Before the coronavirus (COVID-19) pandemic, Nigeria's oil sector generally accounted for about nine percent of the country's gross domestic product (GDP). Between October and December 2020, the oil industry contributed to 5.9 percent to the total real GDP, a decrease of roughly three percentage points compared to the previous quarter. In the third quarter of 2024, the contribution of the oil sector to the country's GDP reached 5.57 percent. Impact of the pandemic on the oil sector In 2023, over 91 percent of the value of exports in Nigeria was generated by the mineral fuels, oils, and distillation products' sector, accounting for approximately 60 billion U.S. dollars. In 2019, due to the lower demand related to the COVID-19 pandemic, oil production and export dropped. Data for 2021 shows, indeed, a recovery in the export value derived from oil. Fluctuating oil production Nigeria is one of the largest oil producers in the world. At the beginning of 2020, Nigeria’s daily oil production exceeded two million barrels. Afterwards, the production fluctuated but mainly decreased, reaching 1.54 million barrels per day in January 2025. The lowest production volume since September 2019 was achieved in July 2023.

As of April 2025, South Africa's GDP was estimated at over 410 billion U.S. dollars, the highest in Africa. Egypt followed, with a GDP worth around 347 billion U.S. dollars, and ranked as the second-highest on the continent. Algeria ranked third, with nearly 269 billion U.S. dollars. These African economies are among some of the fastest-growing economies worldwide. Dependency on oil For some African countries, the oil industry represents an enormous source of income. In Nigeria, oil generates over five percent of the country’s GDP in the third quarter of 2023. However, economies such as the Libyan, Algerian, or Angolan are even much more dependent on the oil sector. In Libya, for instance, oil rents account for over 40 percent of the GDP. Indeed, Libya is one of the economies most dependent on oil worldwide. Similarly, oil represents for some of Africa’s largest economies a substantial source of export value. The giants do not make the ranking Most of Africa’s largest economies do not appear in the leading ten African countries for GDP per capita. The GDP per capita is calculated by dividing a country’s GDP by its population. Therefore, a populated country with a low total GDP will have a low GDP per capita, while a small rich nation has a high GDP per capita. For instance, South Africa has Africa’s highest GDP, but also counts the sixth-largest population, so wealth has to be divided into its big population. The GDP per capita also indicates how a country’s wealth reaches each of its citizens. In Africa, Seychelles has the greatest GDP per capita.