Trade and Investment Minister, Dr Olusegun Aganga Friday said General Electric has signed a deal with a Nigerian bank to invest $350 million in Nigeria’s power sector.
According to the minister, the deal between the US conglomerate and Stanbic Bank would finance small-scale projects to generate much-needed electricity.
“They are making available the sum of $350 million for the generation of mini-power projects because that is going to be quicker to do and will help the economic activities in the country,” he added.
The scaled-down facilities will produce between one and 20 megawatts of electricity.
Aganga said GE would also bring 10 of its suppliers to partner Nigerian companies to help develop power capacity and transfer of technology.
“The whole idea is for them to become part of their supply chain in (the) assemblage of turbines,” he told reporters.
GE signed a memorandum of understanding in 2012 to invest $1 billion mainly in Nigeria’s turbine sector.
Power blackouts are a daily occurrence in Africa’s most populous nation, despite its status as the continent’s top oil producer.
Last November, the government formally scrapped its inefficient and graft-ridden power firm, handing its assets to private investors to try to improve supplies.
Meanwhile, the federal government has commended General Electric (GE) for pumping the sum of 350 million dollars into the power sector to develop the sector and small businesses, saying the fund has made a remarkable impact in the sector.
The government also urged the company to look into the enormous opportunities in the gas sector in line with the memorandum of understanding (MoU) and partnership made with the company.
Hmm… “Investment of the century” kudos to the both parties