American multinational conglomerate industrial corporation, General Electric, GE, has unveiled plans to invest around $150 million in Nigeria by 2017, a senior executive said on Monday, October 3.
Chief Executive of General Electric in Africa, Jay Ireland, told the FT Africa Summit in London, that: “There are development projects where we are investing.” He also added that GE would also invest in oil and gas industry projects.
Ireland said the Nigeria investment was part of a plan to spend $2 billion in Africa in coming years. But the $150 million Nigerian investment falls short of the sum Nigeria’s government has said GE would invest.
President Muhammadu Buhari, on Saturday in a speech marking Nigeria’s independence day, said GE was “investing $2.2 billion in a concession to revamp, provide rolling stock, and manage” some of the country’s railway lines.
Growth in Nigeria is in recession for the first time in more than 20 years due to low oil prices – has been stunted for decades by a lack of investment in its road and rail network.
