U.S. industrial firm General Electric plans to invest around $150 million in Nigeria by 2017, a senior executive said on Monday.
â€œThere are development projects where we are investing,â€ Jay Ireland, chief executive of General Electric in Africa told the FT Africa Summit in London. GE would also invest in oil and gas industry projects.
Growth in Nigeria â€“ an OPEC member whose economy, the largest in Africa, is in recession for the first time in more than 20 years due to low oil prices â€“ has been stunted for decades by a lack of investment in its road and rail network.
Ireland said the Nigeria investment was part of a plan to spend $2 billion in Africa in coming years.
But the $150 million Nigerian investment falls short of the sum Nigeriaâ€™s government has said GE would invest.
President Muhammadu Buhari, on Saturday in a speech marking Nigeriaâ€™s independence day, said GE was â€œinvesting $2.2 billion in a concession to revamp, provide rolling stock, and manageâ€ some of the countryâ€™s railway lines.
SOURCE: UK DAILYMAIL(Writing by Ulf Laessing and Alexis Akwagyiram, editing by William Hardy)