Nigeria overtook South Africa in 2014 as the largest economy in Africa.
In 2019, Nigeria posted a GDP of $450billion.
South Africa is second with a GDP of $360 billion.
Although South Africa has the most developed infrastructure and has an impressive industrial and manufacturing complex, Nigeria’s economy earnings are attributed to its large population and primarily its earnings from oil.
Nigeria is the twelfth (12th) largest producer of petroleum in the world and also possesses the largest natural gas reserves in Africa.
Its oil sector provides 20 per cent of its GDP, 95 per cent of foreign exchange earnings, and about 65 per cent of budgetary revenues.
Gross Domestic Product(GDP) is the total value of goods produced and services provided in a country during one year.
However, the wealthiest country or the country with the highest GDP per capita in Africa is Equatorial Guinea ($34,865). Others are Seychelles ($28,172), Mauritius ($21,628),Gabon ($19,266) and Botswana ($18,146).
Per Capita Income measures the average income earned per person in that country.
On the other hand, the most developed countries in Africa, based on their Human Development Index score (HDI)with low income inequalities, are:Seychelles (.797), Mauritius (.79), Algeria (.754),Tunisia (.735), Botswana (.717)and Gabon (.702).
The Human Development Index (HDI) is a statistic composite index of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.
A country scores a higher HDI when the lifespan is higher, the education level is higher, and the Gross National Income GNI (PPP) per capita is higher.
Both Nigeria and South Africa are not on any of the the top ten of the GDP Per Capita and HDI because, they are ranked as countries with one of the highest prevalence of economic and income inequality disparities.
Income inequality is an extreme disparity of income distributions with a high concentration of income usually in the hands of a small percentage of a population.
Below are the 10 biggest economies in Africa and the Most Populous countries on the continent