Finance: Algeria dethrones Nigeria and enters the top 3 powers on the African continent

Algeria, with its natural resources and economic finesse, has just climbed a significant rung: it now ranks third among the major economic powers of Africa. A recent report by the IMF paints a promising future for the country of the fennecs, praising its prospects in finance.

Algeria, the Economic Fuel of Africa

First of all, it should be noted that Algeria has remained wary of cryptocurrencies (including Bitcoin and Ethereum), preferring to follow the path of banning, penalization, and regulation of virtual assets like other African nations. Despite this, it shows remarkable financial performance, foreshadowing an imminent emergence, according to reports from the Algerian Courier.

Algeria, with its GDP estimated at 267 billion dollars, shines on the African economic stage, proudly rising to the podium of the continent’s financial powers. Overtaking Nigeria (253 billion dollars), it comfortably settles into third place, just behind South Africa (373 billion dollars) and Egypt (348 billion dollars). A meteoric rise that unveils the relentless dynamics of its economy, against a backdrop with the oil and gas sector as the unshakable pillar of its prosperity.

But that’s not all. The National Hydrocarbons Company, the jewel of Algeria, now reigns supreme in the ranking of the top 500 African companies. With colossal revenues of 77.325 billion dollars, it crushes the competition, relegating its opponents far behind. A performance that is hardly surprising, given that Algeria is among the main OPEC oil producers, maintaining its prestigious rank year after year.

The outlook is even more promising: Algeria’s Gross Domestic Product (GDP) is expected to approach 270 billion dollars by 2024, according to recent estimates from the International Monetary Fund (IMF). Figures that reinforce the bold projections of the President of the Republic, who speaks of a GDP reaching 400 billion dollars by 2026.

Nigeria’s Finances Slowing Down

Africa, a land of economic contrasts, sees its powers fluctuate in a complex monetary game. Nigeria, once a rising star, plunges into instability since the rise to power of President Bola Tinubu, with a dizzying fall of its currency against the dollar.

Egypt, once a continental leader, might give up its place due to a devaluing Egyptian pound, prompting its descent to the rank of Africa’s second-largest economy.

In contrast, South Africa stands as a beacon of stability. Withstanding the rand’s devaluation, it boasts sustained growth, spurred by advances in energy and logistics.

Despite the turbulences, rays of hope emerge. Nigeria, currently at odds with Binance, and Egypt are initiating reforms, but challenges remain. An African economic saga with unceasing twists and turns.