An industrial firm based in the United States, General Electric, has revealed it plans to invest $150 million in Nigeria by 2017.
On Monday 3rd October, a senior executive of General Electric confirmed this, assuring that the American industrial giant intends to develop several projects in Nigeria, including GE the oil and gas industry projects.
“There are development projects where we are investing on,” Jay Ireland, chief executive of General Electric in Africa told the FT Africa Summit in London.
Nigeria, which is an OPEC member with the largest economy in Africa, is in recession for the first time in more than 20 years due to low oil prices. The country’s growth has been stunted for decades by a lack of investment in its road and rail network.
Meanwhile, this revelation was contrary to the independence anniversary speech made by President Muhammadu Buhari on Saturday 1st October, which stated that General Electric was investing $2.2 billion for the maintenance and revamping of vital infrastructure in Nigeria.
“GE was investing $2.2 billion in a concession to revamp, provide rolling stock, and manage some of the country’s railway lines,” – President Muhammadu Buhari said.
Jay Ireland, chief executive of General Electric in Africa gave details of his company’s plan at the Financial Times (FT) Africa Summit in London on Monday. He said that the investment in Africa was part of a continent-wide spending program that would see about $2 billion committed to projects in Africa in the coming years.
GE’s Nigeria investment has recorded inspiring economic growth in Nigeria since its operations in the country and is willing to invest $150 million in Nigeria out of the $2 billion budgeted for projects in Africa.