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In the latest update from the International Monetary Fund (IMF) in December 2023, Nigeria had already lost its position as the leading African economic power to Egypt. South Africa ranked second, while Nigeria had been downgraded to third, and Algeria ranked fourth. According to the updated IMF data for 2024, the situation deteriorated for Nigeria as it no longer even holds a spot in the top three economies in Africa.
Now Algeria is in 3rd place, with a GDP of 266.80 billion dollars. The brilliant results of the country’s large companies, significantly those working in energy – but not only them -, mainly oil and gas, have a lot to do with Algiers’ performance. Moreover, the most profitable company in Africa is Algerian, Sonatrach.
At the top of the continent’s GDP rankings, we discover South Africa, despite the pervasive issue of endemic corruption, a scourge that undermines the integrity of the state. The nation, synonymous with the global icon Nelson Mandela, has still managed to set an economy worth $373 billion. This accomplishment should urgently be leveraged to address the ongoing social inequalities between blacks and whites, a chronic ailment that fuels crime and insecurity, posing significant challenges to economic prosperity.
In 2nd place for GDP in Africa we find Egypt, with a remarkably respectable GDP of 347.60 billion dollars. The country of the pharaohs toasted 2022 and 2023, with terrible economic and social difficulties, after gigantic projects which caused the public debt to explode without generating the investments and growth that were expected. Perhaps the foreign funding that has flowed in recently will change the situation. I say maybe…
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