Euromonitor International has authored a new study, ‘New Emerging Markets: Nigeria, Indonesia, Mexico, the Philippines, and Turkey’.
Once again, the Western Africa country Nigeria has been classified under the new emerging markets that should provide exciting opportunities for growth for consumer goods manufacturers.
Nigeria, Indonesia, Mexico, the Philippines and Turkey (NIMPTS) have been said to have growing economies, young population, rising incomes and an increasing population. Euromonitor International says these five countries offer a wealth of opportunities especially to marketers already facing stagnant demand in their markets.
This classification becomes the third of such classification where Nigeria has been featured as a country with tremendous economic growth potential.
The first classification was by Jim O’Neil from Goldman Sachs, who coined the term ‘The N-11 Group of Fast Growing Economies’ that was made up of Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea, and Vietnam.
The second classification was by Fidelity Investment, an asset management firm based in Boston, USA. They used the term MINT to describe Mexico, Indonesia, Nigeria and Turkey.