Federal Government and General Electric (GE) sign $1billion investment plan

The federal government yesterday signed a Memorandum of Understanding (MoU) with General Electric (GE) for the implementation of a $1 billion investment plan in Nigeria.

The MoU follows a January 2013, $1 billion investment plan for Nigeria that was announced by GE’s Global Chairman, Mr. Jeff Immelt, out of which $250 million will be earmarked for capital expenditure of the construction of a multi modal manufacturing and assembly facility in Calabar, Cross River State.

The planned facility, which will have an improved ability to support a broader range of product lines in power generation as well as oil and gas exploration and production, is expected to make Calabar a regional hub for manufacturing, service and innovation, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said during the MoU signing ceremony in Abuja.

She further said that the MoU covers an additional $800 million which GE has pledged to spend over five years in local sourcing of goods and services, labour, staff welfare and training.

The project will also cover the reconstruction, upgrade and training for lecturers of the Government Technical College, Ikot Iffanga, a project whose contract has already been awarded by GE.

Credit: Chineme Okafor/ThisDay