General Electric to invest $1 billion in Nigeria
Nigerian president says that investment will end energy problems for good
General Electric says it plans to invest $1 billion in Nigeria; the investment will reportedly triple the country's electrical output over the next decade. The news comes on the eve as Nigeria seeks to reform its dilapidated and corrupt power sector.
General Electric says it plans to invest $1 billion in Nigeria; the investment will reportedly triple the country's electrical output over the next decade. The news comes on the eve as Nigeria seeks to reform its dilapidated and corrupt power sector. (Photo: Transcorp Chairman Tony O Elumelu, CON, and Jeff Immelt, Global CEO of GE; Lagos, Nigeria)
"It's possible the sound of his generator is far away from his house and office, so he doesn't know when the switch is made between generators and public power supply, but there is very poor power supply to the generality of homes in Nigeria," Clement Nwankwo, the executive director of the Policy and Legal Advocacy Center in Abuja says. He says that President Jonathan doesn't realize how bad Nigeria's electrical system is.
Coupled with a power sector is notoriously corrupt, every Nigerian leader claims to be able to stop the blackouts in a single year, and nothing changes, Nwanko says.
Nigeria's Minister of Trade and Investment Olusegun Aganga said this time will be different. He claims that General Electric's investment includes partnering with private Nigerian companies and taking over one of Nigeria's major power plants, building turbines, a new factory and exploring Nigeria's abundant natural oil and gas supplies.
"This is the beginning of much more to come. That is a clear message to the country, a clear message to Nigerians and a clear message to the international investor community. It's not just about power. It's more than that. It's about manufacturing," Aganga says.
General Electric claims that $250 million will be invested immediately, with the rest of the money spent on upkeep, training and salaries. GE Chairman Jeff Immelt said in a speech that the projects will create more than 2,000 jobs in Nigeria, nearly all of them going to Nigerians.
"The time is now. The place is Nigeria. The how is the local team. Now the focus on everything is the execution," Immelt said.
However -- in the Nigerian development world, the "execution" of projects is usually where things can get stalled by corruption or violence. In the Niger Delta, where the oil is and where GE's new plant will be, oil companies say they lose as much as a billion dollars in revenue a month to oil theft and sabotage.
- - -
Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: General Electric, Nigeria, power sectoer, corruption, blackouts
NEWSLETTERS »
Rate This Article
Leave a Comment
More Africa News
- Elephant kills poacher for HIS ivory
- Refugees hiding in swamps face illness, death as South Sudan blocks humanitarian aid
- Al Qaeda now possesses deadly surface to air missiles
- 'NO NILE, NO EGYPT' War of words escalates over proposed Ethiopian dam
- Young girls in Tanzania married off by parents for money
- Ancient Egyptian city of Heracleion to share its sunken secret at long last
- Ancient Egyptians wore jewelry made from 5,000 year old meteorites
- Agencies rush to vaccinate more than a million in refugee camps in Kenya
- Why the USA needs a business strategy for al Qaeda too
Featured News
- Fr. Paul Schenck: Finding Living Faith on Catechetical Sunday
- The Movie Yellow: Incest as 'Normal' and Cassavates's Slides Into the World of Woes
- The Chicago School Teachers Strike Reveals the Need For School Choice
- The Sexual Barbarians and the Dissolution of Culture
- The Happy Priest Challenges Us to Ask: Who is Jesus to Me?
- Michael Coren on Canadian Public Schools: Teachers, leave those kids alone
- We Cannot Ignore Our Consciences: Cardinal Dolan On Religious Liberty
- In the Face of Danger, Successor of Peter Travels to Lebanon as a Messenger of Peace
- Reflections on the Dignity and Vocation of Women: Who or What?
Most Popular
No-one Can Change the Truth About Fatherhood. Love Your Father. Be a Good Father Read More
Fall of the Wall of Silence: More on Pope Francis and Reports of a 'Gay Lobby' in the Roman Curia Read More
Courageous Cardinal George of Chicago Defends Marriage, Calls for Public Conversion Read More
Pope Francis Refers to 'gay lobby' inside Vatican Read More
Why Catholics Have Failed Our Culture: The Bottom Line Read More
Daily Readings
Reading 1, Second Corinthians 9:6-11
But remember: anyone who sows sparsely will reap sparsely as ... Read More
Psalm, Psalms 112:1-2, 3-4, 9
Alleluia! How blessed is anyone who fears Yahweh, who delights ... Read More
Gospel, Matthew 6:1-6, 16-18
'Be careful not to parade your uprightness in public to attract ... Read More
Saint of the Day
St. Romuald
June 19: St. Romuald was born at Ravenna about the year 956. In spite ... Read More
Latest Videos
Vatican Museum, Rome - Ceiling and Wall Artwork View Video
Flooding prevents pilgrims from reaching Catholic shrine View Video
Credo Series - Episode 7 View Video
Credo Series - Episode 8 View Video
About 200 people evacuated from the Lourdes Shrine, as floods hit Southern France View Video
Marketplace
Eucharistic Miracles
The story of 36 major Eucharistic Miracles from Lanciano, Italy in ... Read More




Print















0 Comments