General Electric To Invest $150m In Nigeria

By Modupe Gbadeyanka

General Electric (GE) has promised to invest about $150 million in Nigeria, contrary to the $2.2 billion the Nigerian President, Mr Muhammadu Buhari, claimed the company was putting in investments in the country in his Independence speech on October 1, 2016.

According to a senior executive of the US industrial firm on Monday, the $150 million would be invested in 2017.

President Muhammadu Buhari had said in his speech on Saturday that GE was investing $2.2 billion in a concession to revamp, provide rolling stock, and manage some of the country’s railway lines.

But the Chief Executive of GE in Africa, Mr Jay Ireland, informed the FT Africa Summit in London that the company would invest $150 million in Nigeria.

However, Mr Ireland explained that the Nigeria investment was part of a plan to spend $2 billion in Africa in coming years.

He said GE would also invest in oil and gas industry projects.

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