Top 10 Countries With The Best Economy In Africa 2024

With their rich resources, rising populations, and higher investments, African nations have become quite important actors in the world economy.

This expansion has made Africa a new frontier in many respects for many different businesses worldwide, drawing foreign direct investment and increasing the presence of foreign businesses establishing themselves on African ground.

Africa boasts a varied range of economies, each of which helps the continent to flourish generally. The top leading economies in Africa are very important in determining regional and global economic trends within this changing terrain. The economic scene of Africa will be shaped by these economies ranging from fledgling markets to superpower countries.

List Of Top 10 Countries With The Best Economy In Africa 2024

1. Egypt – $398.39 billion

Once the second biggest economy in Africa, Egypt has now surpassed Nigeria as the biggest as of 2024; major contributions to its GDP growth can be found in sectors like tourism and agriculture services. Egypt also boasts of having the biggest economy in North Africa, so highlighting its capital role within the regional economic development.

2. Nigeria -$390.00 billion

The second biggest economy in Africa is that of Nigeria. Middle-income mixed economy with growing manufacturing, communications, technology, and entertainment industries, Nigeria is a rising market. With approximately one third of Nigeria’s GDP coming from its oil industry, the sector drives the nation’s economy mostly. The major dependence on the oil sector is very important in determining the economic environment of Nigeria.

3. South Africa -$380.90 billion

Given its great GDP With one of the most visited countries in Africa, South Africa claims the third biggest economy in the continent according to the IMF. Its tourism sector is therefore rather important for the whole economy of the nation. The flood of visitors greatly helps the nation to flourish economically.

4. Algeria -$224.10 billion

With regard to land area, the People’s Democratic Republic of Algeria ranks tenth among nations worldwide and top among those in Africa. With a GDP fueled mostly by public company investment and private demand, its economy ranks fourth among all those of Africa.

5. Ethiopia -$155.84 billion

The International Monetary Fund (IMF) claims that Ethiopia is among the fastest non-oil dependent African economy in recent years and among the fastest developing nations in the world. Ethiopia focuses on the services of the agricultural sectors and boasts the biggest economy among East Africa. Ethiopia’s government is shifting toward a market economy and privatization of many state-owned companies at this moment.

6. Morocco -$147.34 billion

Since 1993, Morocco has followed a policy of privatization of some economic sectors which used to be in the hands of the government thanks to these developments. Morocco is now a major participant in African economic affairs and ranks sixth among all the economies in Africa. Its economy is regarded as a rather liberal one governed by the law of supply and demand.

7. Kenya -$112.74 billion

With Nairobi the capital acting as a significant regional commercial hub, Kenya’s economy is the sixth biggest in Africa overall and the largest in eastern and central Africa. Construction, industry, and tourism all help Kenya expand. Agriculture is another. The economy has experienced significant expansion in recent years, which fuels development and progress.

8. Angola -$93.79 billion

With the official name Republic of Angola. Angolan oil production ranks second in Africa. Agronomy, non-oil energy, building and manufacturing industries all help promote economic development. Of all the economies in Africa, Angola’s is the eight biggest. For 85% of the people, subsistence farming provides their main means of income. With 90% of exports and 45% of the GDP derived from oil production and associated activities, the economy depends on them absolutely.

9. Tanzania -$84.03 billion

With a GDP of more than $80 billion, Tanzania ranks third among East Africa’s economies and ninth among all the ones in Africa. About half of the workforce in Tanzania works in agriculture, so it is mostly dependent on this sector for jobs.

10. Ivory Coast -$79.43 billion

Ivory Coast is among the top producers and exporters of coffee, cocoa beans, and palm oil worldwide; so, the nation’s economy is quite susceptible to changes in world pricing for these goods and to environmental circumstances. Though still mostly dependent on agriculture, the Ivorian economy is essentially market based.