GE To Invest $150m In Nigeria By 2017

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A United States based industrial firm General Electric plans to invest an estimated sum of $150 million in Nigeria by 2017, a senior executive said on Monday, October 02, 2016.

“There are development projects where we are
investing,” Jay Ireland, chief executive of General Electric in Africa
told the FT Africa Summit in London. GE would also invest in oil and gas
industry projects.
Growth in Nigeria – an OPEC member whose economy, the
largest in Africa, 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.
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, October 01, 2016 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.

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