The country’s monetary policy where it is illegal to export or import dinars or convert them to other currencies has enabled the dinar to be among the highest in Africa. The richest man in Africa is Aliko Dangote, who has a net worth of $14.1 billion. Recently, some of the African countries were recorded to have a higher gross national income per capita than Asian countries like India and China. The natural gas, clothing and textile, services, manufacturing, and agriculture sectors support Egypt's economy. The GDP of this place is growing constantly making it one of the richest country. In fact, the United Nations Development Programme (2010) considered Libya a high-development country in the Middle East and North Africa. Egypt daily oil production of 582,000 barrels is the fourth highest among the oil producing countries in Africa, and it is the has the 27th highest oil output in the world. Africa remains the Undeveloped and poorest continent. 1) Nigeria – Richest Country in Africa. If Africa’s richest countries were rated in terms of GDP without considering their per capita levels, Nigeria would definitely emerge as Africa’s richest country in view of its massive GDP. This fully meets the domestic needs of the state and also generates significant income from export - … Richest in Africa is a very low bar to clear, Libya is still far more developed than your average sub-Saharan African country (and more peaceful than quite a few), and they still have their oil. Mauritius is the fifth-most educated country in Africa.. With a population of 1,271,768, Mauritius has a literacy rate of 90.60%. The country enjoys an extensive reserve of oil and gas resources, hydroelectric power, diamonds, and rich agricultural land but remains a fairly weak economy. Among the African countries, the biggest one is Algeria, occupying around 7% of the continent's territory. South Africa, the country richest in Africa with more than $500 billion by Gross Domestic Value. 5- Mauritius. Unemployment is still high at 21 percent. Angola is seventh among the richest countries in Africa with a GDP of $91,527 billion. Nigeria military is ranked 5th position on this list of African countries with the highest military strength this 2021 but due to political instability, corruption and lack of latest equipment for its military, it still ranked 5th strongest country in Africa with military strength of 1,400 armored vehicles, 360 tanks, and 6,000 logistical vehicles at its disposal. Most African countries only gained independence after World War II in the 1950s and 1960s. This translated status meant a literacy rate of 88.4 percent, a life expectancy of 74.5 years, gender equality, among several other positive indicators. World Ranking: 27. 4. The country is surrounded by Mediterranean Sea, Egypt, Sudan, Chad, Niger, Algeria and Tunisia. Libya’s 1,770 kilometers (1,099 miles) of the Mediterranean Sea coast is the longest of any North African country. Libya had the highest GDP per capita and life expectancy in Africa and less people lived below the poverty line than in the Netherlands. The oil reserves have taken Libya’s economy to new levels. 4- Libya. Libya's coastal strip is home to its capital city, Tripoli. With a highly developed economy, advanced infrastructure, and a GDP of over $350 billion, the country is considered one of the fastest-developing countries in the world. NATO has turned Libya into a chaotic failed state. Tunisia’s economy is directly proportional to the oil reserves. However, the case is otherwise and that is why few Nigerians make billions of … Libya is the fourth-most educated country in Africa.. With a population of 6,871,292, Libya has a literacy rate of 91.00%. Here’s some background information about Libya, an oil-rich country in North Africa bordering the Mediterranean Sea and Egypt, Tunisia, Algeria, Chad, Niger and Sudan.. About Libya … AFRICANGLOBE – Libya will “run out of money” in 18 months despite once being one of Africa’s richest countries, officials reveal as internecine fighting grinds its oil and gas industry to a halt.. This southernmost country in Africa is another significant player on the continent as the second richest African country. Egypt – 582,000 Barrels Per Day. The country consistently ranked as the African nation with the highest HDI, standing at 0.755 in 2010, which was 0.041 higher than the next highest African HDI that same year. Libya has the biggest oil deposits in Africa. Central African landlocked nation Chad has a population of 10.33 million. Libya is the richest African-Arab country. You won’t believe it that the country has just 1% unemployment rate hence taking its place among the richest states in Africa. With a population of over 25 million people, it has a GDP per capita of US$ 6,850. READ ALSO: Richest children of billionaires in Africa who are as hardworking as their parents The country is also rich in oil resources which are produced in more than 5 million