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Category: Africa

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10 Best Nigerian cities to live in (2023)

Nigeria not only has the largest population in Africa but also a robust economy that ranks first on the African continent, 26th in the world in nominal GDP, and 25th in PPP. According to the World Bank, Nigeria is an emerging market filled with tons of opportunities and hopes for prosperity.

Nigeria has approximately 90 cities, including Kano, Lagos, Aba, Abuja, Enugu, Kaduna, Zaria, Onitsha, Ibadan, Owerri, Umuahia, Jos and others. With this many cities, the major question that arises in the minds of Nigerians and foreigners is which Nigerian city can I start a business with the likelihood of success, which city can I get a proper paying job, which city offers varying opportunities that can suite my skills; after intensive research, we took out time to list the top ten most economical and financially stable cities in Nigeria.

Factors that guided the list selection

1. Salary structure 

The top ten cities listed below are arguably the best-paying Nigerian cities there are. The cities offer workers a stable income way above minimum wage, also, there exist varying opportunities for labour, trade, and business development in these cities.

The median minimum wage in these cities is estimated to be 45,000 Naira.

2. Population growth and density 

The greater the population growth and density in a location, the greater the business’s market potential there is. Customers who are interested in your business model are more likely to patronize your goods or services. Additionally, a company is more likely to easily hire the best workforce.

Aside from the population growth and density, there is in existence a significant portion of the citizens with large disposable incomes. All cities listed have a population of at least 1 million people.

3. The level of safety 

The level of safety in the city where a business is located greatly impacts its success. Most businesses in uncertain urban areas usually have to shut down given low support and misfortunes because of the harm caused during the savagery.

These cities possess a standard security measure set up by the government and the people living in them.

4. Public infrastructural advancement 

The presence of public frameworks like a decent street organization, media communications, well-being framework, standard hospitals, effective schools and other infrastructures that aid business. The time and money required to run a business are reduced by public infrastructure.

Top 10 Nigerian cities to live in

If you want to relocate for business, the following are the top ten cities to choose in Nigeria:

1. Lagos

The most populous city in Nigeria is the metropolitan city of Lagos, which is home to approximately 14.8 million people. It is a significant African monetary and financial centre of the state of Lagos, Nigeria and Africa. With an economy of $33.68 billion and a per capita income of $4,335, it is believed to be one of the fastest-growing communities in the world.

Lagos is a concentration of big business in Nigeria; the city is also home to some of the largest sea ports in Nigeria and has the monopoly of edible exports from west Africa. The official minimum wage closes at 30,000 Naira, nonetheless, workers earning 40,000 and above make up over 80% of the city’s labour force.

2. Abuja

The centre of Nigeria is home to Abuja, the nation’s capital. The Abuja metropolitan area is currently home to an estimated 3,464,000 people.

Abuja is one of the world’s fastest-growing cities and the fastest-growing city in Africa. It is regarded as one of Africa’s wealthiest and most organized Federal capitals.

Abuja has a significant Global Air terminal – Nnamdi Azikiwe Worldwide Air terminal and has an expressway connected to Nasarawa, Kogi, Benue, and Upper east Nigeria.

3. Port-Harcourt

With a GDP of $21.17 billion and a per capita income of $3,966, Port Harcourt is the largest city in Rivers State and Nigeria’s fifth-largest city. The current population is thought to be 3,171,000. The discovery of crude oil in Nigeria in 1956 was a major factor in this city’s modernization and development of its infrastructure. Nigeria’s most important oil-refining city is Port Harcourt.

At the city’s periphery is the international airport known as Port Harcourt International Airport. The Nigerian Air Force (NAF) base, which is also the only other airport used by domestic flights, is situated in the same area. Aero Contractors, Caverton Helicopters, and Bristow Helicopters are commercial airlines that make use of the airport. Port Harcourt Wharf and FOT Onne are the city’s two seaports.

4. Kano

The state capital and most populous city in Kano state is the city of Kano, which has a GDP of $12.39 billion. It is anticipated that this city currently has a population of 4,103,000 people.

The Mallam Aminu Kano International Airport is the international airport in Kano. It likewise has a rail station connecting to Lagos through Kaduna and Ibadan and has similar admittance to the seaports at Lagos and Portharcourt.

5. Onitsha

Onitsha is also well-known for its substantial market. It is situated in Anambra state and is one of the main Nigerian cities to live in Nigeria. With a population of over 2 million people, Onitsha city is a strong force in the Nigerian trade industry.

The city can be found at the intersection of 6°10′ North and 6°47′ East. The region receives a lot of rain, so the temperature stays pretty much the same all year. Nuts, corn, fruits, and vegetables are Onitsha’s primary commercial crops of trade. Tires, petroleum products, fashion products, and bearings are just a few of the other products that are traded in Onitsha. The city is also home to a large brewery and several other industries including paint, edible products and others.

6. Ibadan

Ibadan is the state capital and the most populous city in Oyo state. It has a GDP of $16.12 billion and a per capita income of $2,665.

It is anticipated that this city has a current population of over 3 million people. There are several industries in Ibadan, including agro-allied, textile, and food processing, among others.

7. Aba

Aba is well-known for its extensive market. In the south-eastern part of Nigeria, it is at 5°1′ latitude and 7°35′ longitude. With a population of over a million people, it is one of the most well-known cities in Nigeria.

The city is Nigeria’s first for manufacturing non-edible goods, it has a GDP per capita of $3000 and is known as Nigeria’s capital for fashion and clothing item manufacturing, especially foot wares, bags and other leather products.

Aba Nigeria is a significant exchange place in the entire of Nigeria. It makes a lot of palm oil and kernels, which makes a lot of money for the country.

