The Nigerian energy sector is aglow, after its potentials prompted General Electric to announce an investment of $1 billion – into it. The deal was signed — yesterday — in Abuja, when its Chairman, Jeff Immelt, visited. The Minister for Trade and Investment, Olusegun Aganga, was at the signing ceremony, unveiling a GDP-inducing deal to Nigeria.
The deal injects an immediate $250 million into the sector, and the $750 million left, will be used for hiring, training and expenditures over the next few years. GE will be constructing a new manufacturing and assembly plant in Calabar, and will upgrade its Port Harcourt plants.
“The time is now. The place is Nigeria. The how is the local team. Now the focus on everything is the execution” said Immelt, and that GE is “committed to playing our part in the sustainable growth of the country.”
Aganga also said that, “This is the beginning of much more to come. That is a clear message to the country, a clear message to Nigerians and a clear message to the international investor community. It’s not just about power. It’s more than that. It’s about manufacturing. There is no nation that has moved from being a poor nation to a rich one by exporting raw materials without a strong industrial base. The investment is in critical areas of our economy, which is power infrastructure.”
GE manufacturing operations in Nigeria is expected to hire more than 2300 people, with Nigerians consisting of more than 90%. The investment is expected to complement projects of major energy equipment manufacturers in Nigeria – Nigerdock and Dorman Long.
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This article was first published on 1st February 2013 and updated on February 7th, 2013 at 9:45 am
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