Twenty-eight (28) African countries had average savings of $17.69 billion in U.S dollars in 2021, according data from the World Bank.
Nigeria topped the list of the 28 countries with 149.32 billion USD in savings, far above the average, Business insider reported.
The financial strength of a country can be measured by different economic indicators such as its gross savings which includes households, businesses, and the government. A nation’s gross savings reflects its economic stability and growth potential.
Here are top 10 African countries with the highest savings in 2021, according to data from the World Bank.
Nigeria – 149.32 billion USD
Nigeria leads the pack with a staggering 149.32 billion U.S. dollars in savings. According to Business Insider, Nigeria’s position is mainly due to its vast oil reserves, which have made it the largest economy in Africa.
South Africa – 67.81 billion USD
South Africa comes in second place with the help of its diversified economy and strong financial sector.
Algeria – 59.56 billion USD
Algeria’s savings was pushed by its oil and gas sector, main driver of its economy. Although the country has made efforts to diversify its economy in recent years.
Morocco – 41.17 billion USD
Morocco’s economic growth in recent years have been driven by its tourism and manufacturing sectors.
Egypt – 31.09 billion USD
Egypt’s economy is one of the largest in Africa, with its savings reflecting the nations economic strength.
Ethiopia – 27.93 billion USD
Ethiopia’s economy is fast growing. The growth is driven by its agriculture and manufacturing sectors in addition to significant investments in infrastructure.
Angola – 27.1 billion USD
Angola’s, despite having oil reserves has made strides in diversifying its economy. Hence its ability to build up significant savings.
Kenya – 18.11 billion USD
Services such as tourism, telecommunications, and finance drives Kenya’s economy. The country has also made significant investments in infrastructure.
Ghana – 16.87 billion USD
Ghana’s oil and gas sector has played a major role in its economic growth in recent years. The country has also made efforts to diversify its economy.
DR Congo – 13.27 billion USD
The Democratic Republic of Congo has significant savings despite its challenges due to the nation’s natural resources, such as copper and cobalt.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.