General Electric has confirmed its interest in investing $2 billion on Nigerian railway concession project worth around $2 billion.
President Muhammadu Buhari said in his 1 October anniversary speech that GE would be investing $2.2 billion in a concession to revamp, provide rolling stock, and manage some of the country’s railways.
Given the size and scope of the proposed project, it is likely that the debt and equity commitments required from lenders, consortium partners and other co-developers will be in the range of $2 billion or more,” GE said in a statement.
It said the concession was in the formal procurement process.
Nigeria has been looking for partners to overhaul its aging railway system, which was mainly built by British colonial rulers before the country’s independence in 1960.

The West African nation has also signed two deals worth around $5 billion with China Civil Engineering Construction Corp (CCECC), part of China’s state-owned railway construction firm, to modernize and build railways in the north and south of the country, the Nigerian transport ministry said last month.
Growth in Nigeria – an OPEC member whose economy has slipped into recession for the first time in more than 20 years after being hammered by low oil prices – has been stunted for decades by a lack of investment in roads and railways.
GE said the railway concession project came on top of around $150 million the firm was currently spending on capital expenditures in Nigeria as cited by a senior company executive last week.
https://www.today.ng/business/195180/confirms-2-billion-investment-nigeria
lalasticlala

Let's see

I hope this is 'truly true'.

Welcome development. Hope it will reduce unemployment rate and cushion the economy more.

Can those that insulted PMB in this regard, come out and acknowledge they made a mistake?

I stand by PMB.

All these money, Can't they just share it for all of us ne .

Oh Nice





#IStandWithPMB on this if it works out well..



Afterall we all want a better Nigeria irrespective of our political affiliation or ethnic background. .


Kudos PMB

We need more of investment in the agricultural sector and manufacturing. This is what will turn our stories around.

They will be reluctant to help us in these areas as it will reduce our patronage for their goods. They want to make us perpetually dependent on them.

May God give us wisdom to know what is most important at each point in time.

menxer:
Can those that insulted PMB in this regard, come out and acknowledge they made a mistake?

I stand by PMB.

Because of sheer hatred Jonathan supporters, led by their two-faced cheerleader named Reno (Wendell Simlim) Omokri, will go to any length to discredit the strides Buhari is making.

Shame on bad people.

Reno means "faceless ", omokri means "he-goat".
The swine is a faceless he-goat..