NIGERIA Thursday recorded a milestone in her investment drive as the Federal Government and General Electric (GE) company of the United States (U.S.) sealed a $1billion (N158 billion) deal to boost the power sector in the next five years. And the growing profile of Cross River State as a preferred investment destination was underlined with a plan to establish a manufacturing/assembly and training facilities in Calabar.
At a ceremony held at Transcorp Hilton Hotel in Abuja, Trade and Investment Minister, Olusegun Aganga, signed the Memorandum of Understanding (MoU) on behalf of the Federal Government while the Global Chairman and Chief Executive Officer of GE, Mr. Jeff Immelt, led other top executives to endorse on behalf of the company.
Aganga explained that GE’s proposed investment in Nigeria was based on the country’s positive macro-economic indicators. The new deal also takes care of additional investment in the service workshops in Port Harcourt and Onne in Rivers State. The deal, which comprises $250 million capital expenditure and over $800 million incremental spending on local sourcing of goods and services, is expected to create 2,300 jobs and make Nigeria the regional hub for GE’s manufacturing, service and innovation in Africa. It will also support the company’s power generation, oil and gas production and exploration activities.