Stanbic Bank and General Electric have entered into a US$350 million agreement to invest in Nigeria’s power sector. Nigeria’s trade and investment minister Olusegun Aganga says that said this investment will be used to finance small-scale projects, which are faster to undertake. These power projects will produce between 1.0 MW and 20 MW.
As part of the deal GE will bring 10 of its suppliers to partner Nigerian companies to help develop power capacity and transfer of technology. “The whole idea is for them to become part of their supply chain in (the) assemblage of turbines.”
GE signed a memorandum of understanding in 2012 to invest US$1 billion mainly in Nigeria’s power generation sector. Multiple power blackouts are a daily occurrence in Africa’s most populous nation, despite its status as the continent’s top oil producer. Nigeria has been courting foreign investors in recent years for the country’s power sector and deals have been signed with French, Chinese and South Korean firms.
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