Deep in the motherland of Africa lies an abundance of natural resources. These minerals, with proper exploration and extraction, can make the continent one of the richest in the world, as opposed to its current economic state.
According to WorldAtlas, Africa has the richest concentration of natural resources of any continent, with 30% of the world’s entire mineral reserves.
Unfortunately, when the conversation on natural wealth is brought up most people immediately imagine oil, as oil-rich countries seem to rake in the most revenue as it relates to natural wealth.
According to Statista; in 2019, over 80 percent of Nigeria’s export value was generated by its mineral fuels, oils, and distillation products, accounting for approximately 47 billion U.S. dollars. That is until supply and demand waned due to the Covid-19 pandemic and subsequent global crises.
Nigeria is the richest country in Africa, with a GDP of $441 billion for 2021. Also, some of Africa’s wealthiest nations, like Algeria, Egypt, and Angola, are among the ten wealthiest nations in Africa, thanks to their petroleum reserves.
With this data, it’s easy to buy into the narrative that oil is the one true source of natural wealth, but this is far from a fact. There are other natural resources that can create a massive amount of wealth for any economy.
Precious elements like gold, copper, diamonds, uranium, cobalt, timber, coltan, and coal amongst many others are valuable enough to create immense wealth for the continent. There is a need to dilate profit margins for these resources. Fortunately, there are already a number of countries in Africa that have taken this initiative.
Below are five African countries that maximize their natural resource, aside from oil and agriculture, in GDP revenue: