Nigeria: Improved Trade, Investment Climate Excite Economic Managers

7 April 2013
This Day (Lagos)

As the Federal Government's commitment to economic regeneration continues to yield results, economic managers say the trade and investment ministry deserves support to make the transformation a permanent feat in the economy, reports Festus Akanbi

In 2001, British economist and retiring Chairman of Goldman Sachs Asset Management, Jim O'Neill, coined the acronym, "BRIC", in a paper titled, "Building Better Global Economic BRICs," referring to Brazil, Russia, India and China, which were all considered to be at similar stages of newly advanced economic development. These countries became the big four! The acronym later became BRICS to accommodate South Africa. But O'Neill did not stop there, he also identified 11 countries - Bangladesh, Nigeria, Egypt, Indonesia, Iran, Pakistan, Mexico, Philippines, Turkey, South Korea and Vietnam - as having a high potential of becoming the world's largest economies in the 21st century, along with the BRICs.

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