The richest country in Africa
Nigeria is usually recognized as the richest country in Africa in the total GDP, which means the total value on its produce. Here’s a deeper dive into why Nigeria holds this position: Why Nigeria is the Richest in Terms of GDP: #1 Oil and Gas Production: Nigeria is the biggest oil producer in Africa, and constitute one of the 10 largest exporters of oil in the globe. Oil accounts for approximately 85 per cent of the government income and about a third of the total export income in the country. Crude oil and natural gas resources, these are predominantly found in the Niger Delta region, play the largest roles in the size of its GDP which is over $500 billion USD. #2 Large Population: Nigeria population is 230 million, making it the most populous nation in African continent. Dominance over home market means that a large population can indeed support domestic demand, spending, let alone growth. The population makes a huge supply of human resource despite exerting stress to infrastruc