Another critical industry is the handling of kola nuts. Shoes, beer, mineral water, soap, textiles, pharmaceuticals, and other items are made from Aba.

8. Kaduna

The state capital of Kaduna is the city of Kaduna, which has a GDP of $10.3 billion and a per capita income of $1,666. It is anticipated that this city currently has a population of over 1 million people.

The city is a major transportation hub for the agrarian areas surrounding it and a centre of trade due to its rail and road junction. It is generally regarded as the Middle Belt and Northern Nigeria’s industrial hub.

9. Benin City

Benin city is the state capital and largest city in Edo state. It has a GDP of $11.89 billion and a per capita income of $3,624. Benin city is in Edo state.

It is estimated that this city currently has 1,782,000 residents. Benin City has a significant oil production industry in addition to being the hub of Nigeria’s rubber industry. Three commercial airlines fly into Benin city’s local airport.

10. Warri

Warri is the largest city and the commercial capital of Delta State, with a GDP of $16.75 billion. This city is home to the extension of the Government House, as well as a central oil base in the South-South region. Warri City is currently home to an estimated 1.2 million people.

It is one of the major petroleum-related business and activity centres in the South. It is categorized as a modern metropolitan area with significant development of its infrastructure. It is the location of several significant Nigerian and international businesses.

Conclusion

Choosing a city to reside in and do business in is one of the most important decisions to undertake when starting a business. Businesses’ success is greatly influenced by their location or point of sale. Nigeria, being the most populated African nation and the seventh most populated country on the planet, with more than 200,000,000 people, is a rewarding spot for Organizations – locally and universally.

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7 fastest-growing economies in Sub-Saharan Africa, according to IMF

Sub-Saharan Africa’s recovery has been abruptly interrupted. Last year, activity bounced back, lifting GDP growth in 2021 to 4.7 per cent. But growth in 2022 is expected to slow sharply by more than 1 percentage point to 3.6 per cent as a worldwide slowdown, tighter global financial conditions, and a dramatic pickup in global inflation spill into a region already wearied by an ongoing series of shocks.

According to World Bank, 29 out of 33 countries in the region with available data had inflation of over 5% in July, while 17 were in double digits. The number of countries in debt distress was little changed, while borrowing costs rose significantly.

In Ghana, which has sought help from the International Monetary Fund, amid inflation hitting 33.9% in August and the cedi weakening, growth is forecast to slow to 3.5% this year, compared to a prediction of 5.5% in April, News24 reported. The World Bank also cut its growth forecasts for Nigeria and South Africa from 3.8% and 2.1% to 1.9% and 3.3%, respectively.

Côte d’Ivoire was projected to be West Africa’s fastest-growing economy this year at 5.7%, but Senegal is set to overtake it – expanding 4.8% this year before speeding up to 8% in 2023 and 10.5% in 2024. The forecast for Kenya, East Arica’s largest economy, was kept the same at 5%.

Here are the top 7 fastest-growing economies in Sub-Saharan Africa, according to IMF

AFR-REO-Table-OCT-2022

1. Senegal

Senegal’s economy is set to expand the most in sub-Saharan Africa next year, according to the IMF in its World Economic Outlook. The emerging oil and gas exporter’s output is growing 8.1% in 2023, compared with a projected 4.7% expansion in 2022, after producing its first gas from the BP-backed Greater Tortue Ahmeyim field in the third quarter of 2023.

2. Niger

The economic outlook is favourable over the near and medium term, with growth projected to accelerate from 6.5% in 2022 to 7.2% in 2023, led by agriculture and supported by the new “3N” agricultural initiative—Les Nigériens nourrissent les Nigériens—continued public investment in infrastructure, and increased FDI in the extractive sector. Growth in oil, which has been negative in the last two years, should reach 20.6% and 86.2% in 2022 and 2023.

3. Rwanda

According to the IMF, Rwanda’s economy will grow at 6.7 in 2023, showing accelerated growth from 6.0 in 2022. Interestingly, all the EAC countries are projected to post growths higher than the Sub-Saharan African average of 3.6 per cent, which declined sharply from the 4.7 per cent posted in 2021, according to the IMF.

“We expect real GDP growth to accelerate in 2023. We expect high base effects and moderating global food and fuel prices will see headline inflation gradually decelerate to 8.9% by the end of 2023. This will likely improve consumer confidence, supporting household spending and business conditions. Moreover, we expect strong tourism growth as the hospitality sector’s ongoing development and a high Covid-19 vaccination rate (as of October 16, 69.5% of Rwandans had received at least one dose) encourages rising tourist arrivals”, Fitch Solutions

4. Congo DRC

The economic outlook for the Democratic Republic of Congo is encouraging despite the Russia–Ukraine conflict, with GDP growth in 2022–23 reaching 6.7%, driven by mining and recovery of nonextractives. According to AfDB, priority investments should continue to support internal demand. Improvements to transport and logistical infrastructure are set to support the resumption of non-extractive activities, services, and industries, stimulating export and tax revenue. Furthermore, the 2023 elections are forecast to increase public spending and slightly widen the budget deficit from 1.6% in 2022 to 1.5% in 2023.

5. Côte d’Ivoire

Côte d’Ivoire’s economy remained amongst the few Sub-Saharan African economies that maintained growth in 2020 despite the Covid-19 pandemic, and in 2021 GDP growth accelerated to an estimated 6% (IMF).

The Russia–Ukraine conflict could negatively impact the outlook for 2023. However, the West African nation is expected to benefit from investments and reforms in the Côte d’Ivoire 2030 Strategic Plan, the National Development Plan 2021–2025 (NDP), and a more stable sociopolitical environment. Accordingly, growth should rebound to 6.7% in 2023, driven essentially by agriculture, industrial activity, buildings and public works, transport, commerce, telecommunications, investment, and consumption.

