South Africa is eager for elevation to the coveted Bric (Brazil, Russia, India and China) status of key emerging markets, but investors say Nigeria is a more probable African contender, even if promotion for either country is some way off. Investment flows into Nigeria are tiny compared with South Africa. Nigeria saw equity fund flows of just $216 million (R1.48 billion) for the first 10 months of this year, compared with $3.4bn for South Africa, according to fund tracker EPFR. Yet, while South Africa is the larger economy, Nigeria is expected to catch up in the next few years.