Five of the top tep African countries with the largest gold reserves are North African

Half of the top 10 African countries with significant gold reserves come from North Africa, with Algeria leading with 174 tonnes. Egypt and South Africa come in second and third with 126 tonnes and 125 tonnes, respectively. Algeria, Egypt, South Africa, and Libya hold the most significant gold reserves.

Source:
Trading Economies
Period:
2023
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Nigeria and South Africa have been among Africa’s top three economies since 1960
Over the past six decades, African economies have experienced both rapid growth and severe contractions. Nigeria and South Africa, often considered the continent’s economic heavyweights, have consistently ranked among Africa's top three economies since 1960. North African Libya, Algeria and Egypt have also been in the top three in the period. As of 2023, Egypt led the continent's GDP rankings.

Egypt topped Africa's manufacturing sector with nearly $60 billion output in 2023
According to 2022 and 2023 data for 40 African countries, Egypt leads in the value of manufacturing output reaching $59.6 billion in 2023 despite a 21% drop from 2022. Nigeria follows with $55.7 billion, while South Africa comes third with $48.8 billion.

Fifteen months into President Tinubu’s tenure, the rate of one dollar to naira has gone up by 245%
When Olusegun Obasanjo took office in 1999, the exchange rate was ₦97 to $1; it was ₦128 under Yar'Adua in 2007. During Jonathan's tenure in 2010 it was ₦151 while it was ₦199 when Buhari was in office. Despite efforts to let market forces decide the rate, the naira continues to weaken. Will the current administration turn things around soon?

Food, Beverage, and Tobacco sub-sector dominated Nigeria’s manufacturing sector in H1 2024
Nigeria's manufacturing sector contributed 9.2% (₦3.37 trillion) to the total GDP in H1 2024, mainly driven by food, clothing, and cement, which make up a combined 79.5% of the sector's GDP. Smaller sectors like Non-Metallic Products, Wood & Wood Products, and Motor Vehicles & Assembly could expand with targeted investments. The minimal impact of Oil Refining and Electrical & Electronics underscores the need for diversification.

Finance and Insurance sectors lead with 30% growth in H1 2024
While Agriculture and Telecommunications remain the largest contributors to Nigeria's GDP in H1 2024, the Finance & Insurance sector stands out with a 30% growth rate. Other sectors, including Water & Waste Management and Mining & Quarrying, also experienced significant growth.

Nigeria: Sectors that experienced the most growth in H1 2024
Nigeria's GDP in H1 2024 is driven by 22% from Agriculture, 19% from Information & Communication, and 16% from Trade, collectively accounting for 57% of the economy. Total GDP grew by 3.08% during this period.

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