6. Benin

Benin has one of the strongest economic growth rates in the WAEMU area, with an estimated growth rate of +7.2 % in 2021, an increase of +3.4 percentage points compared to 2020. Despite the exogenous shocks linked to COVID-19 affecting some key sectors of the Beninese economy, the country has been able to count on the good performance of sub-sectors such as port activities, agricultural production, and tourism. According to forecasts, the growth of the Beninese economy is expected to reach +6.2 %.

7. Togo

After a slowdown in GDP growth to 1.8% during the COVID-19 pandemic in 2020, the country rebounded to 5.3% in 2021, reflecting progress in the services sector. On the consumption side, household spending and public and private investment have strongly contributed to the recovery. Public investment is expected to remain strong in 2022 due to the “Togo Roadmap 2020-2025” implementation, gradually declining in favour of private investment over the next few years.

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Top 10 Richest Countries in Africa

Many of the world’s poorest nations are in Africa. Numerous African economies are unstable, poverty is widespread, and poor access to vaccines is slowing the entire continent’s recovery from the COVID-19 pandemic. Moreover, many African countries, including Cameroon, Chad, Nigeria, and Somalia, are currently at war with either terrorist insurgencies or one another, which puts further strain on their economies.

Despite these challenges, Africa’s 54 countries include some of the fastest-growing economies in the world. The African economy is expected to reach a GDP of $29 trillion by 2050, powered by its agriculture, trade, and natural resources sectors. The region has an eager and expanding workforce, with 20 million new job seekers a year in sub-Saharan Africa alone. Africans are starting to catch up with the rest of the world technologically as well: Every day, more than 90,000 residents of sub-Saharan Africa log on to the internet for the first time. Africa may be the least developed of the major continents—even the richest African countries lag far behind the wealthiest countries in the world—but its potential is both substantial and undeniable.

Using gross domestic product (GDP) to measure the wealth of African countries

While there are several ways to compare various nations’ wealth, one of the best methods is to evaluate each country’s gross domestic product, or GDP. This is the value of all the goods and services produced by a nation in a given year. To make country-to-country comparisons more precise, GDP is often first adjusted for Purchasing Power Parity (PPP), which modifies each country’s GDP relative to local prices, and expressed in a fictional currency called international dollars (INT).

According to the International Monetary Fund, the four top African countries posted GDPs of more than $500 billion (INT) in 2020:

Top 10 Richest African Countries by Overall GDP (INT$ at PPP — International Monetary Fund 2021)

  1. Egypt – $1.38 trillion
  2. Nigeria – $1.14 trillion
  3. South Africa – $861.93 billion
  4. Algeria – $532.57 billion
  5. Morocco – $302.77 billion
  6. Ethiopia – $298.57 billion
  7. Kenya – $269.29 billion
  8. Angola – $217.97 billion
  9. Ghana – $193.63 billion
  10. Sudan – $189.87 billion

In terms of total GDP (PPP INT$), Egypt wins out as the richest country in Africa for 2021. With 104 million people, Egypt is Africa’s third-most populous country. Egypt is also a mixed economy strong in tourism, agriculture, and fossil fuels, with an emerging information and communications technology sector.

Nigeria is the most populous country in Africa, with 211 million residents—nearly twice the population of Egypt—contributing to its GDP. Nigeria is a lower-middle-income, mixed economy focused upon petroleum and (to a lesser extent) agriculture. It is also an emerging market with growing financial, service, communications, and technology sectors.

GDP per capita offers additional insight into African economies

Although GDP is an extremely valuable metric, it is also quite broad. For example, it disregards the number of citizens contributing to a country’s GDP, which means a country with a vast, but less effective workforce can post a higher GDP than a country with a smaller, but efficient workforce. To get a more granular look at this and other factors, economists often turn to GDP per capita, which divides gross domestic product by the number of people in the country.

Richest African Countries by GDP per Capita (INT$ at PPP — World Bank 2021)

  1. Seychelles – $30,898
  2. Mauritius – $23,841
  3. Equatorial Guinea – $18,625
  4. Botswana – $18,507
  5. Libya – $15,816
  6. Gabon – $15,582
  7. South Africa – $13,010
  8. Egypt – $12,261
  9. Algeria – $11,997
  10. Tunisia – $11,096

Switching the measurement to GDP per capita has a significant impact on the list of Africa’s richest countries. Seychelles is the richest country when using this metric. The Seychelles economy is primarily driven by fishing, tourism, boat building, processing coconuts and vanilla, and agriculture, especially cinnamon, sweet potatoes, tuna, and bananas. Its public sector contributes the most employment and gross revenue, employing two-thirds of the total labor force.

Although Egypt has the highest total GDP of any African country, it ranks only eighth in terms of GDP per capita. What’s more, Nigeria doesn’t even make the new list—in fact, it’s in 22nd place.

Gross national income (GNI) of African economies

A final metric often used by economists to compare the wealth of different countries is gross national income, or GNI. While GDP measures the value of the goods and services a country creates, GNI measures the total income obtained through those goods and services. GNI also tracks money that enters or exits a country’s economy as part of international business activities. This makes GNI a bit better at avoiding the artificially inflated totals that can distort the GDPs of countries that are known international tax shelters.

