In 2023, Libya and Algeria topped Africa’s reserves, as Egypt faced decline

  • Libya leads Africa’s reserves with $92.4B, followed by Algeria ($81.2B) and South Africa ($62.5B).
  • Morocco $36.3B reserve places it fourth among African nations.
  • Egypt’s holds $33.1B, maintaining a strong reserve position.
  • Angola ($13.9B), Tunisia ($9.24B), Kenya ($7.34B), Mauritius ($7.25B), and DR Congo ($5.1B) round out the top 10.
  • Libya and Algeria’s strong reserves highlight North Africa’s dominance in the Black continent reserve.

North African nations dominate the rankings of Africa’s total reserves, which include gold, while sub-Saharan Africa’s reserves remain relatively low.
Libya, for example, leads the continent with an impressive $92.4 billion in reserves, solidifying its position as the country with the highest reserves in Africa. Following closely behind are Algeria with $81.2 billion and South Africa at $62.5 billion. Morocco comes in fourth with $36.3 billion in reserves, further cementing North Africa’s dominance in the rankings. Egypt also holds a strong position with $33.1 billion.
On the other hand, nations in sub-Saharan Africa, such as Angola ($13.9 billion), Tunisia ($9.24 billion), Kenya ($7.34 billion), Mauritius ($7.25 billion), and DR Congo ($5.1 billion), have far smaller reserves.

Source:

World Bank

Period:

2023
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Nigeria's tax revenue
  • Company Income Tax (Non-Oil) emerged as the largest contributor, accounting for over 30% of total tax revenue.
  • NCS-Import VAT followed closely, contributing 23.63%, emphasising the significance of import-related taxes to Nigeria's revenue.
  • Traditional oil-based taxes such as Petroleum Profit Tax/Hydrocarbon Tax and CIT (Oil & Gas) jointly contributed over 26%, showing that oil remains a vital but declining pillar.
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South Sudan tops Africa's food inflation list with 106%; two other East African nations in top 5
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  • Three of the top five countries with the highest food inflation in Africa are in East Africa, showing a regional pattern of vulnerability.
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  • Liberia and Zambia round out the top 10 with double-digit food inflation.
  • Djibouti, Somalia, and Senegal are experiencing food price deflation, setting them apart from most African countries.
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  • By 2024, Lagos State's external debt dipped slightly to $1.17 billion, suggesting some debt service or currency gain effects.
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Nigeria’s nominal GDP has grown by over 80%, but real GDP has grown by only 6%
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