GE to invest US$1 billion in Nigeria

14 February 2013 – General Electric says it plans to invest US$1 billion in Nigeria, something which will help triple the country’s power capacity over the next decade. Of this US$250 million will be invested immediately, with the rest of the money spent on local sourcing of goods and services.

GE Chairman Jeff Immelt says that the projects will create more than 2,000 jobs in Nigeria, nearly all of them going to Nigerians. The investment includes further funding for the service workshops in Port Harcourt and Onne in Rivers State. The investment will also support the company’s power generation, oil and gas production and exploration activities.

The company has an agreement with Geometric Power for the construction of a 450 MW power plant in Aba, the commercial city of Abia State for US$500 million. In addition, a 140 MW plant, which is being built in Aba is scheduled for completion in March.