General Electric to invest $150 million in Nigeria

U.S. industrial firm General Electric plans to invest around $150 million in Nigeria by 2017, a senior executive said on Monday.

“There are development projects where we are investing,” Jay Ireland, chief executive of General Electric in Africa told the FT Africa Summit in London. GE would also invest in oil and gas industry projects.

Growth in Nigeria – an OPEC member whose economy, the largest in Africa, is in recession for the first time in more than 20 years due to low oil prices – has been stunted for decades by a lack of investment in its road and rail network.

Read more: General Electric to invest $150 million in Nigeria | Reuters

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