Jim O'Neill, Columnist

Here's How to Unlock Africa's Economic Potential

Nigeria and much of the rest of Africa really do have the potential to be spectacular economic successes.

April 6, 2014 at 10:37 PM UTC

Jim O'Neill worked for Goldman Sachs Group Inc. from 1995 until 2013, serving most recently as chairman of Goldman Sachs Asset Management, and as the firm's chief economist from 2001 to 2011. Before joining Goldman Sachs, he was head of global research at Swiss Bank Corp. O'Neill is the creator of the BRIC acronym, which was derived from his thesis that Brazil, Russia, India and China would dominate growth in emerging markets. He is a member of the boards of the Brussels-based policy-research centers Itinera Institute and Bruegel. He earned a degree in economics from Sheffield University in 1978 and a doctorate from the University of Surrey in 1982. He lives in London.

Africa has a bright economic future ahead -- if it wants it. Photographer: Aminu Abubakar/AFP/Getty Images

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In the past year, I've visited Nigeria three times -- more than I've traveled to any other country except the U.S. I mentioned this to an audience on my most recent trip, saying I wasn't sure what it meant: Am I a leading, coincident or lagging indicator? Maybe I was just there for the power outages -- they shield me from the latest news about Manchester United. (Don't ask.)

Of course I aspire to be a leading indicator -- and I'm hopeful Nigeria and much of the rest of Africa will demonstrate my farsightedness. It's hardly a sure thing, but Nigeria really does have the potential to be a spectacular economic success.