Migration Profile on Nigeria - IOM Publications - International ...

infrastructure, food security and agricultural wealth creation, employment,
mass transportation, land reform, security (including bringing stability to the
Niger Delta) and education. All the reforms and programmes are geared towards
ensuring a desirable investment climate.
Capital investment
The overall fiscal balance of capital goods 9 has been low and decreasing,
and were -2.0, -1.5, -1.1 and -0.6 per cent from 2003 to 2006, respectively (CBN,
2007b). However, private investment in the telecommunication sector grew
tremendously from USD 50 million (NGN 76 billion) in 1998 to USD 6,080 million
(NGN 851 billion) in 2004 (NBS, 2006a), that is, by 1.26 per cent. This has had
an impact on service providers in terms of the jobs generated in engineering,
marketing and management, and for thousands of dealers and agents in the
informal sector, offices and shops (National Planning Commission, 2006). The
Government is working towards developing stronger public–private partnerships
for electricity and roads, both of which still represent a big challenge to
development.
Foreign direct investment
FDI, as a percentage of GDP, has been fluctuating and low. The percentages
were 2.6, 2.1, 4.4, 9.8 and 6.8 for 2003 to 2007, respectively (CBN, 2007b), as
shown in Table 14 (see annex). The value of FDI as of 2004 (Library of Congress,
2008) was USD 5.4 billion, with the United States contributing 74.8 per cent of
the gross fixed capital in the information and energy sectors.
Informal economy
The informal economy in Nigeria encompasses a wide range of small-scale,
largely self-employment, activities. Most economic activities are traditional
occupations and methods of production, such as arts and artisanal products.
Others include financial and economic endeavours of a subsistence nature, such
as retail trade, transport, restaurants, repair services, financial intermediation
and household or other personal services, such as hairdressing and tailoring.
The activities in the informal sector are difficult to measure. Nonetheless, they
are dynamic and contribute substantially to the general growth of the national
economy, in terms of output and employment.
9 Capital goods are raw materials used to produce finished products.
40 <strong>Migration</strong> in Nigeria: A Country <strong>Profile</strong> 2009