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1. Sample Essay on Impact of Foreign Direct
Investment on the Nigerian Economy
Foreign direct investment is one of the avenues through which the
Nigerian government has been able to turn around its economy. This is
because it is a strong mechanism that promotes the spread of business
opportunities across the various industries of the country. As a result of
this, employment opportunities are made available to the people and
income levels are raised, thus, boosting the overall economy of the
West African nation.
There are various impacts of foreign direct investment in the economy
of Nigeria. In 2000, Nigeria recorded an increased foreign direct
investment of US$1.2 billion from less than US$1 billion in 1990. In
2004 and 2005, it even shot up a notch higher to US$1.9 billion and
US$2.3 billion respectively. In fact, the figures have been on the rise
since in 2006, it almost doubled to US$4.5. Nigeria has been recoding
great improvements in foreign direct investments in the foreign years,
and the trend is expected to continue into the future. This points out to
great economical rewards to the nation.
In the recent years, Nigeria implemented economic reforms that
resulted into the stability of its macroeconomic variables. With this,
there has been great investor confidence in the country’s economy,
thus, attracting great foreign direct investment opportunities. In 2004,
Nigeria received home remittances valued at about US$2.26 billion. Just
two years later, the figure had moved up to approximately US$ 7
billion. As a result of this and other foreign direct investments, the
country was able to experience GDP growth averaging 7.8% between
fiscal years 2004 to 2007. In fact, this economic growth surpassed that
of several African countries.
Some of the industries where a number of foreign direct investments
have been made in Nigeria include the telecommunications, wholesale,

2. agriculture and retail trade. Over the years, Nigeria has been able to
experience high per capita GDP than most African countries as a result
of foreign direct investment. In 2007, the country’s GDP was estimated
to be US$166.8 billion, a projection of 6.4% growth in real terms over
the previous year. During that period, the best players in the GDP were
agriculture, industry and services in that order.
In 2006, Nigeria acquired a net inflow of foreign direct investment
valued at about US$5.4 billion. A greater percentage of this came from
the United States that has over the years been one of the key investors
in the West African nation. In the same period, foreign direct
investment contributed to 74.8% of gross fixed capital formation,
indicating low domestic investment levels.
Most of the foreign direct investments in Nigeria have over the years
been directed to the energy industry. Nigeria looks towards attracting
foreign direct investment of about US$600 billion between 2008 and
2020 to assist in financing its Vision 2020 policy that is aimed at
transforming the economy of the nation. With this expectation, Nigeria
is eyeing to be among the 20 largest economies in the world by the end
of 2020.
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