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NSIA, GE Sign MoU, Set to Develop Projects in Health Care, Aviation, Others

The Nigeria Sovereign Investment Authority (NSIA) has signed a Memorandum of Understanding with General Electric, a global leader in infrastructure technology, in order to co-develop and finance infrastructure projects in the healthcare, aviation, transportation and power sectors.

The Chief Executive Officer of NSIA, Uche Orji,  said General Electric would contribute as much as 15 percent equity in some of its projects.

Under the MoU, GE and the NSIA will seek infrastructure opportunities to cooperate, where NSIA’s role as a financial investor and GE’s role as an original equipment manufacturer will complement each other to achieve the strategic objectives of the agreement, through partnerships with credible, public and private sector entities, Orji said.

“What GE brings to the table is their technical expertise in project development,” he said. “This is part of the country to company development agreement signed between GE and Nigeria last year.”

The Nigeria Sovereign Wealth Fund (SWF) with seed capital of $1 billion (N160 billion) was set up to invest savings made from the difference between budgeted oil prices and actual market prices.

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