Business Buhari Got It Wrong, We Are Investing Only $150m, Not $2.2Bn – General Electric


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U.S. industrial firm General Electric (GE.N) has said that it planned to invest around $150 million in Nigeria by 2017.

President Muhammadu Buhari, on Saturday in a speech marking Nigeria's independence day, point 43 said GE was "investing $2.2 billion in a concession to revamp, provide rolling stock, and manage" some of the country's railway lines.

"General Electric is investing 2.2billion USD in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line, the president said.

But the chief executive, General Electric, Mr. Jay Ireland on Monday said, “There are development projects where we are investing, GE would also invest in oil and gas industry projects.

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Ireland said the Nigeria investment was part of a plan to spend $2 billion in Africa in coming years.

The $150 million Nigerian investment falls short of the sum Nigeria’s government has said GE would invest.

Recommended: President Buhari's Independence Day Speech [FULL TEXT]
 
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