Africa possesses one of the world’s largest reserves of natural resources. In 2024, African exports of minerals and energy resources—including oil, gas, precious metals, copper, iron, and rare earth elements—reached approximately $422 billion. However, this wealth is heavily concentrated in a limited number of countries.
Five countries dominate the continent’s mineral and energy exports. South Africa leads the way with nearly $62.8 billion in exports, driven by a wide variety of resources, including platinum, gold, diamonds, coal, iron, and steel. It is followed by the Democratic Republic of Congo, whose exports reach approximately $49.4 billion, primarily due to copper and cobalt. Cobalt alone accounts for nearly 60% of global supply.
Nigeria ranks third with $48.7 billion in exports, dominated by oil and gas. Algeria follows with approximately $45.7 billion, also supported by hydrocarbons and a growing steel sector. Angola completes the ranking with nearly $35.9 billion in oil exports.
In total, these five countries alone account for approximately $242 billion, or nearly 58% of all African mineral exports. The top ten countries alone account for almost 78% of these exports.
This high concentration illustrates both the continent’s geological wealth and the regional disparities in resource exploitation. It also underscores the importance for African countries to develop local processing chains in order to capture more added value.
