M a r k e t N e w s

FG, GE sign MoU for $1bn investment implementation

Posted on : Tuesday, 9th December 2014

 The federal government and General Electric (GE) signed a Memorandum of Understanding (MoU) yesterday for the implementation of a $1 billion investment plan, Leadership reports.

GE’s Global Chairman, Mr. Jeff Immelt had in January 2013 announced the $1 billion investment plan for Nigeria out of which $250 million will be earmarked for capital expenditure of the construction of a multi modal manufacturing and Assembly facility in Calabar, Cross Rivers State.
The aim is for the facility to have an improved ability to support a broader range of product lines in power generation as well as oil and gas exploration and production.
Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who was present during the ceremony yesterday in Abuja said the MoU also covers an additional $800 million which GE has pledged to spend over five years in local sourcing of goods and services, labour, staff welfare and training, part of which would cover the reconstruction, upgrade and training of lecturers of the Government Technical College, Ikot Iffanga.
Vice Chairman, GE global, John Rice, also speaking at the event, pledged the company’s commitment to the Calabar project of which Julius Berger has emerged preferred bidder for the construction.

Source : energy mix report
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