July 21, (THEWILL) – Nigeria has emerged Africa’s largest economy for the fifth consecutive year, according to data published by the World Bank.
The West African country has maintained the position of the largest economy on the continent for the fifth consecutive year in 2022, with a nominal GDP of $477.4 billion.
The World Bank said Nigeria’s economy grew by 8.3% year-over-year in 2022 from $440.8 billion recorded in the previous year.
The giant of Africa, as it is mostly referred to, accounted for 17.4% of the African economy in the review year ($2.7 trillion).
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.
In third position was 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).
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
