A senior official of General Electric, Jay Ireland, recently remarked that Nigeria’s current economic woes, including lower prices for oil that produces 80% of government revenue and a related slump in the naira, are positives for investors.
Ireland, who is in charge of the U.S. multinational’s Africa operations gave more insight on why there ought to be greater influx of foreign investors in Nigeria, at a period the nation is witnessing a downturn in its economy.
“This is the time to come in,’’ he said, adding American companies should be looking at long-term investments that ride out the cycles of oil prices and currency exchanges.
“We’re going to be here for a long time and feel very comfortable investing in Nigeria. … [It] provides a tremendous platform for growth.’’
GE is currently investing $200 million in Nigeria to build two facilities to assemble oil and gas and power generation equipment that the company hopes to export to other West African nations. The company currently controls a staff strength of 500 people in Nigeria.
Curated from Leadership