Africa’s economic power is not spread out evenly. It is concentrated in a few major countries. These countries drive the continent’s growth.
In 2024, the top 10 economies in Africa made up nearly three-quarters of the continent’s total wealth. This shows that a small number of nations are the true economic powerhouses.
These economic leaders are often large in size or population. They have important natural resources or diverse industries.
Countries like South Africa, Egypt, and Nigeria lead the way. They are home to major cities, ports, and centers of trade. These nations are very important for their own regions.
This list is a snapshot of Africa’s economic landscape in 2024. It shows which countries are leading the way. The data is based on nominal GDP. It provides a clear look into what makes these economies so powerful.
1. South Africa
Nominal GDP: $375.4 billion
Share of Africa’s GDP: 13.9%
South Africa is the continent’s largest economy. It is a major player in the global market. It has a modern and diverse economy. The country is known for its strong financial services and advanced communication systems.
The economy is also built on other key sectors. Mining is a very important part of its economy. It is a major producer of gold, diamonds, and other minerals. The country also has a strong manufacturing sector. It produces goods for both local use and for export.
South Africa is seen as a gateway for business in Africa. It has a good infrastructure. Its economy is more developed than many others on the continent. This makes it a key leader in African trade and investment.
2. Egypt
Nominal GDP: $348.6 billion
Share of Africa’s GDP: 12.9%
Egypt is the second-largest economy in Africa. It is a major economic force in the North Africa and Middle East regions. Its large population and important location are key to its success.
The country’s economy is driven by a number of sectors. The Suez Canal is a major source of income. It is one of the world’s most important shipping routes. Tourism is also very important. Millions of people visit Egypt each year to see its historic sites. Other key parts of the economy are oil and gas, construction, and agriculture.
Egypt is working to grow its economy even more. It is investing in new projects to improve its infrastructure and attract more business. Its large and young population is a key part of its economic future.
3. Nigeria
Nominal GDP: $325.0 billion
Share of Africa’s GDP: 12.0%
Nigeria has the third-largest economy in Africa. It is also the most populous country on the continent. The country’s economy is very large and diverse.
The oil and gas industry is a major part of Nigeria’s economy. But other sectors are also very important. Nigeria has a very large and growing services sector. This includes banking, technology, and a huge entertainment industry. Its film and music industries are very popular all over the world.
Nigeria’s large population is a major driver of its economy. It provides a huge market for goods and services. Nigeria is also a key leader in West Africa. Its size and economic power make it an important player in the region.
4. Algeria
Nominal GDP: $266.8 billion
Share of Africa’s GDP: 9.8%
Algeria is the fourth-largest economy in Africa. The country’s economy is mainly based on its natural resources. Oil and gas are the most important parts of its economy.
Algeria is a major supplier of oil and natural gas to Europe. The money from these exports is a key source of income for the government. The country also has some other industries, like manufacturing and agriculture.
The Algerian government is working to make its economy more diverse. It is investing in new industries to reduce its dependence on oil and gas. This is a key goal for the country’s future.
5. Morocco
Nominal GDP: $151.7 billion
Share of Africa’s GDP: 5.6%
Morocco has a very diverse and open economy. It has a strong relationship with Europe. The country is a major player in its region.
The economy is based on a number of key sectors. Tourism is very important. Millions of people visit the country each year. Agriculture is also a major part of the economy. Morocco is a major producer of fruits and vegetables. The country is also a world leader in the mining of phosphates.
Morocco is working to become a major hub for business in Africa. It has a good infrastructure and is investing in new projects to attract foreign companies. Its stable economy makes it a key partner for trade and investment.
6. Ethiopia
Nominal GDP: $151.0 billion
Share of Africa’s GDP: 5.6%
Ethiopia is one of the fastest-growing economies in Africa. Its large population and focus on industry are key to its success. The country is a major power in East Africa.
The economy is mainly based on agriculture. Coffee is a very important part of its exports. But the country is also working to build a strong manufacturing sector. It is building large industrial parks to attract foreign factories.
Ethiopia is a landlocked country. But it is working to become a major manufacturing hub. Its government is investing in new roads and energy projects to support its growing economy.
7. Kenya
Nominal GDP: $132.8 billion
Share of Africa’s GDP: 4.9%
Kenya is a major economic leader in East Africa. The country has a very dynamic economy. It is known for its strong service sector.
The economy is based on a number of key areas. Agriculture is very important. The country is a major exporter of tea, coffee, and fresh flowers. The services sector, which includes tourism and finance, is also a key driver of the economy.
Kenya has a very advanced tech sector. The country is a leader in mobile money. Its capital, Nairobi, is becoming a major technology hub for the region. This is a very important part of its economic future.
8. Angola
Nominal GDP: $109.1 billion
Share of Africa’s GDP: 4.0%
Angola’s economy is mainly based on its oil. The country is one of the largest oil producers in Africa. The oil industry is a major part of its GDP.
The country’s economy is heavily dependent on the price of oil. When the price is high, the economy is strong. When the price falls, the economy can face problems. The government is working to make the economy more diverse.
Angola is also rich in other natural resources, like diamonds. The country is working to improve its infrastructure after many years of civil war. Its goal is to build a more stable economy for the future.
9. Côte d’Ivoire
Nominal GDP: $98.1 billion
Share of Africa’s GDP: 3.6%
Côte d’Ivoire is a major economic power in West Africa. The country’s economy is mostly based on agriculture. It is the world’s largest producer and exporter of cocoa beans.
The country also produces and exports other important crops, like coffee and palm oil. The money from these crops is a major source of income. The government is working to improve its infrastructure and attract new businesses.
Côte d’Ivoire has a very strong and growing economy. It is seen as a key business center in West Africa. Its strong agricultural sector makes it a very important player in the region.
10. Ghana
Nominal GDP: $95.9 billion
Share of Africa’s GDP: 3.5%
Ghana is the tenth-largest economy in Africa. It is also a key leader in West Africa. The country has a very stable and growing economy.
The economy is based on a number of important sectors. Gold and cocoa are its most important exports. The country is also a major producer of oil. The services sector, which includes finance and telecommunications, is also growing fast.
Ghana is a very stable country. It is seen as a model for democracy in Africa. Its stable political situation and growing economy make it a good place for business. It is a key player in the region.
