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Nigeria may be the number one destination for investments in Africa but the country still has a long way to go before it can join the BRICS club.
The BRICS group of emerging markets are all known for their large and fast growing economies. Brazil, Russia, India, China and its latest addition, South Africa form the acronym for the world’s five major emerging economies, BRICS.
“It’s difficult for Nigeria to become as big as a BRIC, (at least in my lifetime) because it’s kind of starting from a low base,” Jim O’Neill, former chairman of Goldman Sachs Assets Management told CNBC Africa.
The acronym was coined by O’Neill in 2001 and he believes that even if the much anticipated data revisions make Nigeria the same size as South Africa, China creates as much as that every three months.
Click to read more
Source: CNBC Africa
The BRICS group of emerging markets are all known for their large and fast growing economies. Brazil, Russia, India, China and its latest addition, South Africa form the acronym for the world’s five major emerging economies, BRICS.
“It’s difficult for Nigeria to become as big as a BRIC, (at least in my lifetime) because it’s kind of starting from a low base,” Jim O’Neill, former chairman of Goldman Sachs Assets Management told CNBC Africa.
The acronym was coined by O’Neill in 2001 and he believes that even if the much anticipated data revisions make Nigeria the same size as South Africa, China creates as much as that every three months.
Click to read more
Source: CNBC Africa
