The wealth of the African continent at the same time has become the cause of political instability, chaos and wars in many African countries.
The current geopolitical situation in Africa is unique because;
First, on the continent itself, there is no country in Africa that fully controls its minerals and protects the interest of the majority of African countries internationally, because almost all companies on the continent are foreign.
Secondly, many young African countries have not yet recovered from the era of colonialism are still being economically exploited especially by China and France.
Nevertheless, we have identified a number of countries in Africa that have significant potentials and are capable of leading the continent in the future as economic giants, such as; Size of the gross domestic product (GDP), indicators of economic growth, population and military expenditure. Based on these four indicators, the top 5 leading countries on the continent are : South Africa, Algeria, Egypt, Morocco and Nigeria.
This is the only country in Africa that is recognized as developed because of a variety of economic activities like the extraction/production of oil, food, chemical goods, diamonds, gold, platinum, automobiles and equipment.
Algeria is the fifth country in the world in terms of natural gas reserves and second in its exportation to Russia. The country is influenced by European immigrants. Sonatrach, the largest oil and Gas Company in the country, provides up to 30% of the country’s GDP and is owned by the state. After Algeria gained independence from France in 1964, its economy began to actively develop and occupy an increasingly prominent place in the development of the rest of Africa. Algeria is the largest producer of liquefied natural gas in Africa, selling 8% of this type of fuel in the world, and is the 14th largest oil producer in the world.
At the end of the last century, about a quarter of the Algerian population was employed in the agrarian sector, which brought almost 12% to the state budget. But now, there is a high rate of unemployment in Algeria, since the working population of the country basically has no professional education. This therefore, explains the reason for unemployment because many companies prefer to employ professionals. Due to lack of training, many migrate not only to the different cities Algeria, but also to Europe nearby.
Many think that the main source of income in Egypt is agriculture or tourism. This is not the case. Instead, funds are raised through the collection of taxes from foreign ships that pass through the Suez Canal. These taxes generate over a billion dollars annually to the state treasury after oil production and tourism. Agriculture has ceased to be the main source of income after the 1952 revolution because the Land that is suitable for cultivation is located in the Nile Delta is privately owned by peasant farmers. Therefore, the income made from agriculture has decreased to 15.4% in the country’s exports.
Economic growth stimulated by good economic policies attracts labour and a cheap labor attract investment. Already, the developed tourism industry has an even greater potential. The main export items for the country are phosphates, fertilizers, food, beverages and minerals.
Morocco has one of the best developed road networks in Africa. In Morocco, there are two major trading ports, Casablanca and Tangier-Mediterana (the largest on the continent).
Rich in oil, Nigeria has long suffered from political instability, corruption, poor infrastructure and poor economic management. In recent years, the situation has changed. Today, Nigeria shows the highest growth rates on the continent. The government also encourages the development of infrastructure in the country to the private sector, with particular attention paid to the agro-industrial sector. Combined with a significant population, Nigeria becomes a member of the top 5 rankings.
Article from AFRIC editorial.
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