LONDON –  U.S. industrial firm General Electric plans to invest around $150 million in Nigeria by 2017, a senior executive said on Monday.

"There are development projects where we are investing," Jay Ireland, chief executive of General Electric in Africa told the FT Africa Summit in London. GE would also invest in oil and gas industry projects.

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.

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.

(Writing by Ulf Laessing and Alexis Akwagyiram, editing by William Hardy)

l

Source:http://www.foxbusiness.com/features/2016/10/03/general-electric-to-invest-150-million-in-nigeria.html

Nice one.

I think this is good news

I'm gonna wait to see the results first before I celebrate. That was how they hyped up the whole Chinese yuan story.

Is it really a good business decision to invest in a market that investors are already losing money on daily basis?

See today's headline

Investors lose N27.4 bn in September

Speaking on the stock market performance, Mr. Mustapha Chike-Obi, former boss of Asset Management Corporation of Nigeria, AMCON explained that the market trades about ten million Dollars worth of securities daily but has capacity to do more. He stated that the issue of market liquidity must be addressed without further delay, saying “There is need to look inward and that Government must begin to address those things that impede growth.”

Read more at: http://www.vanguardngr.com/2016/10/investors-lose-n27-4-bn-september/

men glo network is so bad that b4 u finish downloading porn u wud ave given ur life to christ

Wailers fooooduuuu don readeeeey wooooo!

Manage some of the country's railway lines? Okay

I am FTC. No worry I go leave am for you.

veekid:

Good move, a welvomed development, at least dem go teach fashola wat power is all about.

Our strength is in our population, many companies and countries know that we have the market and will always want to take position to help us and them grow at the same time.
As the citizens see recession they see progression and take the opportunity that presents it self .
I think the presidency should confirm the investment figures as it contradicts what the president told us on independence day

Nigeria will rise again and finally pvercome this power palava

ok

J

xpressTrade:
men glo network is so bad that b4 u finish downloading porn u wud ave given ur life to christ

E good 4 here bro. Wetin u dey do with porn at this stage of ur life lol

Nice

good

Bull sh.it

xpressTrade:
men glo network is so bad that b4 u finish downloading porn u wud ave given ur life to christ

We wish all those B-stards who loot the treasury can invest the money in industries in nigeria.

In that case we will not need GE's money, but technical expertise

Everything is TO, WILL, ALWAYS IN THE PIPELINE. Now the multi nationals have joined them. I pray vehemently this administration actualize 10% of its promises. Nigeria will definitely have a face lift.

dash us money, No invest

Good start but 150 is kinda.... paltry for a nation of, yes..... 150 million people. That is less than a dollar... for one days per head, the UN's definition of crass poverty. When it comes to investment, America no dey try at all. Apart from oil, they have little desire.

Copee:
I am FTC. No worry I go leave am for you.

Haha; what's wrong with this one?

Buhari lied in his independence speech that GE Will be investing 2.2bilion dollars in Nigeria

MissGdope:
I'm gonna wait to see the results first before I celebrate. That was how they hyped up the whole Chinese yuan story.

word

Wow thats a good one , internet is still the main biz Nigeria hasn't touched, Internet Business can change our country within 2 years , we should also encourage internet companies . Read here how the Internet is changing our world http://www.businessmopol.com/how-internet-changing-will-disrupt-everything/

ceejay80s:
thats good development....
so that means one family in nigeria will get one hundred thousand dollars?

Shoot your math teacher.... I'll send the flowers.

see sigh of relieve for Nigerians very soon some useless element will say "Buharri d dullard has no secondary school certificate and has such he is not working". Am dead sure how alot of this people knows nothing about the owner and pioneer of General Electric company and how they made their wealth. what Nigerians care is just the GE investment and stake in Nigeria to nourish their own selfish interest and sole ventures.
People who expect Buharri to become the over night magician.

Unlike all other "Assignments" of this present administration, may this one succeed in Jesus Name!

Again, the "Assignments" President had bragged that the people earmarks 2.2b dollars to invest in Nigeria. Whereas, here is it from the horses mouth, 150million.

This government, their good morning fit be scam.