Power solutions: GE to invest $350m in Nigeria

ABUJA: Nigeria’s trade and investment minister Olusegun Aganga said that US conglomerate General Electric (GE) has signed a deal with Stanbic Bank to invest $350 million in the country’s ailing power sector. He said that the deal will finance small-scale projects to generate much-needed electricity. “They are making the sum of $350 million available for the generation of mini-power projects as this will be quicker to execute and will assist the economic activities in the country,” Aganga said, adding that GE will also bring 10 of its suppliers to partner Nigerian companies to develop power capacity. He said that GE previously signed a memorandum of understanding in 2012 to invest $1 billion mainly in Nigeria’s turbine sector. Nigeria, in its efforts to seek foreign investments has signed deals with French, Chinese and South Korean firms.

Published in The Express Tribune, February 2^nd 2014.

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