It appears someone within Government circles have finally reached out to General Electric after they reported plans to invest about $150 million in Nigeria contrasting President Buhari’s speech that they plan to invest $2 billion.
According to reuters, General Electric (GE) has confirmed that it plans to invest about $2.2 billion in Nigeria via an acquisition of a Nigeria railway concession project worth around $2 billion.
“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 mailed to Reuters.
Nigeria 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 modernise and build railways in the north and south of the country, the Nigerian transport ministry said last month.
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.
Critics believe GE has over the years invested more in the news than actualizing any major project in Nigeria.