President Goodluck Jonathan Tuesday performed a
groundbreaking ceremony for the General Electric’s $1
billion service and manufacturing facility in Calabar, the
Cross River State capital.

The ceremony was sequel to the Memorandum of
Understanding (MoU) between the federal government and General Electric in January. The MoU was signed by the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, for the federal government, and the Global Chairman/Chief Executive Officer of GE, Mr. Jeff Emmelt, on behalf of the world’s renowned company.

Jonathan, who was represented by Vice-President, Namadi Sambo, noted that the groundbreaking ceremony would not only boost the administration’s transformation agenda, it would also further strengthen the confidence in the Nigerian business environment by both local and foreign investors.

He said it also confirmed the commitment of the federal
government to revitalising the Nigerian economy within the lifetime of the current administration through policies and projects that would pave the way for increased production activities, job creation and wealth generation.

In his remark, Aganga stated that the groundbreaking
further demonstrated that the current administration was
not just interested in investment commitments, but in
monitoring the processes to the execution stage.
He noted that GE had, over the past 125 years, swiftly
evolved to seize new opportunities created by changes in
technology and the economy as a frontline multi-business
organisation.

“It is therefore not surprising that the company has moved smartly to explore the favourable investment opportunities that abound in Nigeria. Today, the company is building new platforms in industries and markets with GDP growth that provide opportunities to apply acquired technology and management expertise to accelerate development and growth in both developed and emerging economies.

“The decision made in recognising the potential of Nigeria
becoming your base, where other African countries would
be served, will give a greater opportunity to demonstrate
your innovation capabilities and home grown solutions to
other African countries’ problems,” he added.

Aganga recalled that in 2009, GE signed a landmark
country-to-company agreement with the federal
government, aimed at forging a strategic partnership that
would see the two parties working together on high growth opportunities and investment in support of
Nigeria’s transformation objectives.

He also noted that in 2012, as part of the country-to-
company agreement, GE and the federal government
signed three MoUs for the energy, healthcare and rail
transportation sectors.

The minister said: “Recently, precisely on 31st January,
2013, the nation recorded a milestone in its investment
drive as the Federal Government of Nigeria and Messrs GE sealed an investment deal of $I billion dollars (N158 billion) on the establishment of a Best-in-class assembly in Calabar.

“I signed the memorandum of understanding (MoU), which gave birth to this significant event on behalf of the Federal Government of Nigeria while the Global Chairmen and Chief Executive Officer of GE, Mr. Jeff Emmelt, led other top executives to sign on behalf of the company.”

He said the investment, which involved $250 million
capital expenditure and over $800 million incremental
spending on local sourcing of goods and services, was
expected to create 2,300 jobs and make Nigeria the
regional hub for GE’s manufacturing service and renovation in Africa.

Meanwhile, GE said it was investing in Nigeria to help the
country realise its electricity and infrastructure agenda
under Vision 20-20-20, Rice said the investment was in
fulfillment of all the agreements the MoU which GE signed
with the Federal Government of Nigeria stressing that the
company was committed to helping the country provide
stable public power supply and infrastructure for
the citizens
.
Nigeria, he added, holds great potentials for GE being the
largest market in Africa hence the project in Calabar was
one of two of its kind in the world under its greenfield
investment drive and promised to work round the clock so that the factory is completed on schedule for production to commence.

The vice president said his firm will key into Nigeria’s local
content policy by recruiting and training citizens of the
country so that they fit into the corporation’s technology
and work ethic noting that this was the policy of GE
anywhere it has investment. The company hopes to start
with 250 staff but the total staff projection on full
operation is 2, 300.

‘’We will develop local content. The first thing we’ll do is to open a training centre here in Calabar. We will develop a workforce with strong capability and leadership skills. We chose Calabar because it is easy to figure out, has a serene environment and the state governor makes things easy for investors’’, he said.

Source:www.thisdaylive.com/articles/jonathan-lays-foundation-for-ge-s-1bn-manufacturing-plant/150836/

Good development.

We'll get there!
The Nigerian economy is moving in the right direction. Gone are those days when we used to have our textile mills, Dunlop, Michelin etc close shops and relocate to other countries.

I remember Nigeria been called MOU capital of the world(apologies @CFC FAN) ...MOU's that are never implemented..but here is one MOU down...Congrats Aganga..pls work assidously to bring other MOU's to see the light of the day...

Soon those boys from the other side of the country will come and tell us the foundation laying ceremomy was done by OBJ in 2007 and so he only deserves the credit.
Ride on my presido, well meaning Nigerians know you mean good for us and come 2015 we shall troop out again to ensure you have a resounding victory over whoever ‘saint‘ they present.

Wonder why dem no site am for sw or bokoville?

This just the beginning. The north is finished. The middlebelt holds no industrial potential outside agriculture. The SW is dying fast with their cut throat taxation policy which has led to virtually all manufacturing companies relocating to Ghana. Other than sea port and service oriented economy, Lagos has lost out.
The tables are turning.

Many thanks to Yaradua (RIP) for doing the hard work that manifested this project....

Eko Ile: Many thanks to Yaradua (RIP) for doing the hard work that manifested this project....

you can go and visit his grave personally in katsina and thank him
Ode

Gen. Specific:
you can go and visit his grave personally in katsina and thank him
Ode

lol.

@ Mods is this not fit for frontpage??...we are talking about General Electric making Nigeria their manufacturing base in Africa..meaning that products here can also be exported...a project that will see the production of more Trains,More power generating turbines..Job for both graduates and artisans...

awodman: @ Mods is this not fit for frontpage??...we are talking about General Electric making Nigeria their manufacturing base in Africa..meaning that products here can also be exported...a project that will see the production of more Trains,More power generating turbines..Job for both graduates and artisans...

@moderators, this thread is front page material

Gen. Specific:
you can go and visit his grave personally in katsina and thank him
Ode

Now this is very funny, LMAO!!!!

RIP to former president yar'adua though.

Gen. Specific:
you can go and visit his grave personally in katsina and thank him
Ode

Is this how they do it in your village.? Ode cassava bread dullard..

Gen. Specific:
you can go and visit his grave personally in katsina and thank him
Ode

He he he he he he!!! But bros, take it easy with him.

Just one of d many Great things happening in Naija in d last few yrs.... Welcome GE. May your stay bring the very best possible results for all involved. Weldone Aganga and team...