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this report had been carried out before the crisis occurred. Reference to the
economic crisis will nevertheless be made where evidence of its impact is readily
available.
Real GDP (level and growth rate)
The real GDP per capita is low, yet increasing. The real GDP per capita
(PPP USD) was USD 1,128 in 2005 (UNDP, 2008). It rose to USD 2,000 in 2008
(Library of Congress, 2008), as shown in Table 13 (see annex). The growth rate
is fluctuating, as revealed by the statistics for 2003 to 2006 (CBN, 2007b), which
were 9.6, 6.6, 6.5 and 5.6 per cent, respectively (see Table 10 in the annex). The
recent relative increase in the rate is attributed to an increase in oil exports and
high global crude oil prices for those years.
Sector growth rate
Notable increases are evident in the growth rates for services and
agricultural sectors, but not for industries, for which the growth rate has been
declining. The rates for 2003 to 2006, respectively, are as follows: for services:
2.8, 9.2, 10.5 and 11.2 per cent; agriculture: 6.6, 6.5, 7.1 and 7.2 per cent; and
for industry: 20.6, 4.4, 2.2 and -1.9 per cent (CBN, 2007b), as shown in Table 10
(see annex). The lower increase in GDP between 2006 and 2007, as described in
the last sub-topic, could be traced to the increased contribution of the non-oil
sector and a brightening of the overall investment climate during those years.
Inflation rate
Also, the inflation rate is decreasing, thus signalling economic recovery.
The rates are as follows for 2003 to 2006, respectively: 23.8, 10.0, 11.6, 8.5 per
cent (CBN, 2007b) and 6.5 per cent for 2007 (Library of Congress, 2008). This is
said to be a mark of progress made under the National Economic Employment
Development Strategy (NEEDS) that the Government embarked upon in
revamping the flagging economy.
Public debt service
Public debt service as a percentage of exports of goods and services
decreased from 5.9 to 4.5 per cent in 2003 and 2004, respectively. However,
there was an increase at a phenomenal growth rate, with 16.7 per cent in
2005 (UN, 2006). The latter may be indicative of the country’s effort towards
shortening the period of repayment; hence, creating a breathing-space in the
long run.
38 <strong>Migration</strong> in Nigeria: A Country <strong>Profile</strong> 2009