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A senior official at the American industrial giant General Electric has confirmed that the American industrial giant, General Electric, plans to invest about $150 million in development projects in Nigeria. The plan, which was alluded to by President Muhammadu Buhari in his independence anniversary speech on Saturday, will result in the maintenance and revamping of vital infrastructure in the country.

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, which comes at a time in which the country has recorded rather uninspiring economic growth indices may be seen as a demonstration of faith in the potential of Nigeria in the future. President Buhari, in his speech to the nation on the occasion of its Independence Anniversary, had said that GE was investing a considerable amount of resources to “revamp, provide rolling stock, and manage” some of Nigeria’s railway lines. Ireland disclosed that GE would also be investing in oil and gas projects.

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This article was first published on 4th October 2016 and updated on October 5th, 2016 at 9:49 am

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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