For fifth consecutive year, Nigeria maintains its position as largest economy in Africa

Nigeria has consolidated its position as the largest economy in African for the fifth year in a row in 2022 with a nominal GDP of $477.4 billion, data released by the World Bank has revealed.

This is as Nigeria accounts for 17.4 percent of the African economy in the review year ($2.7 trillion).

Persecondnews reports that Nigeria has topped this list since 2018, when it overtook South Africa as the largest African economy.

According to the World Bank report, Nigeria’s economy grew by 8.3% year over year in 2022 from $440.8 billion recorded in the previous year.

Egypt followed with a GDP estimate of $476.7 billion, having recorded a 12.3% growth in its GDP from $424.7 billion in 2021, while South Africa is in the third position with an estimate of $405.9 billion.

Egypt surpassed South Africa in 2020 as the second-largest African economy and has remained in that position to date.

The report disclosed that these top three African economies account for almost half of the continent’s economy (49.5%).

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).

Meanwhile, on the list of fastest-growing economies on the African continent released by the African Development Bank (AfDB), Angola topped the list with a growth rate of 62.5%.

This is as the GDP of the central African country increased from $65.7 billion recorded in 2021 to $106.7 billion in 2022.

According to AfDB, the growth was spurred by sustained high oil prices, which averaged $100.65/barrel in 2022.

Sudan followed with a growth rate of 50.9 percent as GDP grew from $34.2 billion to $51.7 billion in the review year.

Zambia recorded a growth rate of 34.5 percent to stand in third position, Guinea was the fourth fastest growing with a nominal growth rate of 31.9 percent, while Seychelles grew by 23.4 percent to $1.59 billion in 2022.

On the flip side, Zimbabwe recorded the highest contraction of 27.1 percent as its nominal GDP dropped from $28.4 billion to $20.7 billion, while Ghana followed with an 8% contraction, while the GDP of Sierra Leone dipped by 6.6% year-on-year.

AfDB also disclosed that Africa is poised to become the second-fastest growing region globally in 2023, following Asia, underscoring the resilience of its economy in the face of numerous global shocks.