Richest African Countries by GNI per Capita (Atlas method, current US$ — World Bank 2021)

  1. Seychelles – $12,720
  2. Mauritius – $10,230
  3. Gabon – $6,970
  4. Botswana – $6,640
  5. Equatorial Guinea – $5,810
  6. South Africa – $5,410
  7. Libya – $4,850
  8. Namibia – $4,520
  9. Eswatini – $3,580
  10. Algeria – $3,550

Once again, Seychelles ranks first, with Mauritius close behind and countries including Botswana, Libya, Equatorial Guinea, and Gabon slotting in underneath. However, Egypt, which had the highest overall GDP in all of Africa, has fallen completely out of the top 10 (it’s actually 15th).

Viewed on a global scale, even Africa’s richest nations pale in comparison to those on most other continents. The average GNI per capita in North America is $62,367 (US$), and the European Union‘s average GNI per capita is $34,081 (US). However, Seychelles is ahead of the global average of $11,057 (US$), and several other African countries have the potential to meet and exceed that goal as well.

Here are the 10 richest countries in Africa:

  1. Nigeria – $514.05 Bn
  2. Egypt – $394.28 Bn
  3. South Africa – $329.53 Bn
  4. Algeria – $151.46 Bn
  5. Morocco – $124.00 Bn
  6. Kenya – $106.04 Bn
  7. Ethiopia – $93.97 Bn
  8. Ghana – $74.26 Bn
  9. Ivory Coast – $70.99 Bn
  10. Angola – $66.49 Bn
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East African Country That Is The Poorest Nation In Africa

Burundi, which marked 60 years of independence on 1 July 2022, ranks as the poorest country on the planet in terms of GDP per capita. This must be understood in the light of a history punctuated by political upheavals. Until 1996, the country lived to the rhythm of coups, massacres and political assassinations – before plunging into a long civil war.

Peace was eventually restored in 2005. However, the country returned to authoritarian governance in 2015. Since then, the UN has noted progress but continues to denounce the political violence that plagues the country.
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How did Burundi come to this? Why is change so slow to arrive?

I have studied the politics and economies around the Great Lakes region for more than 40 years – including the links between governance and poverty. The countries that form the region are Burundi, Rwanda, the Democratic Republic of Congo and Uganda. It’s my view that the end of the Belgian and British colonial empires upset the political, economic and social frameworks of the two nations formed out of the former Ruanda-Urundi colonial entity.

Present-day Rwanda and Burundi served as reservoirs of labour for the exploitation of the wealth of the vast agricultural and mining areas of the Belgian Congo to the west and the British colonies in the east. Refocused within their borders following independence in the 1962, they were reduced to small, overcrowded and landlocked micro-states.

Burundi is a country familiar with various military regimes since independence. These regimes have succeeded in appropriating state resources while ordinary citizens – mostly rural farmers – have borne the brunt of the civil war.
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The divide that has emerged between military elites and “people of the hills” – as rural farmers are commonly referred to – runs deeper than ethnic and regional differences. The peasantry still provides almost all the resources of the party-state. But most of the agrarian policy decisions are taken without consultation, including at the grassroots levels where party delegates, often peasants, do as directed.

The state has imposed itself as the exclusive economic operator. Civil servants and party cadres programme and direct investments. Ordinary people are for the most part powerless.
Nkurunziza’s missed opportunity

Following the gradual return of peace nearly 20 years ago, Pierre Nkurunziza was elected president in 2005. Drawn from the majority Hutu ethnic group, Nkurunziza ended 25 years of pro-Tutsi military regimes. The minority Tutsi make up 14% of the population and the Hutu 85%. In the next five years, the president and his party – the National Council for the Defense of Democracy – Forces for the Defense of Democracy (CNDD-FDD) – went about consolidating power.

Hopes for stability were stronger at the next election in 2010. For the first time in the country’s history, voters were called upon to vote at the normal end of an electoral cycle. CNDD-FDD secured another mandate thanks to a divided opposition and the charismatic personality of the incumbent president, who enjoyed massive support from rural populations.

A party that had managed to reconcile ethnic divisions and to integrate the armed forces with former rebels now had a resounding national mandate.

Unchallenged, Nkurunziza concentrated power in his hands under a de facto one-party state. A youth militia loyal to his party kept an eye on dissent among local populations and neutralised any organised opposition. But the mood soured quickly when Nkurunziza sought a “third term” in the 2015 elections, contrary to the constitution.

A popular protest was immediate and strengthened despite the mobilisation of the police. Within weeks a failed military coup laid bare the fractures within the armed forces. A violent repression followed in which freedom of expression and independent media were crushed.

In July 2015, after elections “neither free nor credible” according to the UN, the CNDD-FDD exceeded the two-thirds majority in the National Assembly.

Nkurunziza’s victory was Burundi’s loss. Amid the repression of opponents, the country’s economy slowed down, foreign capital took flight and infrastructure crumbled. There was looting of public resources and a sharp reduction in social benefits.

At the end of his third term, the leaders of the CNDD-FDD party were happy to see the back of the “eternal supreme leader” who had become a liability.
The electoral rescue of 2020

Burundi’s GDP had been battered badly during the civil war, which ended in 2005. It was on the rise for ten years from 2005 to 2014. Following the Nkurunziza-instigated political crisis in 2015 the economy dipped sharply again. Ranked second poorest country in the world in 2013 and 2014, it fell to the poorest in 2015 and has remained there ever since. The UN Human Development Index, which measures longevity, education and inequality, also attests to this deterioration. Burundi was ranked 180th in 2015, falling to 185th in 2019 and 2020.

Thus, in almost all socio-economic measures, Burundi’s performance is among the lowest on the planet thanks mainly to conflict and elite corruption.

The failed coup of May 2015 upset a delicate balance in which the army – including former rebels – and the police were jointly managed. Pro-Nkurunziza elements in the army who crushed the coup sensed an opportunity for self-enrichment to match the fortunes of their senior Tutsi colleagues and graduates of military schools.

