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General Electric Eyes $150 Million Nigerian Investment

(Credit: Mario Tama/Getty Images) Jeffrey Immelt, Chairman and CEO of General Electric, appears on a panel at the Clinton Global Initiative (CGI)GE
October 4
6:00 AM 2016
U.S. industrial firm General Electric will be investing around $150 million in Nigeria by 2017, Forbes reported.

Jay Ireland, the chief executive of General Electric in Africa told FT Africa Summit in London that GE plans to invest in oil and gas industry projects.The country which was deprived of infrastructure investments for the last 10 years is now eyeing towards growth.   

"There are development projects where we are investing,"

According to the Business Insider, Nigeria investment was part of a plan to spend $2 Billion in Africa in coming years. However, the $150 million Nigerian investment falls short of the sum their government has said GE would invest.

In a statement, Nigerian President Muhammadu Buhari, said GE was "investing $2.2 billion in a an enterprise to revamp, provide rolling stock and manage" some of the country's railway lines.

Nigerian Gas Association Partner With Seven Energy to Boost Gas Development

The Nigerian Gas Association partner (NGA) and Seven Energy have pledged to boost Nigerian gas development.

Corey noted that gas infrastructure, which is one of the areas Seven Energy is largely focused on, is greatly needed in Nigeria, adding that success can be accomplished through both external and government funding, thisdaylive reported.

Despite admitting that attracting infrastructure developments to Nigeria is almost impossible, he pointed out that their company has always been successful in raising more capitals.

"It is important for Nigeria's future that Seven Energy is successful because we have proven a good avenue to bring in international capital", Corey added.

As per publication, the Seven Energy's Chief Operating Officer called on NGA to also direct its advocacy towards the development of new gas basins such as the Anambra basin.

Mr. Bolaji Osunsanya lauded Seven Energy for its accomplishments in the gas sector. He also complimented NGA's broad-based association pushing sector critical issues to stakeholders in a non-partisan way that is devoid of self-interest.

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