- Says Nigeria is conducive for Foreign Direct Investment
The United States Ambassador to Nigeria Honourable James Entwistle says the U.S government will continue to encourage American companies in investing significantly in Nigeria. Ambassador Entwistle was speaking in Calabar when he visited General Electric's planned manufacturing and assembly facility.
The ambassador said he was impressed with GE's investment commitment with the Calabar facility which will help improve the local and national community. According to the Ambassador General Electric has proved through this project that foreign direct investment can thrive in Nigeria. He said contrary to the impression created in some quarters, Nigeria can be a pleasant place to do business if investors are ready to adapt to the country's peculiarities.
The President and CEO of GE Nigeria Dr Lazarus Angbazo thanked the U.S Ambassador for the tremendous support of GE investment commitments in Nigeria. He disclosed that GE remains committed to localising operations in the country through job creation, technology and skills transfer, training and supplier development. The GE Nigeria CEO disclosed that over 90 percent of GE's management team in Nigeria was made up of Nigerians.
GE's investment plans for Nigeria include a $250 million capital expenditure for the manufacturing facility in Calabar 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 & gas exploration and production. The company will also invest significantly over the next 5 years in local souring of goods/ services, labour, staff welfare and training.
The planned investment is expected to create 300 new jobs and more than 1,000 indirect jobs through over 50 new suppliers who will support its expanded operations. GE also plans to build a training facility on its manufacturing site to ensure on-going employee development. The company will provide one-year to four-year training programs locally and internationally for repair engineers, welders, fabricators, machinists and special processing
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