It is not often that one has something good to report on Nigeria, but news from the economic front really gives cause for cheer. Now please compare the following reports emanating from Nigeria:
1. Food and beverage giant Nestle on Thursday opened an $80-million factory in Nigeria, Africa's most populous nation, in an expansion drive targeting the world's emerging markets. But in the UK, Pfizer announced earlier this week that it would close its research plant in Sandwich, putting up to 2,400 jobs at risk, and raising questions about the Government's attempts to keep scientific innovation in this country.
2. Nigeria's economic growth accelerated to 8.29 percent in the fourth quarter, boosted by agriculture and higher oil prices. Growth picked up from 7.86 percent in the previous three months, Information Minister Labaran Maku told reporters today in the capital, Abuja, but the UK's economy suffered a 0.5% quarterly drop in Q4, figures from the Office for National Statistics show. The drop follows growth of 0.7% in Q3 and 1.1% in Q2 of 2010. Jonathan Loynes, chief european economist at Capital Economics, says: "Although heavily affected by the weather, the UK's shockingly bad Q4 GDP figures revealing a 0.5% quarterly drop will nonetheless raise serious concerns over whether the economy is in a strong enough position to withstand the coming fiscal tightening."
3. The Federal Inland Revenue Services (FIRS) surpassed its revenue collection target in the 2010 with a collection of N2.83trilion, Mrs Ifueko Omoigui Okauru, the executive chairman of FIRS has disclosed,
The FIRS chairman, addressing staffers of the organisation Thursday in Abuja at its Enlarged Management Meeting (EMM) disclosed that fiscal 2010 was an uncertain year for the country as the world economy was just beginning to recover from the global economic crisis while oil production and oil prices are picking up.
As the success of government's amnesty programme continues to increase, Nigeria's combined crude oil and condensate production has risen to 2.4 million barrels per day (bpd).
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