MINT: Will Nigeria be among the ten largest economies?

13 years ago, the term ”Brics” was coined by Jim O’Neil, a chief economist at Goldman Sachs. The acronym ”Brics” was used to describe the four countries [Brazil,Russia, India and China, later South Africa] O’Neil predicted would emerge among the next global economic giants. This would have been a flawed conception but for China.

Recently, Jim O’Neil came up with a new acronym ”MINT” which represents Mexico, Indonesia, Nigeria and Turkey. He predicts that these countries could be among the ten largest economies in the next 30 years.

Numerical strength and youthful population amongst others are key factors in the possible economic emergence of the MINT countries.

However, will Nigeria be one of the ten largest economy in the next 30 years? Will numerical strength do for Nigeria what it did for China?

Nigeria, is the most populous country in Africa and the seventh most populous country in the world. Nigeria’s economy is the second largest in Africa, and the 37th largest in the world. A middle income, mixed economy and emerging market, with expanding financial, service, communication and entertainment sector. Her role in Africa, although supported by her numerical strength and financial capacity puts her in the spotlight. But have Nigeria’s endowment been harnessed and translated to economic development to the extent of having noticeable impact in the globe? Is there any glimmer of hope that Nigeria could be one of the ten largest economy in the next 30 years? Read more