UNITED States firm, General Electric, GE, plans to invest around $150 million in Nigeria by 2017, a senior executive of the company said on Monday. “There are development projects where we are investing,” Jay Ireland, chief executive of General Electric in Africa, told the FT Africa Summit in London monitored in Kano. GE is to also invest in oil and gas industry projects. Nigeria, a member of the Organisation of Petroleum Exporting Countries, OPEC, whose economy was recently the largest in Africa, is in recession for the first time in more than 20 years due to low oil prices and has been stunted for decades by a lack of investment in its road and rail network. Ireland said the Nigeria investment was part of a plan to spend $2 billion in Africa
in coming years. But the $150 million Nigerian investment falls short of the sum Nigeria’s government has said GE would invest. President Muhammadu Buhari on Saturday in a speech marking Nigeria’s Independence Day, said GE was “investing $2.2 billion in a concession to revamp, provide rolling stock, and manage” some of the country’s railway lines. President Buhari in the independence anniversary broadcast also said that “on railways, we have provided our counterpart funding to China for the building of our standard gauge Lagos -Kano railway. “Meanwhile, General Electric is investing USD2.2billion in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt- Maiduguri Line. “The Lagos-Calabar railway will also be on stream soon.”

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  • Auta62

    The President told Nigerians lies then, by saying that GE will invest $2.2b instead of $150m as corrected by the later. This presidential lies is an embarrassment to the Nigerian nation and it’s people.