Nigeria Signs $10 Billion Power Deal with GE


With the ‘no light’ history of Nigeria, the tides are about to turn for good..we hope!

The Federal Government target to generate 40,000MW of electricity by 2020 got a major boost last weekend with signing of a Memorandum of Understanding with General Electric, GE for $10 billion to be invested in various power plants with combined capacity of 10,000 Megawatts, MW.
According to minister of power Prof. Nnaji
GE only agreed to take up at least 15 per cent equity in each of the plants to be constructed.
GE’s support was the highest expression of investment support for government’s target to achieve 40,000MW generation capacity by 2020.
“To have a company willing to work with us on delivering 10,000MW is a show of confidence in Mr President’s vision. Even if the equity is one per cent, it is still significant because it will take us somewhere. And, with 15 per cent, Federal Government will provide the balance.”
He clarified that government will not be involved in any of the projects, but will provide guarantees for the private sector participants.
According to him,
“The local content will be huge because GE and any other foreign investor must have local partners.” read more