Hitherto contained or concealed, this “financial catch-up” was transformed into an open competition for personal enrichment commensurate with each person’s powers.

In May 2020, General Evariste Ndayishimiye, a wise and withdrawn man, became the new president. Nkurunziza died shortly afterwards officially from COVID-19, a disease whose danger he had always underestimated. Burundi, on the other hand, continues to suffer the effects of Nkurunziza’s political legacy.
Struggle between elites

Having experienced since independence all forms of divisions that can be exploited by authoritarian regimes, the “people of the hills” now know that their lot is the result of struggles between elites for the capture of national resources.

Only the re-appropriation of the state, to make it legitimate once more in the eyes of the population, could free resources for their purposes. This implies that peasants emancipate themselves from co-opted administrative and economic bureaucracies which have appropriated power and wealth by force, first for the benefit of a Tutsi and then of a Hutu elite. Burundians need to impose themselves through free and credible elections as self-organised citizens responsible for the future of a democratic country.

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Top Five Richest Countries In Africa, SA Is No.2

People in Africa are among the world’s poorest, and most of the continent is in dire straits.

However, governments have been working alongside foreign help to enhance people’s standard of living, and these are the most developed and richest countries in Africa by 2022.

One of Africa’s wealthiest nations

5. Money: $126.035 billion for Morocco

Since the beginning of the covid-19 pandemic, this country’s GDP has fallen by 2.7% as most sectors that fuel the economy have been left with little funding.

4. One Hundred and Sixty Three and 185 Million Dollars, Algeria

The government of Algeria has worked tirelessly to advance the country, which benefits from a wealth of natural gas and is a major player in the hydrocarbon business.

3. For Egypt: $396,328,000,000

The government of this country has been working around the clock to boost its reputation as a prosperous economic powerhouse, and the country now earns the majority of its money from retail commerce, construction, tourism, and gas extraction.

2. Specifically, $415.315 billion in South Africa

one of Africa’s wealthiest nations

In second position is South Africa, which is also a major producer of raw materials like gold and other metals but was severely impacted by the covid-19 pandemic.

The quality of living, even for common folk, is much higher here, therefore people from all over Africa always migrate here in the hopes of a better life, making this country a major player in the tourism industry.

1. $480.482 billion for Nigeria.

Africa’s wealthiest nation

Numerous economists believe that a country’s GDP directly correlates to its population size; Nigeria, with its current count of over 202 million people, has the greatest GDP on the continent.

The country’s GDP has increased by leaps and bounds because to its abundant natural resources and the revenue generated from petroleum exports.

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Top 10 richest African countries (2022)

One of the world’s most significant continents, in terms of resource control, is Africa. Without a doubt, the African continent houses some of the wealthiest countries in the world. The region’s abundant resources contribute to its relatively high GDP per capita.

Despite tremendous riches, many nations in Africa continue to live in abject poverty. By using GDP per capita as a factor, we shall highlight the ten richest countries on the African continent.

The GDP per capita is calculated using the World Bank’s statistics. We provide the top 10 richest nations with relative economic stability and general wealth. The following are the nations in Africa with the highest per capita income.

Richest countries in Africa

Rank Country GDP per capita
1. Seychelles $13,306.7
2. Mauritius $8,812.1
3. Equatorial Guinea $8,462.3
4. Gabon $8,017.0
5. Botswana $7,347.6
6. South Africa $6,994.2
7. Libya $6,018.4
8. Namibia $4,729.3
9. Eswatini $4,214.9
10 Tunisia $3,924.3

1. Seychelles

GDP per capita is $13,306.7.

Seychelles, an island country, sits atop the list of the richest countries in Africa in terms of GDP per capita. Seychelles’ thriving tourist sector, which greatly boosts its entire economic outlook, is largely the force behind the country’s remarkable GDP per capita.

About 40% of the country’s GDP and 70% of its foreign exchange profits come from tourism. Seychelles’ currency is currently the most valuable currency on the African continent. Over the years, Seychelles has expanded its lodging and services, which has helped the country’s tourism industry grow.

2. Mauritius

GDP per capita is $8,812.1.

Mauritius is another African island nation that is thriving economically. The country serves as a tourist target for many African and European countries, including Britain, Spain and France. Mauritius also gets its economic reserves from sugarcane, fashion and design, and banking industries.

Their citizens are exempt from tax duties and the nation has a free porting system, which boosts their export revenue.

3. Equatorial Guinea

GDP per capita is $8,462.3

Equatorial Guinea is Africa’s 3rd richest nation in terms of GDP per capita. The Central African country’s economy is largely dependent on petroleum. The country possesses a large reserve of crude, and exports to Europe and Asia.

4. Gabon

GDP per capita is $8,017.0.

Gabon is a country in central Africa that borders Equatorial Guinea, Cameroon, the Republic of the Congo, and the Gulf of Guinea on its western shore.

The country is one of Africa’s top 10 wealthiest nations by per capita income. Gabon is one of the richest nations in Africa following its abundance of natural resources, which include oil, lumber, manganese mining, and uranium ore.

Gabon’s oil output has been reduced by half as a consequence of the terrible financial downturn they recently face. Inflation grew higher in Gabon with a slow GDP growth rate of 2.7%.

5. Botswana

GDP per capita $7,347.6

Botswana is a landlocked country in southern Africa, the country ranks high in terms of GDP per capita income. Livestock farming has long been the cornerstone of Botswana’s economy; nonetheless, it has improved over time. Exports of cattle and diamonds have significantly aided Botswana’s economic growth.

6. South Africa

GDP per capita is $6,994.2.

