Chief Executive of General Electric, Mr. Jay Ireland in statement on Monday said: “There are development projects where we are investing, GE would also invest in oil and gas industry projects in Africa in coming years.”
Ireland said the Nigeria investment was part of a plan to spend $2 billion in Africa in coming years with $150 million earmarked for investment in Nigeria.
President Muhammadu Buhari, on Saturday in a speech marking Nigeria’s Independence Day, said GE was “investing $2.2 billion in a concession to revamp, provide rolling stock, and manage” some of the country’s railway lines.
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“On railways, we have provided our counterpart funding to China for the building of our standard gauge Lagos -Kano railway.
“Meanwhile, General Electric is investing two point two billion USD in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line.”
GE’s investment destinations are Nigeria, Kenya, Ethiopia, Ghana and Angola.