4. Algeria
GDP: $272.5 Billion
Foreign Exchange Reserve: $192, 500 Million
Located in northern Africa, Algeria is the 4th largest economy among the wealthiest African countries with the most recent GDP figure standing at $272.5 billion. Algeria is a country where the government practically exerts a lot of control on most infrastructures. Crude oil contributes the most revenues and foreign currency for Algeria accounting for some 60% of budget revenues, up to 30% of GDP, and more than 95% of export earnings.
3. Nigeria
GDP: $521. 8 Billion
Foreign Exchange Reserve: $32, 386 Million
Nigeria is third among the richest countries of Africa with the most recent GDP figures standing at $444.3 billion. The 160-million people Nigerian market is seen as one of Africa’s largest market but this is more of a consumer market that practically buys more than it sells. Crude oil accounts for more than 85% of all foreign exchange and revenue generation by the giant country hence, is tied to fluctuations in the price of crude. The government has not made strong effort to diversify the economy to some other sectors like services and industries.
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