Transport gear, processed minerals, chemicals, textiles, and food goods make up the majority of South Africa’s economy, accounting for nearly half of its GDP. The industrial sector accounts for more than 35% of the GDP, and 90% of exports are made up of minerals, mostly coal, gold, and diamonds. The nation is one of the richest in Africa due to its abundance of resources, including iron ore and chrome. Even so, the economy is performing well, with one of Africa’s highest annual GDP growth rates of 3%. In 2014, agriculture accounted for 22.8% of employment and contributed around 7% to the GDP.

More than half of South Africa’s products, or 4% of global commerce in minerals and metals, are made up of a range of minerals that are produced in South African mines, including gold, diamonds, coal, vanadium, manganese, iron ore, copper, and tin.

But South Africa’s economy has numerous problems, such as high unemployment, more people living in poverty, and a fast-growing population.

7. Libya

GDP per capita is $6,018.4

Libya is a North African country and is the 7th richest nation on the African continent. The country exports petroleum which accounts for the majority of its GDP, in addition, Libya also trades in agriculture and manufacturing.

In tourism, Libya has a strong base, with hundreds of Africans migrating to Libya en route to Europe by land.

8. Namibia

Namibia’s per capita GDP is $4,729.3.

The mining, agricultural, manufacturing, and tourist sectors generate more than half of Namibia’s revenue. Agriculture adds around 12% of the GDP, whereas mining attracts about 30%.

Brisket, mutton, and goat are Namibia’s principal agricultural products, such as dairy goods, tobacco, and barley. The stable Namibian economy has a consistent growth rate of above 4%, which helps explain its high GDP per capita.

9. Eswatini

GDP per capita is $4,214.9

Eswatini is a Southern African nation principally dealing with mining and agriculture. The sugarcane industry is one of Eswatini’s biggest trades.

The country was formerly known as Swaziland. It has a strong economic outlook with an overall growth rate of 7.4% as of 2021.

10. Tunisia

GDP per capita is $3,924.3.

Tunisia has a population of approximately 12 million. The Northern African nation adds a significant impact on African politics as well as the overall economic strength of the continent. Chemicals, semi-finished items, electrical equipment, and transportation equipment make up the majority of Tunisia’s exports. The Sahara desert’s aridity limits Tunisia’s available land resources.

However, Tunisia has the potential for human resources, which attracts international investors from countries like Germany and Italy. Tourism, manufacturing, and mining together make up around 15% of Tunisia’s GDP, which is mostly dependent on these sectors. The success of Tunisia’s economy can be traced back to its economic policies, which have created a safe financial environment that encourages investment from other countries.

Tunisia’s reliance on outside aid decreased in 2014 from around $700 million in prior years to $183 million.

Conclusion

Overall, the listed African nations have strived to use their resources and production strengths to create a stronger, more vibrant economy that can sustain their growing populations.

Africa’s biggest economy, Nigeria, has a GDP per capita of $2,085.0 as of 2021.

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20 Most valuable natural resources in Africa and their locations

Natural resources are located in almost all countries across the world today. Africa currently has the largest reserves of natural resources of any other continent in the world.

At present, Africa is bragged to possess over 30% of the global gold reserve and over 60% of the global reverse for platinum, cobalt, diamonds and uranium.

This article takes a look at the most valuable natural resources in Africa and the nations that possess these resources.

List of the 20 most valuable natural resources in Africa and where they are found

1. Petroleum

Petroleum is a natural black liquid often referred to as crude oil. It is a fossil fuel made up of hydrocarbons.

Petroleum is found in several African countries, including Libya, Nigeria, Algeria, Angola, Sudan, Egypt, Congo-Brazzaville, Uganda, Gabon, Chad, Equatorial Guinea, Ghana, Tunisia, Cameroon, Kongo-Kinshasa, Niger, and Côte D’Ivoire.

2. Coal

Just like petroleum, coal is a black fossil fuel formed from sedimentary rocks. It is a hydrocarbon often used to produce energy or power locomotive engines across the world.

African countries having large deposits of coal includes South Africa, Mozambique, Zimbabwe, Nigeria, Tanzania, Swaziland, Botswana, DR Congo, Algeria, Zambia, Egypt, Morocco, Niger, C. A. Republic, Malawi, Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Chad, Comoros, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Ivory Coast, Kenya, Lesotho, Liberia, Libya, Madagascar, Mali, Mauritania, Mauritius, Namibia, Republic of Congo, Rwanda, S.T. & Principe, Senegal, Seychelles, Sierra Leone, Somalia, Sudan, Togo, Tunisia, and Uganda.

3. Gold

Gold is arguably the most lucrative resource in the world, with almost all countries accepting gold as a medium of exchange.

Gold is a naturally occurring metal with a yellowish blend of colours. It is found in ores or at the bottom of large water bodies. African countries where gold can be found include Ghana, South Africa, Sudan, Mali, Burkina Faso, Algeria, Egypt, Libya, Morocco, Nigeria, Mauritius, Mozambique, Malawi, Burundi, Kenya, and Cameroon.

4. Iron

Iron is one of the most common metals found on the surface of the earth. It has varying uses based on your need, from being made into containers to its use in the manufacturing of engineering equipment and so on.

Places, where iron can be found in Africa, include Algeria, Angola, Cameroon, Central Africa Republic, Congo Brazzaville, Egypt, Gabon, South Africa, Mauritania, Morocco, Cameroon, Zimbabwe, Ghana, Guinea, Liberia, Libya, Niger, Nigeria, Senegal, Sierra Leone, Senegal, Tunisia, and Uganda.

