Federal Government, General Electric in $10b power deal

A MEMORANDUM of understanding (MoU) involving Federal Government and the General Electric (GE Energy) has been signed in London. The deal covers a N175 billion (about $10 billion) investment in power plants with capacity to generate 10,000 megawatts. Power Minister Prof. Barth Nnaji, who led a delegation to sign the agreement at the Nigerian High Commission in London, told reporters that the GE has interest in acquiring at least 15 per cent stake in power plan.

The development countered earlier reports that the British firm wanted to build a 10,000 megawatts capacity plant in Nigeria. The investment could be sunk into existing plants or on new plants. But such investment will be after the conclusion of the privatisation of the power sector, The Nation learnt.



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