,” a movie that explores moving on from past love, and “The Wedding Party,” a hilarious look at the chaos that can ensue around wedding planning.
She’s also been in romantic comedies like “When Love Happens” and dramas like “Across the Rising Sun.”
Naya’s talents extend beyond acting, and she even won an Africa Magic Viewers’ Choice Award (AMVCA) for Best Documentary for her film “Skin.” This award sheds light on her ability to entertain and also tell important stories.
Music fans! South African singing sensation Tyla is brewing up a potential collaboration with K-pop megastar Lisa from BLACKPINK! The buzz started when Tyla shared a social media clip of them hanging out in the studio, with Lisa listening to Tyla’s debut album, “TYLA.” The caption hinted at a future team-up, saying, “Sweetest gorllll… Definitely a Lisa x Tyla collab down the line.”
In a recent interview with Reuters promoting her new album, Tyla confirmed the exciting news. She revealed they’ve been in talks about creating a song together. “We’ve been speaking about making a song together, so yes, for sure,” Tyla enthusiastically told Reuters. This potential collaboration has music lovers buzzing. With Tyla’s soulful vocals and Lisa’s energetic rapping, the combination promises an explosive track that could dominate the charts. Both artists are known for pushing boundaries and experimenting with new sounds, making this a collaboration with serious potential.
While there’s no official confirmation on the song’s release date or details, Tyla’s confirmation is enough to set the music world on fire. Fans are eagerly waiting for any further developments and can’t wait to see what these two musical powerhouses create together.
Lisa struck out on her own in February, launching her label “LLOYD” after her solo contract with YG Entertainment ended. Lisa and her bandmates have renewed their group contract with YG.
This wouldn’t be Tyla’s first high-profile collaboration. Her debut album already features tracks with American rapper Travis Scott and Nigerian singer Tems. Teaming up with the globally renowned Lisa from BLACKPINK would be a massive step for Tyla, further solidifying her position as a rising star on the international music scene.
With both artists at the top of their game, a Tyla and Lisa collaboration has the potential to be a global chart-topper.