5. Titanium

Titanium is a durable metal mostly situated as an oxide in the environment. Places, where Titanium can be found in Africa, include South Africa, Mozambique, Kenya, and Sierra Leone.

6. Zinc

Zinc is a blackish metallic substance found underneath the earth. African countries having zinc include South Africa, Burkina Faso, Eritrea, Morocco, Nambia, Nigeria, DR Congo, and Algeria.

7. Copper

Copper is a naturally occurring element found underneath the earth’s surface. African countries having copper are the Democratic Republic of Congo, Zambia, and South Africa.

8. Diamonds

Diamonds are clear precious stones made of carbon. They often generate a hard crystallized structure. Diamonds are mostly used for the production of luxury items.

African countries where diamonds can be found include Angola, Botswana, the Democratic Republic of Congo, Namibia, and South Africa.

9. Gypsum

Gypsum is a mineral made of hydrous calcium sulfate. It consists of sedimentary rocks and other particles. African countries that have gypsum include Kenya, Tanzania, Uganda, Zambia, and South Africa.

10. Salt

Salt is a mineral compound majorly consisting of sodium chloride. African countries that have salt include Angola, Botswana, Ethiopia, Ghana, Mozambique, Namibia, Senegal, South Africa, Sudan, and Tanzania.

11. Sulfur

This is a naturally occurring element that can be in soil and some plants. It is used for the production of gun powders.

African countries where sulfur can be found include South Africa, Zambia and Morocco.

12. Phosphate

Phosphate is yet another mineral compound found in Africa. Countries, where Phosphate can be found in Africa, include Algeria, Morocco, Senegal, Togo, and Tunisia.

13. Bauxite

Bauxite is a heterogeneous element containing aluminium hydroxide. Countries, where bauxite can be found in Africa, include Guinea, Mozambique, and Ghana

14. Uranium

This is a metal that occurs in small quantities in nature. Uranium can be found in Niger, Namibia, and South Africa.

15. Platinum

Platinum is a natural element found in abundance in the earth’s crust. Countries, where Platinum can be found in Africa, includes South Africa, and Zimbabwe.

16. Limestone

Limestone also referred to as calcium carbonate is made from sedimentary rocks. Countries in Africa having limestones are Nigeria, Niger, Burkina Faso, and Mali.

17. Rubber

Rubber is a plant with a vast range of uses. Countries in Africa where rubber can be found include Nigeria, Zaire, Liberia, Ivory Coast, Central Africa Empire, Ghana, Mali, and Congo.

18. Cocoa

Cocoa takes the spot as the first edible resource on our list. The chocolate market is huge and Africa currently accounts for over 80% of cocoa exports across the world. Countries, where cocoa can be found in Africa, include Ivory Coast, Ghana, Nigeria, and Cameroon.

19. Silver

Silver is a metallic element occurring as a soft, white, lustrous substance. Countries in Africa where silver can be found include Morocco, South Africa, Eritrea, Tanzania, Namibia, Ghana, Zimbabwe, Zambia, Burkina Faso, Ethiopia, Niger, and Algeria.

20. Uranium

Uranium is a highly reactive metal found in rocks. Uranium acts as one of the major minerals on the African continent, with Africa claiming over 30% of the global Uranium reserves.

African countries where Uranium can be found include Niger, Namibia and South Africa.

Conclusion

Africa is largely blessed with abundant resources; the continent has been classified as the richest on the planet in terms of natural resources. African resources are the trade of most African nations today.

Nonetheless, Africa has been plagued by increased wars, theft of natural resources, conflicts and corruption which has attributed significantly to the reduction of the benefits derived from the benefits of the use of its natural resources.

Which continent has the most natural resources in the world?

Africa has the highest reserve of natural resources in the world. The continent has over 30% of the global gold reserve and over 60% of the global reverse for platinum, cobalt, diamonds and uranium.

Which country in Africa has the largest reserve of mineral resources?

The Democratic Republic of Congo is sitting on the continent’s largest reserves of mineral resources.

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These Are The 10 Biggest Shipping Companies in the World

When it comes to global trade, maritime shipping is the most cost-effective option. Trade across borders is dependent on the safe and efficient transport of goods over the sea, this is the reason why shipping companies are very much in demand. It has a wide range of connections to several sectors; food, medicine, and the best technological tools are just some of the many things that benefit from shipping. Cost-effective shipping methods are especially adhered to in the developing world for growth and sustainable development.

Every nation relies only on land-based trade; marine commerce is essential. For the simple reason that shipping on the ocean is what makes the world go ’round economically, trade and commerce can’t function without it. Both raw materials and finished goods that we use every day are carried to us by these shipping companies. Here are the top 10 largest shipping firms in the world by TEU size (twenty-foot equivalent units):

10 Hyundai Merchant Marine

South Korean Hyundai Merchant Marine is one of the world’s largest shipping businesses. The company was created 44 years ago and has since launched two of the world’s largest container ships. With four worldwide headquarters, twenty-seven subsidiaries, seventy-six subsidiaries, five abroad offices, and ten communications offices, HMM has established a global business network.

They bring in between $1.200 million and $5,000 per year and use between 1,200 and 5,000 individuals. They can carry up to 392,314 TEU in their cargo holds.

9 Pacific International Lines (PIL)

Established in the Lion City Singapore 53 years ago, the corporation now counts over 18,000 workers on its payroll. With a fleet of 153 vessels, the company’s primary area of expertise is container shipping; these containers are then delivered to 500 ports in continents such as Africa, Asia, the Middle East, Oceania, South Asia, North America, and the Black Sea.

The PIL have 18 thousand workers and $4 billion in annual sales. A total of 393,498 TEU may be carried by them.

