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GE to Buhari: We’re investing only $150m not $2.2b said in your independence broadcast



This is contained in a statement made by the chief executive, General Electric, Mr. Jay Ireland on Monday. He said, “There are development projects where we are investing, GE would also invest in oil and gas industry projects. 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 Nigeria’s government has said GE would invest. President Muhammadu Buhari, on Saturday in a speech marking Nigeria’s independence day, said GE was “investing $2.2 billion in a concession to revamp, provide rolling stock, and manage” some of the country’s railway lines.


Buhari in the independence anniversary broadcast said, “On railways, we have provided our counterpart funding to China for the building of our standard gauge Lagos -Kano railway. “Meanwhile, General Electric is investing two point two billion USD in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line.


Growth in Nigeria – 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 – has been stunted for decades by a lack of investment in its road and rail network.”   “The Lagos-Calabar railway will also be on stream soon”.Vanguard