Cheering News For Nigeria! British Company Sets Up Manufacturing Plant in Lagos (Economy)

 Official state visits of one country to another may be tedious to arrange and costly to embark on, but its benefits cannot be overemphasized regarding bilateral trade between the nations involved.

      Lagos, Nigeria (Courtesy, Google)

Other items that often benefit from such visits are security, technology, and most importantly, the much-desired foreign direct investment.

Now, the Nigerian economy needs urgent infusion of this. Many companies and business organizations have filed Nigeria in the last 20 years to neighbouring countries like Ghana, because of the prevailing harsh economic clim6in Nigeria. The attendant loss of jobs that this caused led to soaring unemployment and shrinking if the economy beyond imagination. 

It got so bad that university Lecturers now sleep overnight in their offices to discharge their duties in the motning. Why? They cannot afford skyrocketing rent now in the range of millions even in non gated communities of Lagos.

Gradually, the middle class in Nigeria disappeared.

But, now, the economy is set for a boost. Ovaltine Twinnings, makers of Twinnings tea and Ovaltine beverage, have put pen to paper to establish a manufacturing plant in Lagos. 

It has announced plans to launch a £24 million manufacturing facility in Lagos as part of some sweeping trade engagements between Nigeria and the United Kingdom. It will be the first of its kind in Africa. 

Nigerians undoubtedly breathes easier with this development. It is indeed cheering news. If this trend continues, the Nigerian economy looks set for better days ahead. 


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