Nigeria is absent from the International Monetary Fund’s (IMF) list of the top 10 wealthiest countries in Africa in 2024, which includes Libya and Mauritius. The list is based on GDP per capita, considering purchasing power parity (PPP) to compare living standards accurately.
Mauritius leads the list with a GDP-PPP of $31,157, attributed to its diverse economy. Libya follows with $26,527, relying heavily on its oil wealth. Botswana ranks third with a GDP-PPP of $20,311, notable for stable growth and resource management. Gabon and Egypt complete the top five.
South Africa is seventh on the list with a GDP-PPP per capita of $16,625, facing challenges of inequality and unemployment despite its diverse economy. Algeria, Tunisia, and Morocco also feature in the top 10.
A Bloomberg report suggests South Africa may briefly surpass Nigeria and Egypt as Africa’s largest economy in 2024, according to IMF’s World Economic Outlook.
Despite Nigeria’s absence in major rankings, it maintains manageable debt compared to GDP, as per IMF. However, Nigeria’s debt profile has reached N87 trillion, prompting calls for responsible borrowing.