The United States manufacturing firm General Electric (N:GE) intends to finance approximately $150 million in Nigeria by 2017, a senior executive announced on Monday
Economic growth in Nigeria – an Organization Petrol Exporting Countries member whose market, the biggest in the continent of Africa, is in retreat for the first time in almost two decades overdue to moderate oil rates – has been exploited for years by a deficit of investment in its highway and railway system.
“There are improvement plans where we are funding,” Jay Ireland, CEO of GE in Africa reported the FT Africa Summit in London, United Kingdom. General Electric would also finance in oil and gas enterprise outlines.
Ireland told the Nigerian investment was a component of a proposal to finance $2 billion in Africa in the upcoming years.
Although the $150 million Nigerian finance drops short of the amount Nigeria’s administration has announced General Electric would invest.
President Muhammadu Buhari, on Saturday in a communication marking Nigeria’s independence day, told GE was “financing $2.2 billion in a franchise to revise, implement rolling stock, and maintain” a part of the country’s railway track
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