Africa boasts approximately 30% of the world's mineral reserves, according to the Economist Intelligence Unit. While some countries are renowned for their oil, others excel in diamonds, gold, copper, cobalt, coal, iron ore, uranium, and more.
South Africa, Nigeria, Algeria, Angola, and Libya together account for over two-thirds of Africa's mineral wealth, primarily due to their vast oil reserves, with South Africa also being a significant producer of gold and other precious metals.
High prices for commodities like copper, oil, iron ore, aluminum, and gas are fueling investment and boosting economic development across the continent. This export boom is driven by strong demand and increased commodity prices.
Despite the potential risks posed by rapid price increases and inflationary pressures, Africa remains a key exporter of various commodities.
Here are the top 10 mineral-producing countries in Africa in 2022, based on their export volume and revenue generation:
1. South Africa - Gold, Manganese, Platinum, others: $124.96 billion
2. Nigeria - Oil, Iron Ore, Columbite, others: $52.69 billion
3. Algeria - Hydrocarbons: $38.70 billion
4. Angola - Diamond, Gold, Oil, others: $32.04 billion
5. Libya - Oil, Clay, Cement, Salt, others: $27.03 billion
6. Egypt - Gold, Copper, Silver, others: $23.22 billion
7. Ghana - Gold, Limestone, Iron Ore, others: $14.97 billion
8. Democratic Republic of Congo - Gold, Copper, Cobalt, others: $13.69 billion
9. Gabon - Manganese, Iron Ore, Uranium, others: $10.92 billion
10. Zimbabwe - Platinum, Chrome, Coal, Gold, others: $9.77 billion
These countries represent a significant portion of Africa's mineral wealth, driving economic growth and highlighting the continent's potential as a major global resource provider.