In 2001, Jim O'Niell coined the term BRIC, an association of four emerging economic giants :Brazil, Russia, India, China. The induction of South Africa in 2010, which made it BRICS.

This was a surprise to Mr. O'Niell who said in a statement, South Africa 's economy was a quarter of the size of Russia' s (the least economically powerful BRIC nation).

He believed the potential was there but did not anticipate inclusion of South Africa at that stage. Sources in the know said that inclusion was politically astute given China 's attempt to establish a foothold in Africa. The inclusion translated to greater South African support China in global fora.

Having coined the BRIC he went further to popularize the acronym MINT — referring to the economies of Mexico, Indonesia, Nigeria, and Turkey. This was originally coined by Fidelity Investment, a Boston - based asset management firm.

He presented them as new potential Investment destination. They all have very favourable demographics for at least the next 20 years, and their economic prospects are interesting. Amongst the MINT countries Nigeria is the most. O'Niell said.

In the list of Economies by Incremental Nominal GDP from 2006 to 2020, Nigeria was ranked 18th out of the 22 countries listed and South Africa absent. Only Egypt was the second African country on that list.

In the list of Economies by Incremental Nominal GDP from 2020 to 2035,Nigeria is ranked 12th out of the 22 countries listed and South Africa still absent.

In the list of Economies by Incremental Nominal GDP from 2035 to 2050, Nigeria is ranked 7th out of 22 countries listed, with Egypt ranked 12th, and South Africa still not mentioned.

Sometime in August when it was rumored that South Africa has over thrown Nigeria and now the biggest economy of the continent, Aliko Dangote in a statement, he doesn't accept the figures presented to that fact and Nigeria will keep up with her focus despite that untrue replacement.

In proving him right, and affirming Jim O'Niell 's listing of Nigeria as a new potential Investment destination in his acronym "MINT", despite the country’s economic recession, IMF /Fitch declares Nigeria as Africa' s largest economy.

In his documentary of the "MINT" in 2013 for the BBC, O'Niell pointed out that the light that 1.5m londoners are using, is what almost 170 million people are sharing. And they have an economic growth of 7%, what if they have the power.

With zero power we are Africa 's largest economy, its a joke, Aliko Dangote said in the documentary.

OK