Vanguard (Lagos)

1 February 2013

Nigeria: General Electric to Establish Manufacturing Plant in C-River

Photo: Vanguard
Electricity in Nigeria

The facility is part of a U.S.$1 billion investment that General Electric intends to make in the Nigerian economy in the next five years. It also plans to build a training facility in Calabar.

Announcing the new investment initiatives, Chairman and global Chief Executive Officer of General Electric, Mr. Jeff Immelt, said the investments signpost the confidence his firm has in the Nigerian economy. He spoke at a ceremony in Abuja, yesterday.

He said: "Nigeria offers immense growth opportunities for investors, the people of Nigeria and the continent of Africa. Our planned investment is a fulfillment of GE's investment incentive MoU with the Federal Government of Nigeria. We are committed to the sustainable growth of Nigeria. This is why we are investing in manufacturing, job creation and increasing our local content."

He said GE's investment plans "include a $250 million capital expenditure that will make Nigeria a regional hub for manufacturing, service and innovation with an improved ability to support a broader range of product lines in power generation as well as oil and gas exploration and production.

"The planned investment is expected to create 2,300 jobs, 300 of which will be direct GE hires and the remaining 2,000 indirect jobs created through GE's suppliers that will support its expanded operations."

President and Chief Executive Officer of the company in Nigeria, Mr. Lazarus Angbazo, assured that Nigerians will make up 90 per cent of the staff and management of the manufacturing facility.

Also speaking at the event, Minister of Trade and Investment, Dr. Segun Aganga, said President Goodluck Jonathan was at the forefront of the efforts that led to GE's new investment initiatives.

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