8 Yang Ming Marine Transport Corporation

The 48-year-old Taiwanese firm has a fleet of over a hundred ships. Having an operational capacity of 7.74 million deadweight tons, they service over 70 countries via 170 ports. They have container terminals in the United States, Taiwan, the Netherlands, and Belgium. They have nearly 5,000 employees, giving them the capacity to handle 644,185 TEU.

7 Evergreen Marine Corporation

They are a shipping corporation based in Taiwan that employs over 3,000 people and generates over $4 billion in yearly revenue. Its primary shipping lanes run from the Far East to the Americas and the Caribbean; and an intra-Asian service connecting Asian ports to the Middle East, the Persian Gulf, and the Red Sea.

They operate a fleet of approximately 200 container ships with a combined TEU capacity of 1,303,420, servicing 240 ports throughout the globe.

6 ONE (Ocean Network Express)

The firm, which is owned by a number of Japanese corporations and has offices in both Singapore and Tokyo which has some of the most expensive hotel suites. The company was founded only three years ago in 2017. The joint venture between K-Line, Nippon Yusen Kaisha, and Mitsui OSK Lines has an outstanding 1,579,868 TEU capacity for a corporation of its youth. The company is worth 2.87 billion dollars and employs 14,000 employees.

5 Hapag-Lloyd

German shipping giant Hapag Lloyd was established in 1970 and has grown rapidly since its inception. Its headquarters are in Hamburg, and it employs over 13,000 people and generates over $12 billion in annual sales. The 1,688,396 TEU capacity of this firm allows it to make stops at 600 ports throughout 128 countries.

In addition to serving as an ocean carrier for Intra-America, Latin American, and Transatlantic commerce, as well as the Middle East, its 118-vessel fleet provides liner services all over the world.


4 CMA CGM Group

CMA CGM, with headquarters in Marseille, is the largest shipping corporation in France. The initials stand for “Sea Freight Company” (CMA) and “General Marine Company” (CGM), the names of the company’s forerunners. Although its headquarters are in France, its operations span 160 separate firms, 755 separate agencies, and 750 separate storage facilities. CMA CGM group employs 110,000 people and transports 2,696,710 TEU.

3 China Cosco Shipping

Cosco Shipping, headquartered in the most expensive city in the world, Shanghai. It is the largest shipping firm in China. In 2016, China Shipping Company and COSCO Group merged to form the present-day entity. It’s home to one of the world’s largest commercial fleets. Over the course of a year, COSCO calls on over a thousand ports across the world with its fleet of over 10,000 ships, 360 of which are dry bulk tankers. They bring in 7.2 billion RMB in sales and employ 130,000 people (renminbi).

2 Mediterranean Shipping Company S.A (MSC)

The Mediterranean Shipping Company began operations in 1970, making it a half-century old institution. The firm is the world’s second largest shipping corporation and has been for some time. They’re a private corporation with a fleet of 500 container ships and a total TEU capacity of over 3 million. MSC delivers dry and refrigerated cargo to 500 ports on 200 trade routes throughout the world. They bring in over $28 billion a year and employ over 70,000 people.


1 AP Moller-Maersk Group

When comparing the 15 largest shipping corporations in the world, the Danish firm Maersk comes out on top. In business since 1904 with headquarters in Copenhagen, Denmark. Their fleet of ships and containers is the largest in the world, and they also run logistics and transportation businesses through a number of their subsidiaries.

They’re in business in over 130 nations and move around $675 billion in commodities each year. They have a workforce of 76, 000 workers and a total TEU throughput of 4, 175, 117.

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The only African Country that has undergone more than three successful name changes

The Congo, like many other African countries, has been shaped by the knife of European colonists who carved up the continent during the “Scramble for Africa” between 1881 and 1914.

The Congo River Delta was a major commercial hub for trade in the late 15th century, and it was here that the Congo’s first inhabitants came into contact with Europeans. In 1885, Belgium was the first country to lay claim to the Congo territory (previously known as the Zaire region), and the land became Leopold II’s private property.

The Belgian government took control of the land in 1908, naming it “Belgian Congo,” and by 1960, the country had gained independence as the “Democratic Republic of the Congo,” with Kinshasa as its capital. The country became one of the poorest and most disadvantaged in the world under the dictatorial regime of Mobutu.

A brief insight into Congo’s Dynamic name in the past:

The Democratic Republic of the Congo has also had numerous name changes. From 1885 to 1908, it was known as the Congo Free State and was brutally ruled as a private venture by King Leopold II of Belgium. It was later known as the Belgian Congo, Congo-Leopoldville, and, finally, the Republic of Congo after its independence in 1960.

After a few years, it was changed to the Democratic Republic of the Congo. Mobutu Sese Seko, the dictator, named it the Republic of Zaire in 1971, possibly because Zaire was another name for the Congo River. In 1997, following Mobutu’s demise, the name was changed back to “Democratic Republic of the Congo.”

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Check Out The African Country That Has The Same Name With Its Capital City

There are many continents across the entire universe. It is believed that Africa is one of the most respected continents in the entire world. There are more than 50 sovereign countries within the African continent. It should be said that many African countries have at least one capital city. However, it is also important to point out that there is one particular African country that has the same name with its capital city. Let us carefully identify this African country.

1. Djibouti

This country is located in the eastern region of the African continent. This is because of the fact that the Horn of Africa is categorised as a major part of East Africa. The British Broadcasting Corporation reports that this country is relatively small in terms of physical size. The total land size of Djibouti is 23,200 square kilometers. This is according to the BBC.

A report by the British Broadcasting Corporation also indicates that the capital city of Djibouti is also known as Djibouti. Many pundits believe that Djibouti has the potential to become a major country in Africa.