Goldman Sachs coined the term BRIC countries in 2003, in a 2005 follow-up paper they added eleven potential BRICers to that list, the Next Eleven. Two of which are in Africa, Egypt and Nigeria:
In thinking about other countries that might have BRICslike potential, we focused on demographic profiles, which drive much of the analysis. Without a substantial population, even a successful growth story is unlikely to have a global impact. Hong Kong will never be a global
power nor Luxembourg, despite the very high levels of income and living standards that they have achieved.We call this larger developing-country set the Next Eleven (N-11), though whether they will ‘emerge’ is still an open question for many. This group shows broad representation by region and includes Bangladesh, Egypt,
Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey, Vietnam.
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