tons per year. Lake Chad is the largest wetland in Chad, and the second-largest in the African continent. The country low population, offshore financial industry fishing industry and tourism sector has made the country to the richest country in Africa. The oil reserves in this place can keep the future of the company constantly growing. Around 1.9 percent of Chad is water. Ghanaian Cedi (1 USD = GH₵ 5.49): For many years, Ghana’s currency experienced lots of volatility until the Bank of Ghana replaced the Cedi in 2007. On this day five years ago, a NATO-led coalition began its military intervention in Libya. Herland Report: Libya was Africa’s richest state, now horrifying atrocities: The NATO Libya war in 2011 sent the country spiraling into chaos and civil war, now characterized by militia rule, sectarianism and proxy war. These are the richest countries in Sub Sahara Africa per capita: 10. The country has advanced a lot in the past years and is among the richest countries of the Africa. Libya has been in political disunity and turmoil since the fall of the renowned Muamma Gaddafi but it is known that they have the largest deposit of oil in the whole of Africa. Libya continued to be plagued with a shortage of skilled labor, which had to be imported along with a broad range of consumer goods, both paid for with petroleum income. 4) Libya (1,759,540 square kilometers) North African nation Libya is the seventeenth-largest country in the world. There you have it – the top 10 oil and gas companies in Africa. Libyans did not only enjoy free health care and free education, they also enjoyed free electricity and interest free loans. The oil revenues and small population give Libya one of Africa’s highest per capita GDPs. Libya (.706) Gabon (.702) Unsurprisingly, four of the five countries with the highest GDPs in Africa are among the most developed countries in Africa. In the 1980s, Libya was one of the world’s wealthiest countries. Following given is a list of the top 10 richest countries in Africa as of 2019 based on their GDP per capita. The economy is also boosted by flows of remittances and foreign direct investments. Libya primarily depends on oil for nearly all export earnings. Therefore, you can find plenty of career opportunities. Among the most developed and richest countries are the Seychelles, Libya, Mauritius, Algeria, Egypt, Botswana, South Africa and Nigeria. Libya’s economy depends on the oil sector, which contributes over 95 per cent of export earnings. Libya is considered as one of greatest economy in the world and the education and infrastructure have grown so much that it is easier to get a place in top Arab countries. The poorest countries in Africa are Malawi, the Central African Republic and Burundi. Libya is also one of the world’s ten richest oil-producing countries. Libya is among the top African countries in which lucrative jobs can be found. A number of European countries have conducted independent investigations into the NATO involvement in the Libya War, 2011. 3. Libya's actually got one of the lowest homicide rates on the continent. Equatorial Guinea is the Richest Country by GDP per Capital. Annually, the Global Fire Power ranks countries of the world based on their military strength and firepower. Its capital is Tripoli and its GDP (PPP) stands at $10,129.61. Firstly, the country has huge oil revenues which, coupled with a small population in comparison to its rivals, means it has a high GDP per person in comparison to the rest of Africa. Its 160-million people have helped the country propel itself to be the largest consumer retailer in Africa, along with its petroleum exports. These above are the Top 10 Richest African Countries 2017. The level of … African countries have huge natural reserves of Cobalt, Platinum, Gold, Chromium, Tantalite, Manganese, Uranium and Diamond. 8. Related: Biggest Sports Stadiums In Africa. Being an oil-rich country, the economy is in good condition. As of the end of 2019, Nigeria holds the position of the richest country in Africa, with a GDP of almost $600B USD. 7) Libya – $11,497 (GDP per capita) Libya’s position as one of Africa’s most prosperous countries owes much to two defining factors. Angola (US$ 6,850) Located in the southern part of Africa, Angola is a vast mineral and oil-rich country. The country’s 2016 GDP of $330.765 billion and $3,740.249 GDP per capita make it the second richest country in Africa. Libyan Civil War (from 2011 to date) The first Libyan Civil war was referred to as the Libyan Revolution or 17 February revolution, it was an armed conflict in the North Africa country of Libyan, it took place between forces loyal to Colonel Muammar Gaddafi and those seeking to oust his government. ... of many African countries are dependent on the revenue of oil and gas and it is not surprising to realize that the richest African countries are oil-producing countries. 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