South Africa is followed by Egypt, Nigeria, Morocco and Kenya that make-up the top five richest African countries on the African Wealth Report rankings. Nigeria's GDP surpassed that of South Africa about a decade ago, according to the World Bank. Last year, Nigeria's economy was valued at $397 billion, while South Africa - once the biggest player on the continent - had a GDP of $366 billion. According to the International Monetary Fund which uses an approximate official rate of N304 for every US dollar, Nigeria will emerge victorious. Using this figure places the country's GDP at $395 billion. This would place Nigeria behind South Africa which is currently rated at $344 billion.With a GDP just under $450 billion, Nigeria holds the position of the richest country in Africa. These petroleum exports make up 10% of the total GDP and over 80% of the export sector revenue. In addition to petroleum, Nigeria has an abundance of raw materials and natural resources, contributing to the region's wealth.
