The African country of Nigeria has been named Africa’s largest economy for the second year in a row by Wes, which cited its economic strength on the continent, according to PwC, a multinational professional services network.
The firm, which ranks second in deloitte’s professional services rankings, released its latest edition of “Nigeria economic outlook: top 10 themes for 2019” on February 18, which sets it apart from seven other economies.
Nigeria leads the west African continent and Kenya is at loggerheads with Ethiopia in the east African region.
Competition in East Africa is intense, with all sectors taking into account the huge demand for foreign investment.
In addition to agriculture, the backbone of many African economies, the aviation and oil sectors are contributing significantly to the economy.
Egypt leads north Africa, while South Africa leads South Africa as it recovers from recession to become a competitive investment hub.
Africa’s seven largest economies
The country’s gross domestic product of $1.121 trillion is ahead of its peers.
According to analysts, postponing the 2019 national election could lead to an economy worth more than $1 billion, but sticking to various sectors such as agriculture, oil and manufacturing will stabilize the economy.
Foreign investors are worried about the investment campaign era because politics, which affects most economies, is at the centre.
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Communications and technology have also boosted the country’s economy.
East and north African countries followed, with gross domestic product of $1.13 trillion.
According to the world bank, its economy will grow by at least 5.7 percent in 2019. The main sectors that play a key role in the country’s growth and development include the construction, telecommunications and natural gas industries.
President Cyril ramaphosa has backed the country to overcome the recession and attract foreign investment.
With a gross domestic product of us $765.5 billion, tourism plays an important role in guiding the country’s economy.
The oil and gas industry, with a gross domestic product of $630.5 billion, is a major contributor to the country’s economy.
The east African country is known as the investment hub of East Africa and has made headlines for its favorable business climate, attracting Turkish, German, Chinese and Vietnamese investors, including americans.
The aviation industry, driven by the national airline Ethiopian airlines, contributes to the country’s economy.
In addition, with a GDP of $199.3 billion, agriculture contributed significantly to the country’s growth.
Angola’s GDP above Kenya’s is $197.9 billion and $163.3 billion, respectively. Both depend on the economic development of the agricultural sector.