General Electric signs $1 Billion memorandum of understanding with Nigeria

February 4, 2013

Africa, International

General Electric signs $1 Billion memorandum of understanding with Nigeria
Investment is expected to create 2,300 jobs and make Nigeria the regional hub for GE’s manufacturing service and innovation in Africa.

Agence France-Presse

ABUJA — Nigeria has signed a $1 billion memorandum of understanding with General Electric to build a factory that could create up to 2,300 jobs in Africa’s most populous country, a statement said Friday.

The deal includes $250 million in up-front spending on the project in the southeast city of Calabar, near the oil hub of Port Harcourt, with the balance of the funds to be invested over time.

Trade and Investment Minister Olusegun Aganga said the deal was in line with Nigeria’s twin goals of improving power supplies and diversifying the economy beyond energy production, although the statement did not specify what the factory would produce.

“The investment is in critical areas of our economy, which is power infrastructure,” Aganga was quoted as saying at the Thursday ceremony in the capital Abuja.

Nigeria, Africa’s top oil producer, still sees rolling power cuts every day but the government of President Goodluck Jonathan has promised to improve electricity supply.

Oil and gas earnings have largely been responsible for Nigeria’s steady economic growth over the last ten years, which has averaged seven percent, according to official figures.

But the government’s own statistics also say that poverty actually worsened in the country between 2004 and 2010, a trend that analysts said was partly the result of excessive reliance on an energy sector that produces few jobs.

“There is no nation that has moved from being a poor nation to a rich one by exporting raw materials without a strong industrial base,” Aganga said at the ceremony attended by GE’s CEO Jeffrey Immelt.

“The days for exporting raw materials and jobs are gone. This is a new Nigeria,” he added.

The statement said that the deal “is expected to create 2,300 jobs and make Nigeria the regional hub for GE’s manufacturing service and innovation in Africa.”

Aganga assured that Nigeria, where corruption remains rampant and where operating a business often involves wrestling with significant bureaucratic hurdles, would increasingly become an attractive investment target for foreign firms.
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GE and Nigeria Sustainable Growth,Together

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GE and Nigeria Sustainable Growth,Together

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GE in Africa

GE has built its presence within the African continent for over 100 years; now positioned uniquely to provide wide-reaching solutions and establish long-lasting partnerships.

At the end of 2008, GE had over 1,500 employees in the region and US$3.5 billion in revenues: a testament to our current investment in Africa.

In aviation, healthcare, finance, energy and more, GE offers exciting opportunities everyday to build a valuable and rewarding career.

Going forward, the company is focusing on creating partnerships and providing a wide range of solutions that will support Africa’s infrastructure transformation and industrial growth.

Source: GE

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In June 2012 Bloomberg reported: General Electric Co. (GE) stated it would be focusing on developing economies from Africa to Asia as it seeks to boost sales of electrical turbines derived from jet engines and generators that can provide power by burning landfill gas.

The company is changing the way it markets and sells equipment that can provide power independent of a nation’s electrical grid in an effort to increase its appeal to customers in emerging markets that may need as little as 1 megawatt of generation capacity.

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GE

History of GE

Headquarters: Fairfield, Connecticut

In 1876 Thomas Alva Edison opened a laboratory in Menlo Park, New Jersey, where he could explore the possibilities of the dynamo and other electrical devices that he had seen in the 1876 Centennial Exposition (the first official World’s Fair in the United States, held in Philadelphia). Out of that laboratory was to come perhaps the greatest invention of the age – a successful incandescent electric lamp.

By 1890, Edison established the Edison General Electric Company by bringing his various businesses together.

During that period, a competitor emerged. The Thomson-Houston Company became a dominant electrical innovation company through a series of mergers led by Charles A. Coffin, a former shoe manufacturer from Lynn, Massachusetts.

As both businesses expanded, it had become increasingly difficult for either company to produce complete electrical installations relying solely on their own patents and technologies. In 1892, the two companies combined. They called the new organization the General Electric Company.

GE Leadership

CEO
http://www.ge.com/company/leadership/jeff-immelt

Corporate Executives
http://www.ge.com/company/leadership/corporate-executives

Business Executives
http://www.ge.com/company/leadership/business-executives

Board of Directors
http://www.ge.com/company/leadership/board-of-directors

GE

Source: GE
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Video: What Works: Jay Ireland, CEO of GE Africa, on Private Public Partnerships in Africa

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Video: GE Africa and Nigeria’s Power Needs with Jay Ireland, President and CEO of GE Africa

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Video: President and CEO of GE Africa
Part 1

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Video: President and CEO of GE Africa
Part 2

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Video: GE committed to job creation in sub-Saharan Africa

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Video: The history of General Electric in Schenectady

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Video: Thomas Edison Biography

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Lagos, Lagos State, Nigeria

Lagos Nigeria City 02

Lagos Nigeria City 01

Lagos, Nigeria

Lagos Nigeria -Port

 

Abuja, Federal Capital Territory, Nigeria

Abuja

Abuja FCT

Abuja FCT

Abuja -Nigerian National Petroleum Corporation Headquarters

Port Harcourt, Rivers State, Nigeria

Port Harcourt View

Port Harcourt

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One Comment on “General Electric signs $1 Billion memorandum of understanding with Nigeria”

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