American energy giant, General Electric, says it will invest $1 billion in Nigeria, promising to more than triple the country’s electrical output over the next 10 years.
General Electric’s investment includes partnering with private Nigerian companies and taking over one of Nigeria’s major power plants, building turbines, a new factory and exploring Nigeria’s abundant natural oil and gas supplies.
Nigeria’s Minister of Trade and Investment, Olusegun Aganga, said the plan will work because it not just about generating megawatts, it’s about boosting the national economy and encouraging investment.
“This is the beginning of much more to come. That is a clear message to the country, a clear message to Nigerians and a clear message to the international investor community. It’s not just about power. It’s more than that. It’s about manufacturing,” said Aganga.
GE says $250 million will be invested immediately and the rest of the money will be spent on upkeep, training and salaries. In a speech Thursday in the capital, GE Chairman Jeff Immelt said the projects will create more than 2,000 jobs in Nigeria and nearly all of them will go to Nigerians.
“The time is now. The place is Nigeria. The how is the local team. Now the focus on everything is the execution,” said Immelt.