Again, Nigeria Tops World Bank Economy Ranking As Egypt Draws Nearer

Nigeria is still Africa’s largest economy for five consecutive years, World Bank Data revealed on Friday.

Nigeria retained its position as Africa’s largest economy for five consecutive years in 2022, with a Gross Domestic Product (GDP) of $477.4 billion.

Africa’s largest economy accounted for 17.4% of the continent’s economy, with a combined GDP of $2.7 trillion in 2022.

Egypt, with a GDP of $476.7 billion, is closing in on Nigeria with $1 billion gap.

Data released by the World Bank shows that Nigeria had remained the continent’s biggest economy since 2018 when it overtook South Africa as the largest.

The World Bank said Nigeria’s economy grew 8.3% year-on-year in 2022 from $440.8 billion recorded in 2021. Egypt came second with a GDP of $476.7 billion after recording a 12.3% growth in its GDP from $424.7 billion in 2021. South Africa came third with an estimated GDP of $405.9 billion.

The top economies in Africa account for almost half of its economy. Other countries on the list 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, Cote d’Ivoire: $70 billion, According to reports, Egypt is fast catching up with Nigeria on the list after it expanded by 12.3% to $476.7 billion.

The North African country overtook South Africa in 2022 to emerge as Africa’s second-largest economy.